Foreign funds drive QSE near 13,900 level; M-cap gains QR9bn

Foreign funds drive QSE near 13,900 level; M-cap gains QR9bn

The Qatar Stock Exchange on Wednesday gained more than 206 points and its key index inched towards 13,900 levels, mainly on strong buying in the banking and financial services sector.

Foreign funds were increasingly bullish as the 20-stock Qatar Index zoomed 1.51% to 13,875.92 points, recovering from an intraday low of 13,690 points.

About 49% of the traded constituents saw their shares appreciate in value in the market, whose year-to-date gains were at 19.35%.

The Gulf institutions were also increasingly net buyers in the bourse, whose capitalisation saw a 1.15% jump to QR776.61bn, mainly on the back of midcap segments.

The Islamic index was seen gaining slower than the other indices in the market, where the industrials and consumer goods sectors together accounted for about 63% of the trading volume.

However, the domestic funds were increasingly net sellers in the market, which saw a total of 329,880 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR4.55mn changed hands across 88 deals.

The local retail investors were increasingly net profit takers in the bourse, which saw no trading of sovereign bonds.

Total trade turnover and volumes were on the increase in the market, which saw no trading of treasury bills.

The Total Return Index