US Rate Cut Hopes Bolster QSE Sentiments; M-Cap Adds QR1.82bn

The US interest rate cut hopes had its reflection on the Qatar Stock Exchange (QSE) , which Sunday opened the week on a stronger note with its key index gaining 39 points and capitalisation adding about QR2bn.

The foreign institutions were seen net buyers as the 20-stock Qatar Index rose 0.35% to 11,131.75 points, recovering from an intraday low of 11,101 points.

The insurance and banking counters witnessed higher than average demand in the main market, whose year-to-date gains improved further to 5.3%.

The Arab retail investors were seen bullish in the main bourse, whose capitalisation added QR1.82bn or 0.27% to QR664.41bn, mainly on small and microcap segments.

The foreign individuals’ weakened net selling had its marginal effect on the main market, which saw as many as 4,688 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.05mn trade across seven deals.

The Gulf institutions continued to be net buyers but with lesser vigour in the main bourse, whose trade turnover shrank amidst higher volumes.

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

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

The Total Return Index rose 0.35%, the All Share Index by 0.3% and the All Islamic Index by 0.3% in the main market.

The insurance sector index gained 0.53%, banks and financial services (0.4%), consumer goods and services (0.29%), industrials (0.22%), real estate (0.22%) and transport (0.11%); while telecom declined 0.25%.

As many as 32 stocks gained, while 16 declined and four were unchanged.

Major gainers in the main market include Mannai Corporation, Widam Food, Estithmar Holding, QLM, Qatar Islamic Bank, Industries Qatar and Ezdan.

Nevertheless, Ahlibank Qatar, Qatar National Cement, Ooredoo, Salam International Investment, Medicare Group and Mesaieed Petrochemical Holding were among the shakers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.

The foreign institutions turned net buyers to the tune of QR11.08mn compared with net sellers of QR6.73mn on September 11.

The Arab individual investors were net buyers to the extent of QR9.7mn against net sellers of QR2.29mn last Thursday.

The Arab institutions’ net buying increased marginally to QR0.06mn compared to QR0.05mn the previous trading day.

The foreign individual investors’ net profit booking shrank marginally to QR0.48mn against QR0.62mn on September 11.

However, the domestic institutions turned net sellers to the tune of QR17.68mn compared with net buyers of QR5.56mn last Thursday.

The local retail investors’ net profit booking strengthened noticeably to QR4.79mn against QR2.07mn the previous day.

The Gulf individuals were net sellers to the extent of QR0.95mn compared with net buyers of QR0.92mn on September 11.

The Arab institutions’ net buying weakened perceptibly to QR3.06mn against QR0.05mn last Thursday.

The main market saw a 19% jump in trade volumes to 116.54mn shares but on 6% fall in value to QR277.74mn amidst 1% growth in deals to 18,063.

In the venture market, a total of 1.32mn equities valued at QR3.41mn changed hands across 167 transactions.