QSE index gains 27 points; Islamic equities outperform

“Signs of progress in the US-Iran talks Thursday lifted sentiments in the regional bourses, including the Qatar Stock Exchange (QSE), which led its key index gain 27 points and capitalisation add in excess of QR1bn. The local retail investors were increasingly net buyers as the 20-stock Qatar Index rose 0.26% to 10,379.65 points, although it touched an intraday high of 10,426 points. The market narrowed its year-to-date losses to 3.56%. More than 62% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR1.28bn or 0.21% to QR620.75bn, mainly owing to microcap segments. The real estate, industrials and transport counters witnessed higher than average demand in the main market, whose trade turnover fell amidst higher volumes. The foreign retail investors were increasingly bullish in the main bourse, which saw as many as 0.07mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.16mn trade across 19 deals. The Gulf institutions turned net buyers in the main market, which saw no trading of sovereign bonds. The Islamic index was seen outperforming the other indices of the main bourse, which saw no trading of sovereign sukuks. The Total Return Index gained 0.26%, the All Share Index by 0.16% and the Al Rayan Islamic Index by 0.38% in the main bourse, which saw no trading of treasury bills. The realty sector index rose 0.75%, industrials (0.65%), transport (0.57%) and telecom (0.12%); while banks and financial services declined 0.04% and consumer goods and service 0.02%. As many as 33 gained, while 17 declined and three were unchanged in the main market. Major movers in the main market included Estithmar Holding, Al Khaleej Takaful, Mesaieed Petrochemical Holding, Qatar General Insurance and Reinsurance, United Development Company, Al Mahhar Holding, Industries Qatar, Qamco, Mazaya Qatar and Nakilat. Nevertheless, Beema, Ahlibank Qatar, Dlala, Mosanada Facilities Management Services and Nebras Energy were among the shakers in the main bourse. Techno Q saw its shares depreciate in value in the venture market. The local individual investors’ net buying increased substantially to QR21.04mn against QR6.17mn on Wednesday. The foreign retail investors’ net buying strengthened noticeably to QR5.52mn compared to QR0.1mn on May 20. The Gulf institutions turned net buyers to the tune of QR1.06mn against net profit takers of QR18.09mn the previous day. However, the foreign funds’ net selling expanded significantly to QR18.6mn compared to QR11.69mn on Wednesday. The domestic institutions were net sellers to the extent of QR8.2mn against net buyers of QR21.53mn on May 20. The Arab retail investors turned net sellers to the tune of QR0.75mn compared with net buyers of QR2.05mn the previous day. The Gulf individuals’ net profit booking was rather flat at QR0.06mn. The Arab institutions had no major net exposure for the second straight session. The main market saw 4% jump in trade volumes to 128.14mn shares but on 3% fall in value to QR367.65mn and 7% in deals to 21,306. In the venture market, a total of 0.05mn equities valued at QR0.11mn changed hands across nine transactions.

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