QSE Edges Up As Foreign Funds Increase Net Buying

Ahead of the US Federal Reserve meeting, the Qatar Stock Exchange (QSE) Wednesday closed marginally higher with its key index gaining about eight points.

The foreign funds were seen increasingly net buyers as the 20-stock Qatar Index rose 0.07% to 11,149.46 points, recovering from an intraday low of 11,113 points.

The telecom and consumer goods counters witnessed higher than average demand in the main market, whose year-to-date gains improved to 5.47%.

The domestic institutions turned bullish in the main bourse, whose capitalisation was up QR0.35bn or 0.05% to QR662.44bn mainly on microcap segments.

The foreign individuals were seen net buyers in the main market, which saw as many as 1,209 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR5,166 trade across six deals.

The Gulf institutions 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 marginally faster than the other indices of the main market, which saw no trading of treasury bills.

The local retail investors were increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index was up 0.07%, the All Islamic Index by 0.08% and the All Share Index by 0.05% in the main market.

The telecom sector index rose 0.55%, consumer goods and services (0.46%) and banks and financial services (0.04%); while insurance declined 0.33%, real estate (0.09%), industrials (0.08%) and transport (0.05%).

Major gainers in the main market included Qatar Cinema and Film Distribution, Vodafone Qatar, Beema, Commercial Bank, Al Faleh Educational Holding, Industries Qatar, Estithmar Holding and Milaha.

Nevertheless, Qatar Electricity and Water, Qatar Islamic Insurance, Doha Insurance, Salam International Investment, QIIB, Ahlibank Qatar, Qatar German Medical Devices and Nakilat were among the losers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.

The foreign institutions’ net buying increased substantially to QR22.1mn compared to QR12.89mn the previous day.

The domestic institutions turned net buyers to the tune of QR7.7mn against net sellers of QR6.98mn on July 29.

The foreign retail investors were net buyers to the extent of QR2.03mn compared with sellers of QR1.73mn on Tuesday.

However, the Qatari individuals’ net selling expanded substantially to QR31.16mn against QR20.32mn the previous day.

The Arab retail investors’ net profit booking strengthened noticeably to QR4.13mn compared to QR0.76mn on July 29.

The Gulf institutions’ net buying weakened significantly to QR3.31mn against QR16.54mn on Tuesday.

The Gulf individual investors’ net buying eased marginally to QR0.15mn compared to QR0.67mn the previous day.

The Arab institutions had no major net exposure against net profit takers to the extent of QR0.31mn on July 29.

The main market saw 24% fall in trade volumes to 111.84mn shares, 21% in value to QR307.89mn and 18% in deals to 16,010.

In the venture market, a total of 0.05mn equities valued at QR0.13mn changed hands across 14 transactions.