(MENAFN- Gulf Times) Reversing the five-day bearish spell, the Qatar Stock Exchange yesterday opened the week on a stronger note on an across-the-board buying; particularly in banking and telecom stocks.
Foreign institutions' net buying helped the 20-stock Qatar Index (based on price data) gain 1.27% to 11,847.48 points as trade volumes also fell.
Buying was especially strong in the large-cap segment in the bourse, which is, however, down 3.57% year-to-date.
An overall bullish momentum notwithstanding, both local and foreign retail investors turned bearish in the market, where realty and banking stocks cornered more than 67% of the total trading volume.
Market capitalisation expanded 1.41%, or about QR9bn, to QR646.71bn with large, small and mid cap equities gaining 2.11%, 0.74% and 0.39% respectively; while micro caps were down 0.88%.
The Total Return Index rose 1.27% to 17,670.4 points, the All Share Index by 1.2% to 3,050.85 points and the Al Rayan Islamic Index by 0.78% to 4,035.97 points.
Banks and financial services stocks rose 1.93%, followed by telecom (1.35%), consumer goods (1.25%), industrials (0.8%), realty (0.56%), and transport and insurance (0.11% each).
More than 65% of the stocks extended gains with major movers being QNB, Industries Qatar, Commercial Bank, Mesaieed Petrochemical Holding, Barwa, United Development Company, Vodafone Qatar and Ooredoo; even as Islamic Holding Group, Mazaya Qatar and Nakilat bucked the trend.
Foreign institutions turned net buyers to the tune of QR46.18mn against net sellers of QR5.07mn the previous trading day.
Domestic institutions' net selling sunk to QR19.86mn compared to QR66.61mn last Thursday.
However, Qatari retail investors turned net profit-takers to the extent of QR16.68mn against net buyers of QR60.4mn on January 22.
Non-Qatari individual investors were also net sellers to the tune of QR9.6mn compared with net buyers of QR11.22mn the previous trading day.
Total trade volume fell 35% to 6.7mn shares, value by 32% to QR350.35mn and transactions by 26% to 4,752.
The insurance sector's trade volume plummeted 70% to 0.11mn stocks and value by 83% to QR5.26mn, but deals rose 39% to 114.
The real estate sector saw its trade volume plunge 58% to 1.41mn equities, value by 49% to QR42.51mn and transactions by 43% to 737.
The transport sector's trade volume tanked 38% to 0.08mn shares, value by 74% to QR2.26mn and deals by 52% to 64.
The banks and financial services reported a 31% decline in trade volume 3.11mn stocks, 22% in value to QR220.6mn and 24% in transactions to 2,339.
The industrials sector's trade volume shrank 14% to 0.87mn equities, value by 43% to QR50.25mn and deals by 32% to 905.
However, the consumer goods sector's trade volume more than doubled to 0.34mn shares and value surged 46% to QR14.95mn on a 26% jump in transactions to 257.
The telecom sector saw its trade volume gain 4% to 0.78mn stocks and value by 12% to QR14.52mn but deals were down 7% to 336.
In the debt market, there was no trading of treasury bills and government bonds.
Economy minister is new chairman of QSE board
The Qatar Stock Exchange (QSE), which is wholly-owned by the country's sovereign wealth fund, has recast its board with the Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohamed al-Thani as chairman.
The vice chairman is Ali bin Ahmed al-Kuwari, who is the representative of the listed companies.
"QSE will witness further prosperity and development under the new board," a bourse spokesman said, confirming the development.
The other board members are Mohamed Hassan al-Saadi, representative of the Ministry of Economy and Commerce; Hamad Khalaf al-Maadadi, representative of brokers; Fayez al-Boainin, representative of the Qatar Investment Authority; Rashid bin Ali al-Mansoori, CEO of the QSE and Yousuf Mohamed al-Jaida, representative of the Qatar Financial Centre Authority.
Two persons with significant experience - Andre Went (former CEO of the QSE) and Waleed Jassim al-Musallam - have also been inducted into the board. The QSE, which currently has 43 listed companies and market capitalisation of about QR650bn, aims to support Qatar's economy by giving investors a platform through which they can trade fairly and efficiently.
The bourse, in which NYSE Euronext earlier had 20% stake, is planning to broaden and deepen investment universe with expected launch of exchange traded funds and margin selling.
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