QSE Hits 36-Month High as Index Gains 119 Points; M-Cap Adds QR4bn

An across the board buying led the Qatar Stock Exchange (QSE) gain as much as 119 points and index surpass 11,100 points, the highest level in more than 36 months.

A higher than average demand, particularly in the banking counter, led the 20-stock Qatar Index surge 1.08% to 11,141.04 points, recovering from an intraday low of 10,992 points.

The Arab retail investors turned net buyers in the main market, whose year-to-date gains improved further to 5.39%.

The Gulf individuals were seen bullish in the main bourse, whose capitalisation added QR4bn or 0.61% to QR657.37bn mainly on midcap segments.

The foreign funds continued to be net buyers but with lesser intensity in the main market, which saw as many as 1,250 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.01mn trade across two deals.

The Arab institutions’ weakened net profit booking had its marginal influence on the main bourse, whose trade turnover and volumes were on the decline.

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

The Gulf institutions continued to be net buyers but with lesser vigour in the main bourse, which saw a total of 0.11mn sovereign bonds valued at QR1.06bn change hands across three deals.

The Total Return Index gained 1.08%, the All Islamic Index by 0.61% and the All Share Index by 0.85% in the main market.

The banks and financial services sector index rose 1.57%, transport (0.22%), telecom (0.1%) and industrials (0.05%); while insurance declined 0.43%, consumer goods and services (0.24%) and real estate (0.1%).

Major gainers in the main market included Qatar Islamic Bank, Qatar Oman Investment, Mazaya Qatar, Commercial Bank, Qatar Industrial Manufacturing, Industries Qatar and Nakilat. In the junior bourse, Techno Q saw its shares appreciate in value.

Nevertheless, about 54% of the traded constituents were in the red in the main market with major losers being Mannai Corporation, Qatar German Medical Devices, Widam Food, Inma Holding, Qatar National Cement, Lesha Bank, Milaha, Mesaieed Petrochemical Holding and Qatar Insurance.

The Arab individuals turned net buyers to the tune of QR11.36mn compared with net sellers of QR10.85mn the previous day.

The Gulf retail investors were net buyers to the extent of QR2.62mn against net sellers of QR2.43mn on July 21.

The Qatari individuals’ net profit booking declined substantially to QR2.98mn compared to QR32.27mn on Monday.

The foreign retail investors’ net selling weakened noticeably to QR0.35mn against QR2.71mn the previous day.

The Arab institutions’ net profit booking decreased marginally to QR0.03mn compared to QR0.43mn on July 21.

However, the domestic funds turned net sellers to the tune of QR19.93mn against net buyers of QR1.35mn on Monday.

The foreign institutions’ net buying decreased significantly to QR8.66mn compared to QR36.15mn the previous day.

The Gulf institutions’ net buying shrank noticeably to QR0.66mn against QR11.17mn on July 21.

The main market saw 11% contraction in trade volumes to 177.76mn shares, 11% in value to QR448mn and 12% in deals to 19,012.

In the venture market, a total of 6,917 equities valued at QR0.02mn changed hands across five transactions.