Qatar Shares Edge Higher Amid Strong Realty Buy Interest

The Qatar Stock Exchange opened the week on a marginally stronger note despite strong buying in the real estate counter.

Although foreign institutions were seen increasingly bullish, the 20-stock Qatar Index could gain only 0.07% to 8,137.57points.

Islamic equities were seen declining in an otherwise bullish bourse, whose year-to-date losses stood at 22.03%.

Gulf individuals turned slightly bullish in the market, whose capitalisation rose 0.12% to QR444.27bn.

The initial half of the trading session saw consistent profit-booking to take the index to a low of near 8,000 points. Sustained buying drove the index up for the remainder of the session but to overall settle six points higher.

Trade turnover and volumes were on the increase in the bourse, where the banking, industrials and telecom sectors together accounted for about 74% of the total volume.

The Total Return Index was up 0.07% to 13,646.22 points and the All Share Index by 0.14% to 2,297.33 points; whereas the Al Rayan Islamic Index fell 0.68% to 3,273.42 points.

The realty index soared 1.41%, followed by telecom (0.16%) and banks and financial services (0.03%); while insurance declined 0.69%, followed by transport (0.28%), consumer goods (0.08%) and industrials (0.05%).

Major gainers included Ezdan, Milaha, Doha Insurance, Qatar Islamic Insurance, Qatar Electricity and Water, Industries Qatar, Doha Bank and Qatar Islamic Bank; even as Qatar First Bank, Woqod, Qatar Insurance, United Development Company, Mazaya Qatar, Vodafone Qatar and Gulf Warehousing were among the losers.

Non-Qatari institutions’ net buying strengthened impressively to QR40.18mn compared to QR1.09mn on October 4.

GCC (Gulf Cooperation Council) retail investors were net buyers to the tune of QR0.18mn against net sellers of QR0.84mn last Thursday.

However, local retail investors’ net selling increased to QR27.14mn compared to QR20.8mn the previous day.

GCC funds turned net sellers to the extent of QR6.59mn against net buyers of QR1.81mn on October 4.

Domestic institutions were also net sellers to the tune of QR6.33mn compared with net buyers of QR23.05mn last Thursday.

Non-Qatari individual investors’ net profit-booking weakened to QR0.29mn against QR4.3mn the previous day.

Total trade volume rose 5% to 6.96mn shares, value by 20% to QR183.04mn and deals by 13% to 2,606.

The consumer goods sector’s trade volume more than tripled to 0.34mn equities and value more than doubled to QR10.47mn on a 21% increase in transactions to 168.

The industrials sector’s trade volume almost tripled to 1.75mn stocks and value more than doubled to QR33.82mn on a 22% jump in deals to 553.

The banks and financial services sector saw a 6% expansion in trade volume to 2.07mn shares and 12% in value to QR92.35mn but on an 8% fall in transactions to 886.

However, the real estate sector’s trade volume plummeted 40% to 1.1mn equities, while value rose 2% to QR19.72mn and deals by 49% to 422.

There was a 33% plunge in the transport sector’s trade volume to 0.35mn stocks but on a 1% rise in value to QR10.93mn and 37% in transactions to 298.

The insurance sector’s trade volume tanked 17% to 0.05mn shares, value by 33% to QR1.63mn and deals by 55% to 42.

The telecom sector reported a 15% shrinkage in trade volume to 1.31mn equities and 12% in value to QR14.12mn but on a 58% surge in transactions to 237.

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