Qatar - The banks, insurance and telecom counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.21% to 10,325.29 points Tuesday.

Easing tariff concerns had its positive influence on the Qatar Stock Exchange (QSE) , which Tuesday gained more than 21 points, on the back of buying support from local retail investors.

The banks, insurance and telecom counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.21% to 10,325.29 points, although it touched an intraday high of 10,359 points.

The foreign institutions’ weakened net profit booking had its effect on the main market, whose year-to-date losses truncated to 2.33%.

The domestic funds continued to be bullish but with lesser intensity in the main bourse, whose capitalisation added QR1.04bn or 0.17% to QR609.26bn on the back of microcap segments.

The foreign individuals also continued to be net buyers but with lesser vigour in the main market, which saw as many as 0.01mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.06mn change hands across 11 deals.

The Gulf retail investors were seen bearish in the main bourse, whose trade turnover and volumes were on the increase.

The Islamic index was outperforming the other indices of the main market, which saw no trading of treasury bills.

The Arab individuals were seen increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index rose 0.21%, the All Islamic Index by 0.35% and the All Share Index by 0.27% in the main market.

The banks and financial services sector index shot up 1.05%, insurance (0.56%) and telecom (0.43%); whereas transport declined 1.41%, real estate 90.97%), industrials (0.6%) and consumer goods and services (0.55%).

Major gainers in the main bourse included Beema, Qatar National Cement, Vodafone Qatar, QLM, Qatar Islamic Bank, Doha Bank, Lesha Bank, QIIB, Qatar Electricity and Water and Qamco.

Nevertheless, about 55% of the traded constituents in the main market were in the red with major losers being Alijarah Holding, Meeza, Nakilat, Al Mahhar Holding, Baladna, Qatari German Medical Devices, Industries Qatar, Aamal Company, Mesaieed Petrochemical Holding and Barwa. In the junior bourse, Techno Q saw its shares depreciate in value.

The Qatari individuals turned net buyers to the tune of QR5.14mn compared with net sellers of QR18.39mn on April 28.

The foreign institutions’ net profit booking weakened noticeably to QR6.44mn against QR13.19mn the previous day.

However, the Gulf retail investors were net sellers to the extent of QR6.02mn compared with net buyers of QR0.52mn on Monday.

The Arab individual investors’ net selling strengthened perceptibly to QR5.86mn against QR3.72mn on April 28.

The Gulf institutions turned net profit takers to the tune of QR0.98mn compared with net buyers of QR7.2mn the previous day.

The domestic institutions’ net selling decreased substantially to QR14.02mn against QR29.71mn on Monday.

The foreign individual investors’ net buying eased marginally to QR0.12mn compared to QR0.38mn on April 28.

The Arab institutions had no major net exposure for the second straight session.

The main market witnessed a 6% jump in trade volumes to 196.55mn shares, 19% in value to QR469.91mn and 55% in deals to 25,605.

In the venture market, trade volumes zoomed 20% to 0.04mn equities, value by 11% to QR0.1mn and transactions by 78% to 16.

© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Santhosh V. Perumal