QSE Remains Cautious Amidst Roller-Coaster Ride

Ahead of a third round of US-Iran nuclear talks, the Qatar Stock Exchange (QSE) Tuesday went through a roller-coaster ride before settling almost flat despite five of the seven sectors witnessing buying interests.

The foreign funds were seen increasingly net buyers as the 20-stock Qatar Index was up mere 0.07% to 11,289.75 points, although it touched an intraday low of 11,223 points.

The insurance, telecom and transport counters witnessed higher than average demand in the main market, which saw 4.9% gains year-to-date.

The capitalisation of the main market, which saw equal number of movers and shakers, was up QR0.25bn or 0.04% to QR672.42bn, mainly on microcap segments.

The local retail investors’ weakened net selling had its marginal impact on the main bourse, whose trade turnover grew amidst lower volumes.

The Gulf institutions continued to be net buyers but with lesser intensity in the main market, which saw as many as 2,578 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.03mn trade across five deals.

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

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

The Total Return Index was up 0.07%, the All Share Index by 0.09% and the All Islamic Index by 0.01% in the main bourse.

The insurance sector index shot up 1.38%, telecom (0.86%), transport (0.56%), banks and financial services (0.03%) and real estate (0.01%); while industrials fell 0.38% and consumer goods and services 0.13%.

As many as 25 gained, while 25 declined and three were unchanged.

Major gainers in the main market included Beema, Meeza, Mosanada Facilities Management, Qatar National Cement, AlRayan Bank, Barwa, Ooredoo, Vodafone Qatar and Nakilat.

Nevertheless, Ahlibank Qatar, QLM, Qatar Oman Investment, Estithmar Holding, Ezdan, Qatar Islamic Bank, Widam Food, Industries Qatar, Qamco and United Development Company were among the shakers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.

The foreign institutions’ net buying increased substantially to QR48.03mn compared to QR38.46mn on Monday.

The local retail investors’ net selling eased marginally to QR37.9mn against QR38.51mn the previous day.

The domestic funds’ net selling weakened perceptibly to QR9.41mn compared to QR11.49mn on February 23.

However, the foreign individuals’ net profit booking expanded noticeably to QR3.31mn against QR1.49mn on Monday.

The Arab retail investors turned net sellers to the tune of QR6.56mn compared with buyers of QR3.73mn the previous day.

The Gulf individual investors’ net selling grew markedly to QR1.08mn against QR0.34mn on February 23.

The Gulf institutions’ net buying weakened notably to QR6.56mn compared to QR9.64mn.47mn on Monday.

The Arab funds had no major net exposure for the second consecutive session.

The main market saw 14% contraction in trade volumes at 133.24mn shares but on 4% jump in value to QR466.97mn despite 23% shrinkage in deals to 29,501.

In the venture market, a total of 2,740 equities valued at QR5,706 changed hands across two transactions.