QSE sees across the board buying; foreign funds turn bullish

QSE sees across the board buying; foreign funds turn bullish

An across the board buying, especially in the insurance, telecom and banking counters, yesterday lifted the Qatar Stock Exchange more than 77 points and its key index settled near 14,200 points.

The foreign institutions were seen bullish as the 20-stock Qatar Index gained 0.55% to 14,192.38 points, recovering from an intraday low of 14,098 points.

The Gulf institutions were increasingly net buyers in the market, whose year-to-date gains were at 22.08%.

The Arab funds were also increasingly bullish, albeit at lower levels, in the bourse, whose capitalisation saw about QR6bn or 0.76% increase to QR792.56bn, mainly on the back of mid and small cap segments.

The Islamic index was seen gaining slower than the other indices in the market, where the industrials and consumer goods and services sectors together accounted for about 68% of the trading volume.

About 56% of the traded constituents extended gains to investors in the market, which saw a total of 102,453 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.44mn changed hands across 23 deals.

The Arab individuals’ weakened net selling also had its influence in the bourse, which saw no trading of sovereign bonds.

Total trade turnover declined amidst higher volumes in the market, which saw