Foreign Funds’ Substantial Buying Lift QSE 112 Points As Iran-Israel Tension Eases

The Qatar Stock Exchange (QSE) on Wednesday gained about 112 points to cross the 10,600 levels and capitalisation added about QR7bn as foreign funds were found increasingly net buyers with Iran-Israel ceasefire lifting sentiments for the second straight session.

The 20-stock Qatar Index rose 1.06% to 10,643.52 points, recovering from an intraday low of 10,545 points.

The transport, insurance, real estate and banking counters witnessed higher than average demand in the main market, which saw 0.69% gains year-to-date.

About 87% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR6.95bn or 1.12% to QR628.68bn mainly on account of large and midcap segments.

The foreign retail investors’ weakened net selling had its influence on the main market, which saw as many as 0.06mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.14mn trade across 15 deals.

The Gulf individual investors’ lower net profit booking had its effect on the main bourse, whose trade turnover grew amidst lower volumes.

The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.

However, the domestic institutions were seen increasingly net sellers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index rose 1.06%, the All Share Index by 1.16% and the All Islamic Index by 0.73% in the main market.

The transport sector index shot up 2.68%, insurance (1.65%), realty (1.36%), banks and financial services (1.32%), consumer goods and services (0.78%), telecom (0.35%) and industrials (0.3%).

Major movers in the main market include Qatar General Insurance and Reinsurance, Qatar Cinema and Film Distribution, Nakilat, Aamal Company, Qamco, QNB, AlRayan Bank, Estithmar Holding, United Development Company, Barwa and Milaha. In the junior bourse, Techno Q saw its shares appreciate in value.

Nevertheless, Qatar German Medical Devices, Industries Qatar, Dukhan Bank, Medicare Group and Lesha Bank were among the shakers in the main market.

The foreign institutions’ net buying strengthened substantially to QR589.32mn compared to QR23.18mn the previous day.

The foreign individual investors’ net profit booking declined noticeably to QR1.2mn against QR4.87mn on June 24.

The Gulf retail investors’ net selling weakened markedly to QR0.07mn compared to QR4.87mn on Tuesday.

However, the domestic funds’ net selling expanded drastically to QR567.25mn against QR52.59mn the previous day.

The local retail investors turned net sellers to the tune of QR38.28mn compared with net buyers of QR3.9mn on June 24.

The Gulf institutions’ net buying declined substantially to QR5.62mn against QR21.3mn on Tuesday.

The Arab individual investors’ net buying shrank considerably to QR6.85mn compared to QR17.44mn the previous day.

The Arab institutions had no major net exposure against net buyers to the extent of QR0.28mn on June 24.

The main market saw 16% plunge in trade volumes to 277.77mn shares but on 50% surge in value to QR1.03bn and 8% in deals to 28,803.

In the venture market, a total of 8,799 equities valued at QR0.02mn changed hands across four transactions.