(MENAFN- Gulf Times) Strengthening oil prices had a profound impact on the Qatar Stock Exchange, which gained another 392 points, amply supported by buying interests particularly in the real estate and insurance stocks.
Domestic institutions turned bullish to lift the 20-stock Qatar Index (based on price data) by 3.26% to 12,421.22 points as there was rising hope that oil prices have found a short-term floor and the market believes that oil may stay range-bound over $60 a barrel for the rest of the year.
However, selling pressure was seen intense among local and foreign retail investors in the bourse, which is up 19.67% year-to-date.
Market capitalisation expanded 2.44%, or more than QR16bn, to QR677.82bn with small, micro, mid and large cap equities gaining 3.88%, 3.8%, 3.27% and 2.45% respectively.
The index that tracks Shariah-principled stocks gained much faster than the other indices in the market, where trade was highly skewed towards realty, which alone accounted for more than 48% of the total trade volume.
The Total Return Index vaulted 3.26% to 18,526.14 points, the All Share Index by 2.83% to 3,153.65 points and the Al Rayan Islamic Index by 4.16% to 4,100.29 points.
Realty stocks appreciated 5.04%, followed by insurance (4.96%), banks and financial services (2.88%), industrials (2.16%), telecom (1.72%), consumer goods (1.49%) and transport (0.59%).
More than 74% of the stocks extended gains with major movers being QNB, Gulf International Services, Vodafone Qatar, Doha Bank, Qatar Islamic Bank, International Islamic, Masraf Al Rayan, Dlala, Al Meera, Barwa, Ezdan, Mazaya Qatar, United Development Company and Dlala.
However, Commercial Bank, Aamal Company, Gulf Warehousing and Islamic Holding Group bucked the trend.
Domestic institutions turned net buyers to the tune of QR15.67mn against net sellers of QR120.45mn the previous day.
Foreign institutions' net buying sunk to QR75.84mn compared to QR161.15mn on Sunday.
Qatari retail investors' net profit-booking rose to QR74.74mn against QR60.73mn on Sunday.
Non-Qatari individual investors turned net sellers to the extent of QR16.68mn compared with net buyers of QR20.16mn the previous day.
Total trade volume was down 5% to 24.72mn shares and value by 20% to QR1bn, while transactions rose 16% to 10,931.
The banks and financial services sector reported a 44% plunge in trade volume to 4.21mn equities, 55% in value to QR289.05mn and 14% in deals to 2,758.
The transport sector saw its trade volume plummet 25% to 1mn stocks, value by 20% to QR45.13mn and transactions by 19% to 462.
The consumer goods sector's trade volume tanked 19% to 1.09mn shares, while value rose 28% to QR84.57mn and deals by 14% to 840.
There was a 16% decline in the telecom sector's trade volume to 3.29mn equities and 15% in value to QR73.12mn but on an 81% plunge in transactions to 1,344.
The industrials sector's trade volume was down 1% to 2.93mn stocks; whereas value was up 4% to QR221.9mn and deals by 18% to 2,268.
However, the real estate sector's trade volume surged 35% to 11.93mn shares, value by 46% to QR272.69mn and transactions by 47% to 3,040.
The insurance sector's trade volume grew 23% to 0.27mn equities, value by 33% to QR18.05mn and deals by 6% to 219.
In the debt market, there was no trading of treasury bills and government bonds.
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