QSE Jumps 213 Points To Hit Multi-Year High; M-Cap Surges QR11.5bn

Softer US inflation data and the resultant expectations of cut in the interest rates brightened the prospects in the Qatar Stock Exchange, which Wednesday soared 213 points and its key index surpassed 11,600 points with ease.

The banks and telecom counters witnessed higher than average demand as the 20-stock Qatar Index shot up 1.87% to 11,634.75 points, its highest level since December 2022. The market recovered from an intraday low of 11,439 points.

The Gulf institutions were increasingly bullish in the main market, whose year-to-date gains improved to 10.06%.

About 55% of the traded constituents extended gains to investors in the main bourse, whose capitalisation zoomed QR11.5bn or 1.69% to QR692.08bn mainly on large and midcap segments.

The Gulf retail investors were increasingly net buyers in the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.12mn trade across 17 deals.

The foreign funds continued to bet net buyers but with lesser intensity in 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.

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

The Total Return Index gained 1.87% and the All Share Index by 1.75% and the All Islamic Index by 1.34% in the main market.

The banks and financial services sector index soared 2.72%, telecom (2.37%), transport (0.88%), industrials (0.53%) and real estate (0.08%); while insurance declined 0.98% and consumer goods and services 0.12%.

Major movers in the main market included Qatar Islamic Bank, Ooredoo, QNB, Commercial Bank, Dukhan Bank, QIIB, Inma Holding, Estithmar Holding and Milaha.

Nevertheless, Qatar Cinema and Film Distribution, Baladna, Qatar General Insurance and Reinsurance, Salam International Investment, Meeza, Qatar Oman Investment and Salam International Investment were among the gainers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.

The Gulf institutions’ net buying increased significantly to QR13.59mn compared to QR7.48mn the previous day.

The domestic institutions turned net buyers to the tune of QR0.91mn against net sellers of QR33.73mn on August 12.

The Gulf retail investors’ net buying expanded perceptibly to QR0.48mn compared to QR0.03mn on Tuesday.

However, the local individuals’ net selling strengthened substantially to QR63.9mn against QR30.63mn the previous day.

The Arab retail investors’ net selling increased noticeably to QR3.92mn compared to QR3.18mn on August 12.

The Arab institutions’ net profit booking grew marginally to QR0.26mn against QR0.09mn on Tuesday.

The foreign funds’ net buying decreased markedly to QR52.08mn compared to QR56.14mn the previous day.

The foreign individual investors’ net buying declined notably to QR1.01mn against QR3.97mn on August 12.

The main market saw a 10% contraction in trade volumes to 303.36mn shares but on 15% jump in value to QR667.29mn and 19% in deals to 26,184.

In the venture market, a total of 0.1mn equities valued at QR0.28mn changed hands across 16 transactions.