The Qatar Stock Exchange on Wednesday crossed the 10,600 levels mainly on the back of strong buying, especially in the banking, industrials and telecom equities.
The stock split implementation continued to have it positive influence in lifting the 20-stock Qatar Index by 0.35% to 10,621.76 points, ahead of stock split implementation by Qatar Islamic Bank and Doha Bank.
Foreign institutions’ increased buying interests were instrumental in lifting the market, whose key benchmark settled 3.13% higher year-to-date.
Market capitalisation expanded 0.34% or QR2bn to QR586.88bn mainly owing to midcap segments.
Islamic equities were seen gaining on par with the other indices on the market, where domestic institutions were however increasingly net profit takers.
Trade turnover and volume were on the decline on the bourse, where the banking sector alone accounted for about 65% of the total volume.
The banking sector has June 9 to June 16 window for the implementation of the stock split and so far Commercial Bank, Qatar First Bank, Al Khaliji, Dlala Holding, Qatar Oman Investment, QIIB, Alijarah Holding, QNB, Ahlibank Qatar and Islamic Holding have enforced stock split, whereby the nominal value of a share has become QR1 per share instead of QR10 earlier.
The Total Return Index gained 0.35% to 19,544.94 points, All Share Index by 0.19% to 3,140.85 points and Al Rayan Islamic Index (Price) by 0.35% to 2,419.81 points.
The consumer goods index expanded 1.03%, industrials (0.84%), telecom (0.52%) and banks and financial services (0.06%); while realty declined 0.54%, insurance (0.48%) and transport (0.38%).
Major gainers included Commercial Bank, Doha Bank, Qatari German Company for Medical Devices, Industries Qatar, Mesaieed Petrochemical Holding, Qatar Electricity and Water, Salam International Investment, Al Meera and Qatari Investors Group; whereas QIIB, Aamal Company, Gulf International Services, Qatar General Insurance and Reinsurance, Ezdan, Mazaya Qatar and Milaha were among the losers.
Non-Qatari institutions’ net buying increased influentially to QR100.26mn against QR90.43mn on June 11.
The Gulf institutions’ net buying strengthened perceptibly to QR1.37mn compared to QR0.9mn on Tuesday.
Local retail investors’ net profit booking declined noticeably to QR59.01mn against QR70.25mn the previous day.
However, domestic institutions’ net selling grew significantly to QR36.66mn compared to QR23.48mn on June 11.
Non-Qatari individual investors turned net profit takers to the tune of QR5.36mn against net buyers of QR1.94mn on Tuesday.
The Gulf individuals were also net sellers to the extent of QR0.6mn compared with net buyers of QR0.47mn the previous day.
Total trade volume fell 15% to 26.08mn shares, value by 7% to QR335.1mn and transactions by 34% to 6,475.
The transport sector’s trade volume plummeted 62% to 0.08mn equities, value by 59% to QR2.13mn and deals by 23% to 125.
There was a 36% plunge in the real estate sector’s trade volume to 3.2mn stocks, 32% in value to QR33.56mn and 74% in transactions to 1,033.
The banks and financial services sector’s trade volume tanked 17% to 16.94mn shares, value by 27% to QR132.41mn and deals by 10% to 2,139.
The insurance sector reported 13% shrinkage in trade volume to 0.33mn equities but on less than 1% rise in value to QR10.95mn despite 35% lower transactions at 178.
The industrials sector’s trade volume was down 3% to 3.23mn stocks, whereas value grew 19% to QR90.43mn amidst 8% lower deals at 1,955.
However, the consumer goods sector’s trade volume soared 81% to 1.39mn shares and value more than doubled to QR54.83mn on 35% jump in transactions to 693.
The telecom sector witnessed 49% surge in trade volume to 0.91mn equities and 10% in value to QR10.78mn but on 11% slippage in deals to 352.
In the debt market, there was no trading of treasury bills and sovereign bonds.