US rate cut hints lift QSE 124 points as foreign funds turn bullish

The foreign funds were seen bullish as the 20-stock Qatar Index gained 1.28% to 9,816.3 points, recovering from an intraday low of 9,726 points

Optimism on potential US interest rate cuts substantially lifted sentiments on the Qatar Stock Exchange, which on Thursday gained as much as 124 points with industrials, real estate and

banking counters registering higher than average demand.

The foreign funds were seen bullish as the 20-stock Qatar Index gained 1.28% to 9,816.3 points, recovering from an intraday low of 9,726 points.

More than 69% of the traded constituents in the main market extended gains in the main market, whose year-to-date losses truncated to 9.37%.

The Gulf institutions turned net buyers in the main bourse, whose capitalisation added QR6.38bn or 1.13% to QR569.64bn on account of large cap segments.

The foreign individuals’ marginally higher net buying had its influence on the main market, which saw as many as 1,915 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR4,371 trade across one deal.

The Arab retail investors continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.

The Islamic stocks were seen gaining faster than the other indices in the market, which saw no trading of treasury bills.

The Total Return Index grew 1.28%, the All Share Index by 1.17% and the All Islamic Index by 1.34% in the main bourse, whose trade turnover and volumes were on the increase.

The industrials sector index shot up 1.65%, realty (1.64%), banks and financial services (1.38%), consumer goods and services (0.46%), insurance (0.34%) and telecom (0.15%); while transport was down 0.07%.

Main gainers in the main bourse included Industries Qatar, Masraf Al Rayan, Beema, Qamco, QNB, Al Faleh Educational Holding, Barwa, Qatar Islamic Bank, Lesha Bank, Mazaya Qatar and Milaha.

In the venture market, Al Mahhar Holding saw its shares appreciate in value.

Nevertheless, Zad Holding, Nakilat, Al Meera, Dlala and Vodafone Qatar were among the shakers in the main bourse.

The foreign institutions turned net buyers to the tune of QR52.28mn compared with net sellers of QR26.26mn on April 3.

The Gulf institutions were net buyers to the extent of QR2.12mn against net profit takers of QR19.48mn the previous day.

The foreign retail investors’ net buying increased marginally to QR3.24mn compared to QR3.21mn on Wednesday.

However, the Qatari individuals turned net sellers to the tune of QR49.63mn against net buyers of QR30.17mn on April 3.

The domestic institutions were net sellers to the extent of QR6.89mn compared with net buyers of QR8.57mn the previous day.

The Gulf individual investors turned net sellers to the tune of QR1.66mn against net buyers of QR0.32mn on Wednesday.

The Arab institutions were net profit takers to the extent of QR0.03mn compared with no major net exposure on April 3.

The Arab retail investors’ net buying weakened noticeably to QR0.55mn against QR3.47mn the previous day.

Trade volumes in the main market grew 32% to 191.85mn shares, value by 11% to QR549.14mn and deals by 1% to 19,231.

The venture market saw a 50% plunge in trade volumes at 0.02mn equities and 57% in value to QR0.03mn but on 50% jump in transactions to 6.