The Qatar Stock Exchange gained more than 13 points on Wednesday, mainly thanks to the increase in purchase interest from foreign funds.
Widespread buying, especially in industrials, telecommunications and insurance sectors, pushed the 20-stock Qatar index up 0.12% to 11,076.22 points, recovering from an intraday low of 11,040 points.
More than 51% of constituents traded extended gains in the market, whose year-to-date gains were 6.14%.
The weakening net selling pressure from local retail investors had its influence on the exchange, whose market capitalization saw an increase of QR 87 million or 0.14% to QR 638.02 billion, mainly due to small cap segments.
Arab and foreign individuals were found to be less inclined to sell in the market, which saw the industrial, consumer goods and banking sectors together constitute about 89% of the total volume of trade.
Overall turnover and trade volumes were increasing on the stock exchange, where national and Gulf institutions were increasingly engaged in accounting for net profits.
Gulf individuals were seen as net sellers in the market, which saw a total of 85,723 exchange-traded funds (QATR sponsored by Masraf Al Rayan and QETF sponsored by Bank of Doha) valued at QRS 367,726 out of 13 transactions.
The total return index gained 0.12% to 21,926.04 points, the Islamic Al Rayan (price) index by 0.06% to 2,513.19 points and the All Share index by 0.14%. at 3,518.76 points in the market, which saw no trading in sovereign bonds and treasury bills.
The industrial sector index rose 0.36%, telecoms (0.18%), insurance (0.17%), banks and financial services (0.1%), real estate (0.02 %), consumer goods and services (0.01%) and transport (0.01%).
Major players include Investment Holding Group, Qatar Islamic Insurance, QLM, Qatar First Bank, Qatar National Cement, QNB, Industries Qatar, United Development Company and Vodafone Qatar.
Nevertheless, Mannai Corporation, Qatari German Medical Devices, Alijarah Holding, Qatar Electricity and Water, Doha Bank, Dlala and Gulf International Services were among the agitators.
In particular, net purchases by foreign institutions increased to reach QR 51.09 million from QR 41.08 million on September 7.
Net sales by Qatari individuals fell significantly to QR 4.04 million from QR 20.01 million the day before.
Net sales of foreign individuals fell significantly to QR 0.42 million from QR 2.26 million on Tuesday.
The net turnover of Arab individuals fell significantly to QR 0.75 million from QR 1.74 million on September 7.
However, net sales of domestic funds increased significantly to reach QR 41.3 million from QR 15.51 million the previous day.
The net profit recorded by Gulf funds rose sharply to QR 3.42 million from QR 1.73 million on Tuesday.
Gulf individuals became net sellers at QR 1.17 million against net buyers of QR 0.39 million on September 7.
Arab funds had no major net exposure against net sellers to the tune of QR 0.21 million the day before.
Total trade volume increased 6% to 137.24 million shares, value 2% to Q322.64 million and trades 4% to 8,868.
The real estate sector reported a 24% increase in deal volume to 11.5 million shares, 18% in value to QR15.69 million and 79% in trades to 813.
The trading volume of the banking and financial services sector climbed 23% to 28.35 million shares, the value by 20% to 146.86 million QR and transactions by 22% to 3,681.
There was a 16% increase in the volume of trade in the industrial sector to 63.02 million shares, 11% in value to QR102.5 million and 18% in transactions to 2,580.
However, the insurance industry saw a 79% drop in trading volume to 0.74 million shares, 79% in value to 2.2 million QR and 34% in trading to 91.
The telecommunications sector’s trade volume fell by 70% to 1.01 million shares, the value by 74% to QR 4.55 million, and transactions by 70% to 328.
The market experienced a 21% contraction in transport volume to 2.51 million shares, 22% in value to 8.62 million QR and 14% in transactions 397.
The volume of trade in the consumer goods and services sector fell by 8% to 30.1 million shares, its value by 14% to QR 42.22 million, and transactions by 18% to 978.
In the venture capital market, shares of Al Faleh rose 0.29%; while those of Mekdam Holding fell 0.22%.