23 January 2014
Sustained buying momentum brought about by foreign institutions drove the Qatar Exchange into positive terrain for the third consecutive day and its key index broke the 11,300 resistance level with ease. Buying interests - notably in Ooredoo - led the 20-stock Qatar Index (based on price data) surge 1.42% to 11,338.41 points. However, local retail investors continued to be net sellers despite the closure of the QR3.23bn initial public offer of Mesaieed Petrochemical Holding Company, a Qatar Petroleum subsidiary.
Domestic institutions turned profit-takers in the market, whose key index is up 9.24% year-to-date. The 20-stock Total Return Index surged 1.42% to 16,199.99 points, the All Share Index (with wider constituents) by 1.21% to 2,799.36 and the Al Rayan Islamic Index by 0.41% to 3,247.38. All the three indices factored in dividend income as well. Telecom stocks shot up 5.4%, followed by industrials (1.43%), banks and financial services (0.83%), insurance (0.42%), transport (0.36%), consumer goods (0.25%) and real estate (0.08%). About 53% of the stocks extended gains with influential movers being Ooredoo, Industries Qatar, QNB, Gulf International Services, Barwa, Qatar Islamic Bank, International Islamic, Doha Bank and Doha Insurance Company.
However, Qatari Investors Group and United Development Company bucked the trend. Market capitalisation gained 1.33%, or about QR8bn, to QR598.49bn. Large-cap equities rose about 2%, followed by mid and small (0.55% each) and micro (0.34%). Foreign institutions' net buying stood at QR160.92mn compared to QR84.03mn the previous day. However, domestic institutions were net buyers to the tune of QR54.97mn against net buyers of QR9.57mn on Wednesday. Non-Qatari individual investors' net selling was QR16.86mn compared to QR16.04mn the previous day. Qatari retail investors' net selling amounted to QR89.09mn against QR77.6mn on Wednesday.
Total trading volume was up 1% to 8.75mn stocks, value by 32% to QR554.72mn and transactions by 10% to 5,280. The consumer goods sector's trading volume soared 63% to 0.57mn equities and value by 15% to QR27.84mn but deals were flat at 309. The industrials sector witnessed a 51% surge in trading volume to 2.19mn shares, value more than doubled to QR193.86mn and transactions by 57% to 1,967. The insurance sector's trading volume expanded 45% to 0.77mn stocks, value by 6% to QR37.3mn and deals by 14% to 328. The banks and financial services sector reported 23% rise in trading volume to 2.49mn equities, 22% in value to QR209.93mn and 6% in transactions to 1,532.
However, the market witnessed a 57% plunge in real estate sector's trading volume to 0.98mn shares, 60% in value to QR24.32mn and 50% in deals to 460. The transport sector's trading volume tanked 17% to 0.34mn stocks and value by 5% to QR9.84mn, whereas transactions rose 4% to 139. The telecom sector saw its trading volume decline 14% to 1.41mn equities, while value gained 73% to QR51.62mn and deals by 21% to 545. In the debt market, there was no trading of treasury bills. However, a total of 5,000 government bonds valued at QR50.6mn changed hands across two transactions.
Sustained buying momentum brought about by foreign institutions drove the Qatar Exchange into positive terrain for the third consecutive day and its key index broke the 11,300 resistance level with ease. Buying interests - notably in Ooredoo - led the 20-stock Qatar Index (based on price data) surge 1.42% to 11,338.41 points. However, local retail investors continued to be net sellers despite the closure of the QR3.23bn initial public offer of Mesaieed Petrochemical Holding Company, a Qatar Petroleum subsidiary.
Domestic institutions turned profit-takers in the market, whose key index is up 9.24% year-to-date. The 20-stock Total Return Index surged 1.42% to 16,199.99 points, the All Share Index (with wider constituents) by 1.21% to 2,799.36 and the Al Rayan Islamic Index by 0.41% to 3,247.38. All the three indices factored in dividend income as well. Telecom stocks shot up 5.4%, followed by industrials (1.43%), banks and financial services (0.83%), insurance (0.42%), transport (0.36%), consumer goods (0.25%) and real estate (0.08%). About 53% of the stocks extended gains with influential movers being Ooredoo, Industries Qatar, QNB, Gulf International Services, Barwa, Qatar Islamic Bank, International Islamic, Doha Bank and Doha Insurance Company.
However, Qatari Investors Group and United Development Company bucked the trend. Market capitalisation gained 1.33%, or about QR8bn, to QR598.49bn. Large-cap equities rose about 2%, followed by mid and small (0.55% each) and micro (0.34%). Foreign institutions' net buying stood at QR160.92mn compared to QR84.03mn the previous day. However, domestic institutions were net buyers to the tune of QR54.97mn against net buyers of QR9.57mn on Wednesday. Non-Qatari individual investors' net selling was QR16.86mn compared to QR16.04mn the previous day. Qatari retail investors' net selling amounted to QR89.09mn against QR77.6mn on Wednesday.
Total trading volume was up 1% to 8.75mn stocks, value by 32% to QR554.72mn and transactions by 10% to 5,280. The consumer goods sector's trading volume soared 63% to 0.57mn equities and value by 15% to QR27.84mn but deals were flat at 309. The industrials sector witnessed a 51% surge in trading volume to 2.19mn shares, value more than doubled to QR193.86mn and transactions by 57% to 1,967. The insurance sector's trading volume expanded 45% to 0.77mn stocks, value by 6% to QR37.3mn and deals by 14% to 328. The banks and financial services sector reported 23% rise in trading volume to 2.49mn equities, 22% in value to QR209.93mn and 6% in transactions to 1,532.
However, the market witnessed a 57% plunge in real estate sector's trading volume to 0.98mn shares, 60% in value to QR24.32mn and 50% in deals to 460. The transport sector's trading volume tanked 17% to 0.34mn stocks and value by 5% to QR9.84mn, whereas transactions rose 4% to 139. The telecom sector saw its trading volume decline 14% to 1.41mn equities, while value gained 73% to QR51.62mn and deals by 21% to 545. In the debt market, there was no trading of treasury bills. However, a total of 5,000 government bonds valued at QR50.6mn changed hands across two transactions.
© Gulf Times 2014
