SNG: Earnings expectations lift sentiments as Qatar's QSE gains 28 points

About this update from Gulf International Services Qsc

Santhosh V. PerumalQatar - Solid earnings expectations continued to lift the sentiments in the Qatar Stock Exchange (QSE), which Sunday opened the week on a stronger note as its key index rose 29 points; even as capitalisation was on a slippery path.The foreign funds were seen increasingly net buyers as the 20-stock Qatar Index rose 0.25% to 11,249.23 points, recovering from an intraday low of 11,208 points.The telecom, insurance and industrials counters witnessed higher than average demand in the main market, whose year-to-date gains improved further to 6.42%.About 54% of the traded constituents extended gains to investors in the main bourse, whose capitalisation however, eased QR0.08bn or 0.01% to QR663.72bn mainly on microcap segments.The domestic institutions turned bullish in the main market, which saw as many as 690 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR2,381 trade across three deals.The foreign retail investors were seen net buyers in the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen gaining faster than the main barometer of the main market, which saw no trading of treasury bills.The Arab institutions’ weakened net selling had its influence on the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 0.52%, the All Islamic Index by 0.48% and the All Share Index by 0.29% in the main market.The telecom sector index shot up 1.22%, insurance (0.6%), industrials (0.52%), banks and financial services (0.18%), consumer goods and services (0.11%) and transport (0.07%); while real estate declined 0.l1%.Major gainers in the main market included Doha Insurance, QIIB, Mannai Corporation, Al Faleh Educational Holding, Qatar German Medical Devices, Commercial Bank, Industries Qatar, Gulf International Services, Qamco, QLM and Vodafone Qatar.Nevertheless, QNB, Meeza, Ezdan, Salam International Investment, Widam Food and Mesaieed Petrochemical Holding were among the losers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.The foreign institutions’ net buying increased perceptibly to QR22.78mn compared to QR19.22mn the previous trading day.The domestic institutions turned net buyers to the tune of QR14.09mn compared with net profit takers of QR12.81mn last Thursday.The foreign individuals were net buyers to the tune ...

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