QSE snaps eight-day bear run as index gains 13 points; Islamic index outperforms

QSE snaps eight-day bear run as index gains 13 points; Islamic index outperforms

The Qatar Stock Exchange yesterday snapped eight consecutive days of bearish spell to gain 13 points, even as capitalisation was on the decline.

More than 63% of the traded constituents extended gains to investors as the 20-stock Qatar Index rose 0.14% to 9,740.11 points, ahead of the US Federal Reserve’ decision on rates.

The transport, real estate and industrials counters witnessed higher than average demand in the main market, whose year-to-date losses truncated marginally to 8.81%.

The domestic funds were increasingly net buyers in the main bourse, whose capitalisation however was down QR0.4bn or 0.07% to QR568.11bn with microcap segments losing the most.

The Gulf retail investors turned bullish, albeit at lower levels in the main market, which however regained from an intraday low of 9,680 points, even as it touched an intraday high of 9,786 points.

The local retail investors’ weakened net buying had its influence on the main bourse, which saw as many as 6,425 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.01mn trade across two deals.

The Gulf institutions’ lower net selling pressure had its say on the main market, which saw no trading of sovereign bonds.

The Islamic index was seen outperforming the main barometer in the other indices in