QSE Edges Up on Strong Oil Prices and US Rate Cut Hopes; M-Cap Adds QR2.15bn

Oil price strength and brightened expectations on interest rate cuts in the US on Tuesday helped Qatar Stock Exchange (QSE) to gain as much as 22 points in index and more than QR2bn in capitalisation.

The local retail investors were increasingly net buyers as the 20-stock Qatar Index rose 0.19% to 11,121.58 points, recovering from an intraday low of 11,102 points.

The consumer goods, insurance and banking counters witnessed higher than average demand in the main market, whose year-to-date gains improved to 5.21%.

About 56% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR2.15bn or 0.32% to QR666.01bn; mainly on mid and small cap segments.

However, the domestic and foreign institutions were increasingly net sellers in the main market, which saw as many as 0.04mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.09mn trade across 13 deals.

The Arab individuals turned net sellers in the main bourse, whose trade turnover and volumes were on the increase.

The Islamic index was seen gaining faster than the main barometer of the main market, which saw no trading of treasury bills.

The foreign retail investors were seen net sellers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index rose 0.19%, the All Share Index by 0.29% and the All Islamic Index by 0.21% in the main market.

The consumer goods and sector index gained 0.91%, insurance (0.51%), banks and financial services (0.35%), industrials (0.2%) and real estate (0.16%); while transport and telecom declined 0.2% and 0.07% respectively.

As many as 29 stocks gained, while 21 declined and two were unchanged.

Major gainers in the main market included Baladna, Qatar German Medical Devices, Al Faleh Educational Holding, Mazaya Qatar, Al Mahhar Holding, Medicare Group, Estithmar Holding, Mesaieed Petrochemical Holding, Qamco and Ezdan.

In the junior bourse, Techno Q saw its shares appreciate in value.

Nevertheless, QLM, Ahlibank Qatar, Nakilat, QIIB, Commercial Bank and Gulf Warehousing were among the shakers in the main market.

The local retail investors’ net buying strengthened substantially to QR28.16mn compared to QR1.22mn on September 15.

The Arab institutions’ net buying remained flat at QR0.05mn against the previous day.

However, the domestic institutions’ net selling expanded noticeably to QR10.49mn compared to QR4.58mn on Monday.

The foreign institutions’ net profit booking increased perceptibly to QR10.33mn against QR7.79mn on September 15.

The Arab individuals turned net sellers to the tune of QR3.06mn compared with net buyers of QR5.29mn the previous day.

The foreign retail investors were net sellers to the extent of QR2.08mn against net buyers of QR1.33mn on Monday.

The Gulf institutions turned net sellers to the tune of QR1.41mn compared with net buyers of QR5.08mn on September 15.

The Gulf individual investors’ net profit booking grew marginally to QR0.82mn against QR0.61mn the previous day.

The main market saw a 69% surge in trade volumes to 244.52mn shares, 36% in value to QR542.96mn and 11% in deals to 25,733.

In the venture market, a total of 0.1mn equities valued at QR0.25mn changed hands across 14 transactions.