Domestic funds’ buying support lifts QSE sentiments; Islamic equities outperform

The Qatar Stock Exchange yesterday opened the week on a stronger note with its key index gaining as much as 11 points on the back of buying support from the foreign institutions.

The real estate, industrials, telecom and insurance counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.11% to 9,643.96 points, although it touched an intraday high of 9,700 points.

As much as 54% of traded constituents extended gains in the main market, whose year-to-date losses truncated to 10.96%.

The local retail investors and domestic funds were net buyers but with lesser vigour in the main bourse, whose capitalisation added QR0.45bn or 0.08% to QR560.76bn on account of microcap segments.

The local retail investors were seen bearish in the main market, which saw as many as 1,626 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.01mn trade across four deals.

The Gulf institutions turned net profit takers in the main bourse, which saw no trading of sovereign bonds.

The Gulf individuals were seen net sellers in the main market, which saw no trading of treasury bills.

The Islamic index was seen gaining faster than the other indices in the main bourse, whose trade turnover and volumes were on the decrease.

The Total Return Index was up 0.11%, the All Share Index fell 0.1% and the All Islamic Index by 0.19% in the main market.

The realty sector index expanded 0.64%, industrials (0.52%), telecom (0.38%), insurance (0.18%) and banks and financial services (0.09%); whereas transport declined 1.16% and consumer goods and services 0.18%.

Major gainers in the main market included Medicare Group, Gulf International Services, Dlala, Industries Qatar, QLM, Qatari Investors Group, Qamco, United Development Company and Mannai Corporation.

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

Nevertheless, Meeza, Qatar German Medical Devices, Doha Insurance, Milaha, QIIB, Nakilat, Qatar Electricity and Water and Mazaya Qatar were among the losers in the main market.

The foreign institutions turned net buyers to the tune of QR12.04mn compared with net sellers of QR52.45mn on May 9.

However, the Qatari individuals were net sellers to the extent of QR12.26mn against net buyers of QR19.13mn last Thursday.

The Gulf funds turned net sellers to the tune of QR4.85mn compared with net buyers of QR21.16mn the previous trading day.

The Gulf individuals were net profit takers to the extent of QR0.03mn against net buyers of QR0.26mn on May 9.

The foreign retail investors’ net buying declined noticeably to QR0.91mn compared to QR4.49mn last Thursday.

The domestic institutions’ net buying weakened markedly to QR1.78mn against QR3.98mn the previous trading day.

The Arab individual investors’ net buying eased perceptibly to QR2.42mn compared to QR3.44mn on May 9.

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

Trade volumes in the main market shrank 31% to 146.31mn shares, value by 40% to QR368.62mn and transactions by 46% to 10,921.

In the venture market, trade volumes almost tripled to 0.21mn equities and value more than doubled to QR0.34mn on 67% jump in deals to 30.