Qatar bourse breaks record on MSCI upgrade

422The Qatar Stock Exchange yesterday broke all records with global index compiler MSCI upgrading it to emerging markets and its key index neared the 13,700 mark on almost-tripled volumes.

Foreign institutions’ net buying grew more than nine-fold to QR1.33bn; the highest one-day purchase by value, leading the 20-stock Qatar Index (based on price data) to surge 2.06% to 13,694.19 points.

Market capitalisation rose, 0.56%, or more than QR4bn to 736.88bn. Large, mid, small and micro cap equities gained 2.15%, 1.23%, 0.79% and 0.57% respectively.

Heavy buying interests were witnessed at the real estate, insurance, banks and telecom counters in the market, which is up 31.93% year-to-date.

“A memorable day for Qatar, the QSE and all market participants, and also the beginning of a new era for our marketplace,” said the bourse’s CEO Rashid Ali al-Mansoori.

Opening strong, the market witnessed strong buying to take the index close to the 13,600 level in the first five minutes but thereafter a mild profit-taking ensued for the next 30 minutes.

However, buying interests gripped the market for the next 60 minutes to drive the index to above the 13,800 level. There was some mid selling pressure for the next 30 minutes but only to see an upward spike for next 15 minutes take the index to a day’s high. During the fag end, profit-booking was seen and the index settled near the 13,700 mark.

The index that tracks Shariah-principled stock was seen surging much faster than the other indices in the market where trading volume was highly skewed towards banks, telecom and realty sectors, which together accounted for more than 67% of the total volume.

The 20-stock Total Return Index gained 2.06% to 20,420.99 points, the All Share Index (with wider constituents) by 1.5% to 3,423.79 and the Al Rayan Islamic Index by 4.05% to 4,638.81. All the three indices factored in dividend income as well.

Real estate stocks swelled 5.44%, followed by insurance (3.25%), banks and financial services (2.59%), telecom (2.46%) and industrials (0.11%); while transport stocks fell 5.59% and consumer goods lost 0.1%.

More than 51% of the stocks extended gains with major movers being Vodafone Qatar, Masraf Al Rayan, Qatar Islamic Bank, Barwa, Qatar National Cement, Commercial Bank, Qatar Insurance, United Development Company, Qatar Electricity and Water, Qatari Investors Group and Dlala.

However, QNB, Industries Qatar, Milaha, Nakilat, Ezdan, Mazaya Qatar, Doha Bank, Alijarah Holding, Gulf International Services, Mesaieed Petrochemical Holding and Widam Food bucked the trend.

Vodafone Qatar, Masraf Al Rayan and Barwa were the most active in terms of both volume and value.

Foreign institutions’ net buying zoomed to QR1.33bn against QR147.06mn the previous day.

However, domestic institutions’ net selling shot up to QR792.07mn compared to QR104.78mn on Wednesday.

Qatari retail investors’ net selling surged to QR453.79mn against QR45.58mn the previous day.

Non-Qatari individual investors turned net sellers to the tune of QR86.63mn compared with net buyers of QR3.44mn on Wednesday.

Total trading volume almost tripled to 76.11mn stocks and value more than tripled to QR4.58bn on 71% surge in transactions to 22,170. Trading value shattered the previous record of QR2.35bn on June 9, 2008.

The banks and financial services sector’s trading volume grew about five-fold to 29.29mn equities and value by more than five-fold to QR2.25bn on more-than-doubled deals to 8,399.

The telecom sector’s trading volume more than tripled to 22.3mn shares and value more than quadrupled to QR873.11mn on more-than-doubled transactions to 4,677.

The insurance sector saw its trading volume more than triple to 0.4mn stocks and value more than quadruple to QR26.94mn on more-than-doubled deals to 204.

The real estate sector’s trading volume more than doubled to 15.64mn equities and value more than tripled to QR546.3mn on an 87% jump in transactions to 3,769.

The consumer goods sector saw its trading volume surge 33% to 1.14mn shares, value by 11% to QR69.5mn and deals by 22% to 849.

The transport sector’s trading volume expanded 28% to 1.75mn stocks, value by 28% to QR51.79mn and transactions by 22% to 531.

However, the market witnessed a 6% decline in the industrials sector’s trading volume to 5.596mn equities but there was a 98% expansion in value to QR765.44mn. Deals were down 6% to 3,741.

In the debt market, there was no trading of treasury bills and government bonds.

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