Gulf Funds Seen Bullish As QSE Gains Eight Points; M-Cap Adds QR1.82bn

The Qatar Stock Exchange (QSE) yesterday went through a rollercoaster ride for most part of the session before winding up eight points higher.

The real estate, industrials, banking and telecom counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.08% to 10,646.13 points, recovering from an intraday low of 10,618 points.

The Gulf institutions were seen net buyers in the main bourse, whose capitalisation added QR1.82bn or 0.29% to QR623.76bn on the back of small and midcap segments.

The local retail investors’ weakened net selling had its influence in the main market, which saw as many as 1,624 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.01mn changed hands across three deals.

The foreign funds’ lower net profit booking also had its say in the main bourse, whose trade turnover fell amidst higher volumes.

The Islamic index was seen treading a flat path vis-à-vis gains in the other indices of the main market, which saw no trading of treasury bills.

The domestic institutions continued to be net sellers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index was up 0.08% and the All Share Index by 0.16%, while the All Islamic Index was unchanged in the main market.

The realty sector index gained 0.55%, industrials (0.28%), banks and financial services (0.27%), telecom (0.13%), insurance (0.09%) and consumer goods and services (0.05%); while transport declined 0.92%.

Major gainers in the main bourse included Mannai Corporation, Estithmar Holding, Qatar Cinema and Film Distribution, Al Khaleej Takaful, Qatar Islamic Insurance, Al Faleh Educational Holding, Industries Qatar and Qamco. In the venture market, both Al Mahhar Holding and Techno Q saw their shares appreciate in value.

Nevertheless, Qatar National Cement, Widam Food, Medicare Group, Nakilat and Dukhan Bank were among the shakers in the main market.

The Gulf institutions turned net buyers to the tune of QR13.24mn compared with net sellers of QR33.67mn on February 18.

The Qatari individual investors’ net selling declined significantly to QR5.3mn against QR18.51mn the previous day.

The foreign institutions’ net profit booking decreased perceptibly to QR1.22mn compared to QR3.81mn on Tuesday.

However, the foreign retail investors were net sellers to the extent of QR8.17mn against net buyers of QR2.55mn on February 18.

The Gulf individuals turned net sellers to the tune of QR5.54mn compared with net buyers of QR1.55mn the previous day.

The Arab retail investors’ net profit booking strengthened noticeably to QR3.17mn against QR0.7mn on Tuesday.

The domestic institutions’ net buying weakened drastically to QR10.17mn compared to QR52.29mn on February 18.

The Arab institutions had no major net exposure against net buyers to the extent of QR0.3mn the previous day.

Trade volumes in the main market rose 4% to 168.86mn shares, while value shrank 5% to QR449.14mn and deals by 6% to 15,714.

The venture market saw an 96% plunge in trade volumes to 0.06mn equities, 96% in value to QR0.16mn and 89% in transactions to 18.