A rebound in oil prices amidst positive mood in the Gulf region and the US Congress confirming Joe Biden’s presidential win had its reflection on global bourses, including the Qatar Stock Exchange, which on Thursday inched towards 10,700 levels.
The insurance, telecom, industrials and transport counters witnessed higher than average demand as the 20-stock Qatar Index rose 99 points or 0.93% to 10,678.28 points, having recovered from an intraday low of 10,553 points.
More than 67% of the traded constituents extended gains in the market, which is up 2.32% year-to-date.
The bullish outlook of the domestic funds and the weakened net selling by local retail investors lifted the sentiments in the bourse, whose capitalisation saw more than QR6bn or 1.02% addition to QR618.72bn, mainly on large and small cap segments.
Trade turnover and volumes were on the increase in the market, where the banking, industrials and real estate sectors together accounted for about 80% of the total trading volume.
Islamic equities were seen gaining slower than the other indices in the bourse, which nevertheless saw the Gulf funds increasingly become net profit takers.
A total of 34,403 exchange traded funds (Masraf Al Rayan-sponsored QATR and Doha Bank-sponsored QETF) valued at QR242,556 changed hands across seven deals; while in the debt market, there was no trading of sovereign bonds and treasury bills.
The Total Return Index gained 0.93% to 20,528.64 points, the Al Rayan Islamic Index (Price) by 0.75% to 2,428.76 points and the All Share Index by 0.97% to 3,284.2 points.
The insurance index soared 2.72%, telecom (1.32%), industrials (1.26%), transport (1.05%), banks and financial services (0.98%) and consumer good and services (0.09%); while realty was 0.39%.
Major gainers included Qatar Insurance, Industries Qatar, QNB, Qatar National Cement, Qatar Electricity and Water, Qatari German Medial Devices, Vodafone Qatar, Al Khaliji, Ahlibank Qatar, Masraf Al Rayan, Dlala and Milaha; even as Qatar Industrial Manufacturing, Qatar General Insurance and Reinsurance, United Development Company, Aamal Company, Qatar Oman Investment, Baladna and Mazaya Qatar were among the losers.
Domestic institutions turned net buyers to the tune of QR38.36mn against net sellers of QR49.42mn on January 6.
Foreign individuals’ net buying increased marginally to QR1.23mn compared to QR0.51mn on Wednesday.
However, local retail investors’ net selling grew significantly to QR85.4mn against QR51.94mn the previous day.
Gulf institutions’ net selling also rose considerably to QR24.08mn compared to QR1.36mn on January 6.
Arab individuals’ net profit booking grew noticeably to QR8.62mn against QR3.45mn on Wednesday.
Arab funds turned net seller to the tune of QR0.15mn compared with no major exposure the previous day.
Foreign funds’ net buying declined substantially to QR78.65mn against QR105.15mn on January 6.
Gulf individuals’ net buying weakened perceptibly to QR0.05mn compared to QR0.38mn on Wednesday.
Total trade volume rose 16% to 180.34mn shares, value by 15% to QR492.49mn and transactions by 17% to 9,897.
The telecom sector’s trade volume soared 61% to 7.35mn equities; whereas value fell 17% to QR17.47mn and deals by 5% to 743.
The banks and financial services sector saw a 50% surge in trade volume to 70.48mn stocks, 20% in value to QR253.5mn and 23% in transactions to 4,400.
The insurance sector’s trade volume shot up 32% to 3.21mn shares, value by 59% to QR10.11mn and deals by 2% to 167.
There was a 14% expansion in the realty sector’s trade volume to 30.57mn equities, 34% in value to QR56.87mn and 61% in transactions to 1,606.
However, the transport sector’s trade volume plummeted 37% to 5.86mn stocks, value by 42% to QR27.8mn and deals by 17% to 551.
The market witnessed an 8% shrinkage in the consumer goods and services sector’s trade volume to 19.89mn shares but on 70% jump in value to QR61.48mn and 18% in transactions to 938.
The industrials sector’s trade volume was down 3% to 42.98mn equities but on a 7% increase in value to QR65.26mn despite less than 1% lower deals to 1,492.
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