Marginal 10 points increase in QSE key index

Stronger buying, especially in the insurance, could however translate as only a marginal 10 points increase in the key index of Qatar Stock Exchange, which failed to break the 9,900 resistance level.

Domestic institutions turned marginally bullish and there was increased net buying by non-Qatari individual investors as the 20-stock Qatar Index rose 0.1% to 9,877.75 points as global oil price continued to gain strength, post Brexit.

Weakened net selling by Gulf institutions also helped the market, which is however down 5.29% year-to-date.

However, there was increased net selling by local retail investors and lower buying support from foreign institutions in the market, where trading turnover and volumes were on the decline.

Midcap equities evoked some buying interests in the bourse, where banking, industrials and realty stocks together constituted more than 71% of the total trading volume.

Market capitalisation was up 0.05% or QR25mn to QR532.19bn as there was 0.58% jump in midcap equities; while micro, small and large cap fell 0.11%, 0.08% and 0.05% respectively.

The Total Return Index rose 0.1% to 15,981.55 points and All Share Index by 0.12% to 2,748.72 points, while Al Rayan Islamic Index was rather flat at 3,818.84 points.

Insurance stocks gained 1.61%, consumer goods (0.45%), transport (0.38%) and real estate (0.28%); whereas telecom shrank 0.67%, industrials (0.15%) and banks and financial services (0.05%).

Major movers included Qatar Insurance, Barwa, Ezdan, Vodafone Qatar, Mesaieed Petrochemical Holding, Doha Bank, Qatar Islamic Bank, Dlala, Widam Food and Nakilat; while QNB, Industries Qatar, Ooredoo, Commercial Bank, Masraf Al Rayan and Alijarah Holding bucked the trend.

Domestic institutions turned net buyers to the tune of QR1.26mn against net sellers of QR1.87mn on Tuesday.

Non-Qatari individual investors’ net buying strengthened to QR3.33mn compared to QR0.92mn the previous day.

The GCC (Gulf Cooperation Council) institutions’ net selling fell to QR1.13mn against QR5.05mn on June 28.

However, local retail investors’ net profit booking increased to QR10.36mn compared to QR4.19mn on Tuesday.

Non-Qatari institutions’ net buying declined to QR8.17mn against QR9.59mn the previous day.

The GCC retail investors turned net sellers to the extent of QR1.28mn compared with net buyers of QR0.6mn the previous day.

Total trade volume fell 34% to 2.87mn shares, value by 27% to QR95.19mn and deals by 12% to 1,750.

The transport sector saw 56% plunge in trade volume to 0.17mn equities and 24% in value to QR6.95mn but on 26% jump in transactions to 125.

The banks and financial services sector’s trade volume plummeted 54% to 0.92mn stocks, value by 59% to QR29.2mn and deals by 41% to 533.

The market witnessed 47% shrinkage in the consumer goods sector’s trade volume to 0.16mn shares but on 13% rise in value to QR8.56mn and 21% in transactions to 169.

The telecom sector’s trade volume tanked 17% to 0.38mn equities, while value rose 31% to QR8.16mn and deals by 6% to 165.

There was 9% decline in the real estate sector’s trade volume to 0.5mn stocks but on 3% increase in value to QR10.12mn and 40% in transactions to 264.

However, the insurance sector’s trade volume grew more than five-fold to 0.11mn shares and value more than quadrupled to QR7.93mn on almost doubled deals to 71.

Although the industrials sector’s trade volume was flat at 0.62mn equities, there was 2% rise in value to QR24.28mn but on 9% fall in transactions to 423.

In the debt market, there was no trading of treasury bills and government bonds.