Foreign Funds Lift QSE Above 10,900; M-Cap Adds QR1.72bn

The US rate cut hopes and Gaza ceasefire positively influenced the Qatar Stock Exchange, which yesterday gained about 36 points and capitalisation add about QR2bn.

The foreign institutions turned bullish as the 20-stock Qatar Index rose 0.33% to 10,938.22 points, recovering from an intraday low of 10,885 points.

The telecom, transport and real estate counters witnessed higher than average demand in the main market, whose year-to-date gains improved to 3.43%.

About 53% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR1.72bn or 0.26% to QR654.22bn; mainly on microcap segments.

The Arab institutions were seen net buyers, albeit at lower levels, in the main market, which saw as many as 0.11mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.28mn trade across 34 deals.

The Gulf funds continued to be net buyers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the decline.

The Islamic index was seen gaining on par with the main barometer of the main market, which saw no trading of treasury bills.

The local retail investors were increasingly net sellers in the main bourse, which saw no trading of sovereign bonds. The Total Return Index rose 0.33%, the All Share Index by 0.26% and the All Islamic Index 0.33% in the main market.

The telecom sector index shot up 1.2%, transport (0.48%), realty (0.4%), industrials (0.27%) and banks and financial services (0.19%); while consumer goods and services declined 0.12% and insurance 0.03%.

As many as 27 stocks gained, while only 18 declined and six were unchanged.

Major gainers in the main market included Qamco, Ooredoo, Qatar Electricity and Water, Mazaya Qatar and Nakilat.

Nevertheless, Estithmar Holding, Beema, Meeza, Qatar Industrial Manufacturing and Qatar National Cement were among the shakers in the main bourse.

In the venture market, Techno Q saw its shares depreciate in value.

The foreign institutions turned net buyers to the tune of QR22.61mn compared with net sellers of QR7.65mn on October 8.

The Arab institutions were net buyers to the extent of QR0.15mn against no major net exposure the previous nine consecutive sessions.
However, the local individual investors’ net selling expanded substantially to QR14.28mn compared to QR0.33mn on Wednesday.

The domestic institutions’ net profit booking strengthened noticeably to QR7.77mn against QR4.46mn on October 8.

The Gulf retail investors were net sellers to the extent of QR2.29mn compared with net buyers of QR0.46mn the previous day.

The Arab individual investors turned net sellers to the tune of QR1.4mn against net buyers of QR0.09mn on Wednesday. The foreign retail investors’ net profit booking expanded perceptibly to QR1.14mn compared to QR0.5mn on October 8.

The Gulf institutions’ net buying weakened markedly to QR4.13mn against QR12.38mn the previous day.

The main market saw a 16% contraction in trade volumes to 107.63mn shares and 22% in value to QR261.66mn but on 12% jump in deals to 18,518.

In the venture market, a total of 9,700 equities valued at QR0.02mn changed hands across seven transactions.