Increased net purchases by foreign institutions yesterday sent Qatar’s stock market up 172 points and its key benchmark near levels of 13,000, reflecting positive sentiment as oil prices hit $120 the barrel.
Widespread buying, particularly in the telecommunications sector, led Qatar’s 20-stock index to jump 1.34% to 12,977.92 points, recovering from an intraday low of 12,820 points.
More than 63% of constituents traded extended gains to investors in the market, whose year-to-date gains improved to 11.63%.
The Islamic index rose faster than other indexes in the exchange, whose capitalization increased by around QR 6 billion or 0.81% to reach QR 732.4 billion, mainly driven by the mid-cap segments.
Gulf institutions continued to be net buyers, but with less momentum in the market, where the industrial and banking sectors together accounted for around 63% of transaction volume.
Similarly, individuals continued to be bullish but with less intensity on the exchange, which saw a total of 120,700 exchange-traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR 0.48 million change. of hands across 23 deals.
Nevertheless, nationals have increasingly been net profit takers in the market, which has seen no sovereign bond trading.
Total trade turnover rose amid falling volumes on the exchange, which saw no trading in Treasuries.
The total return index climbed 1.34% to 26,582.98 points, the All Share index 1.03% to 4,156.09 points and the Al Rayan Islamic (price) index 1.5 % at 2,808 points.
The telecom sector index soared 2.47%, industrials (1.3%), banks and financial services (1.12%), real estate (0.8%), consumer goods and services ( 0.18%), insurance (0.1%) and transport (0.04%) .
Some of the main market winners include Mannai Corporation, QIIB, Qatar National Cement, Ooredoo, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Qatar Industries, Gulf International Services, Qatar Industrial Manufacturing, Qatar Electricity and Water, QLM and Barwa. In the venture capital market, Al Faleh Educational Holding and Mekdam Holding saw their shares rise in value.
Nevertheless, Ahlibank Qatar, Qatari German Medical Devices, Aamal Company, Qatar General Insurance and Reinsurance and Dlala were among the losers in the main market.
Net purchases by foreign institutions increased significantly to QR 99.04 million from QR 26.46 million on June 5.
However, Qatari retail net sales increased slightly to QR 56.08 million from QR 551 million the previous day.
The net sale of domestic funds increased significantly to QR 46.09 million from QR 34.44 million on Sunday.
Arab individuals became net sellers at QR 13.09 million against net buyers of QR 1.87 million on June 5.
Gulf individuals were net sellers of QR 2.71 million compared to net buyers of QR 0.41 million the previous day.
Net purchases by Gulf institutions weakened significantly to QR 15.95 million from QR 55.52 million on Wednesday.
Net purchases by foreign individuals decreased slightly to QR 3 million from QR 3.65 million on June 5.
Arab institutions had no major net exposure against net buyers to the tune of QR 1.62 million the previous day.
Total trading volume on the main market fell by 16% to 123.91 million shares, while value increased by 11% to 495.41 million QR and transactions by 88% to 16,141.
The trading volume of the real estate sector fell by 68% to 14.72 million shares, the value by 60% to 25.58 million QR and transactions by 35% to 935.
There was a 48% drop in insurance sector trading volume to 1.71 million shares, 66% in value to 5.67 million QR and 34% in trades to 208.
Telecom sector trading volume fell 38% to 3.19 million shares, while value jumped 43% to QR 14.39 million on trades more than quadrupled to 797.
The consumer goods and services sector saw a contraction of 36% in trading volume to 21.24 million shares and 38% in value to QR 42.39 million, but an 8% increase in trading at 1,224.
The transport sector’s trading volume decreased by 14% to 5.44 million shares, while the value increased by 2% to 27.31 million QR and transactions by 45% to 768.
However, the banking and financial services sector saw a 77% increase in trading volume to 33.44 million shares, 93% in value to QR 243.96 million and transactions more than tripled to reach 8,791.
The industrial sector’s trading volume jumped 24% to 44.17 million shares, the value by 1% to QR 136.1 million and trades by 63% to 3,418.
In the venture capital market, trading volumes increased nearly eightfold to 0.99 million shares, value increased more than eightfold to QR 6.11 million, and transactions increased more than quadrupled to 232.