Qatar shares edge higher as foreign institutions turn buyers

The Qatar Stock Exchange closed 30 points higher yesterday despite five of the seven sectors experiencing profit booking pressures. Non-Qatari and the Gulf individuals were increasingly net buyers as the 20-stock Qatar Index settled 30 points, or 0.29%, higher at 10,227.52.

Foreign institutions turned buyers in the market, whose key benchmark was down 0.69% year-to-date.

Market capitalisation saw about QR2bn, or 0.3%, increase to QR569.37bn mainly owing to midcap segments.

Islamic equities were seen gaining slower than the other indices in the market, where local retail investors and domestic institutions turned bearish.

Trade turnover grew amidst lower volumes in the bourse, where the banking, industrials and consumer goods sectors together accounted for more than 78% of the total volume.

The Total Return Index gained 0.29% to 18,819.51 points, the All Share Index by 0.35% to 3,021.97 points and the Al Rayan Islamic Index (Price) by 0.15% to 2,312.08 points. The consumer goods index rose 1.01% and banks and financial services (0.78%); while telecom declined 0.94%, real estate (0.62%), transport (0.43%), industrials (0.31%) and insurance (0.2%).

About 56% of the traded constituents extended gains with major movers being QNB, Ahlibank Qatar, QIIB, Woqod, Gulf International Services, Al Khaleej Takaful and Qatar Islamic Insurance; even as Qatar First Bank, Islamic Holding Group, Qatari German Company for Medical Devices, Qatari Investors Group, Aamal Company, Qatar General Insurance and Reinsurance, Doha Insurance, Ezdan Holding, Ooredoo and Gulf Warehousing were among the losers. Non-Qatari individuals’ net buying increased significantly to QR6.15mn compared to QR0.97mn on Wednesday. Non-Qatari institutions turned net buyers to the tune of QR2.55mn against net sellers of QR18.91mn the previous day.

Gulf individual investors’ net buying grew marginally to QR1.33mn compared to QR0.42mn on October 9.

However, domestic funds turned net sellers to the extent of QR7.62mn against net buyers of QR6.81mn on Wednesday.

Local retail investors were also net sellers to the tune of QR2.88mn compared with net buyers of QR8.64mn the previous day. Gulf institutions’ net buying weakened perceptibly to QR0.44mn against QR2.07mn on October 9.

Total trade volume fell 11% to 62.89mn shares, while value rose 11% to QR210.52mn but on 2% lower transactions at 4,579. There was a 48% plunge in the telecom sector’s trade volume to 0.61mn equities, 28% in value to QR2.76mn and 29% in deals to 176. The real estate sector’s trade volume plummeted 16% to 8.84mn stocks, value by 36% to QR7.87mn and transactions by 12% 352. The industrials sector reported a 15% shrinkage in trade volume to 15.75mn shares, 3% in value to QR27.19mn and 18% in deals to 990. The consumer goods sector’s trade volume tanked 13% to 11.14mn equities, while value increased 16% to QR22.89mn despite 8% lower transactions at 752.

The banks and financial services sector saw an 11% decline in trade volume to 22.3mn stocks but on 15% growth in value to QR137.07mn and 11% in deals to 1,908. However, the insurance sector’s trade volume more than doubled to 1.92mn shares and value almost tripled to QR5.87mn on an 18% jump transactions to 174.

The market witnessed a 34% surge in the transport sector’s trade volume to 2.33mn equities, 57% in value to QR6.86mn and 71% in deals to 227.

Non-Qatari and the Gulf individuals were increasingly net buyers yesterday as the 20-stock Qatar Index settled 30 points, or 0.29%, higher to close at 10,227.52.