US Rate Cut Expectations Help QSE Gain 12 Points; M-Cap Adds QR1.1bn

Stronger expectations of rate cut in the US had its reflection on the Qatar Stock Exchange (QSE), which on Monday gained about 12 points on the back of foreign institutions' increased net buying.

The real estate, transport, industrials and consumer goods counters witnessed higher than average demand as the 20-stock Qatar Index gained 0.11% to 11,179.72 points, recovering from an intraday low of 11,144 points.

The Gulf institutions were seen increasingly bullish in the main market, whose year-to-date gains improved to 5.76%.

More than 60% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR1.1bn or 0.17% to QR664.49bn mainly on small and microcap segments.

The foreign retail investors turned net buyers in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by AlRayan Bank) valued at QR0.03mn trade across five deals.

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

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

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

The Total Return Index rose 0.11%, the All Islamic Index by 0.02% and the All Share Index by 0.08% in the main market.

The realty sector index gained 0.55%, transport (0.37%), industrials (0.36%), consumer goods and services (0.13%) and banks and financial services (0.02%); while insurance and telecom declined 0.94% and 0.48% respectively.

Major movers in the main market included Estithmar Holding, Mazaya Qatar, Ezdan, Mannai Corporation, Qatar Electricity and Water and Qamco.

Nevertheless, Qatar General Insurance and Reinsurance, Qatar Islamic Insurance, Al Faleh Educational Holding, AlRayan Bank, Qatar Insurance and Ooredoo 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 noticeably to QR16.82mn against QR10.39mn the previous day.

The Gulf institutions’ net buying expanded markedly to QR5.36mn compared to QR1.88mn on August 3.

The foreign individuals turned net buyers to the tune of QR1.99mn against net sellers of QR0.85mn on Sunday.

The Arab retail investors were net buyers to the extent of QR1.63mn compared with net sellers of QR1.37mn the previous day.

However, the local retail investors’ net profit booking strengthened considerably to QR23.71mn against QR12.2mn on August 3.

The Gulf individuals were net sellers to the extent of QR1.14mn compared with net buyers of QR1.1mn on Sunday.

The domestic institutions turned net profit takers to the tune of QR0.95mn against net buyers of QR1.03mn the previous day.

The Arab institutions had no major net exposure for the second straight session.

The main market saw 25% jump in trade volumes to 178.52mn shares and 20% in value to QR363.12mn on almost tripled deals to 30,827.

In the venture market, a total of 0.03mn equities valued at QR0.07mn changed hands across 13 transactions.