QSE Snaps Three Days Of Bearish Spell As Index Gains 16 Points Islamic Index Outperforms

(MENAFN- Gulf Times) The Qatar Stock Exchange today snapped three consecutive days of bearish run to close 16 points higher on the back of buying interests, especially in the industrials, insurance and telecom counters.

The foreign funds' weakened net selling had its influence as the 20-stock Qatar Index gained 0.14% to 11,093.12 points, although it touched an intraday high of 11,114 points.

The Gulf individuals were seen increasingly net buyers in the main market, whose year-to-date gains improved to 4.94%.

The Arab retail investors' lower net profit booking had its effect on the main bourse, whose capitalisation added QR1.26bn or 0.37% to QR662.59bn, mainly on small cap segments.

The domestic funds continued to be bullish but with lesser vigour in the main market, which saw as many as 1,128 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR2,909 trade across seven deals.

The local retail investors turned net sellers in the main bourse, whose trade turnover and volumes were on the decline.

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

The foreign individuals' weakened net selling had its impact on the main bourse, which saw no trading of sovereign bonds.

The Total Return Index rose 0.14%, the All Share Index by 0.09% and the All Islamic Index by 0.33% in the main market.

The industrials sector index shot up 1.26%, insurance (0.66%), telecom (0.28%) and real estate (0.2%); whereas consumer goods and services declined 0.36%, banks and financial services (0.3%) and transport (0.04%).

Major gainers in the main market include Qatar General Insurance and Reinsurance, Industries Qatar, Ooredoo, Qatar National Cement, Qatar Electricity and Water, Ezdan and Vodafone Qatar.

Nevertheless, about 54% of the traded constituents in the main bourse were in the red with major losers being Qatar Cinema and Film Distribution, Widam Food, Al Mahhar Holding, Qatar German Medical Devices and Dukhan Bank. In the venture market, Techno Q saw its shares depreciate in value.

The Gulf individual investors' net buying increased marginally to QR0.92mn compared to QR0.84mn the previous day.

The foreign institutions' net selling declined substantially to QR6.73mn against QR35.67mn on September 10.

The Arab retail investors' net selling weakened markedly to QR2.29mn compared to QR8.41mn on Wednesday.
The foreign individual investors' net profit booking shrank noticeably to QR0.62mn against QR2.99mn the previous day.

The Arab institutions continued to be net buyers to the extent of QR0.05mn against Wednesday levels.

However, the local individuals turned net sellers to the tune of QR2.07mn compared with net buyers of QR18.36mn on September 10.

The domestic institutions' net buying weakened drastically to QR5.56mn against QR22.07mn the previous day.

The Gulf institutions' net buying eased marginally to QR5.17mn compared to QR5.78mn on Wednesday.

The main market saw 3% contraction in trade volumes to 97.71mn shares, 170% in value to QR295.68mn and 10% in deals to 17,943.

In the venture market, a total of 0.07mn equities valued at QR0.17mn changed hands across 18 transactions.

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