SNG: US rate cut expectations lift Qatar's QSE 104 points; M-cap adds $1.78bln

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Santhosh V. PerumalQatar - The telecom and banking counters witnessed higher than average demand as the 20-stock Qatar Index shot up 0.93% to 11,284.11 points, recovering from an intraday low of 11.186 pointsBanking on high expectations of rate cut in the US, investors, especially foreign funds, upped their net buying in the Qatar Stock Exchange (QSE), resulting in its key index surge 104 points and capitalisation add in excess of QR6bn.The telecom and banking counters witnessed higher than average demand as the 20-stock Qatar Index shot up 0.93% to 11,284.11 points, recovering from an intraday low of 11.186 points.The Gulf individuals’ lower net selling had its influence on the main market, whose year-to-date gains improved further to 6.74%.More than 69% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR6.51bn or 0.98% to QR671bn mainly on large and small cap segments.However, the local retail investors were increasingly net sellers in the main market, which saw no trading of exchange traded funds.The domestic funds were also increasingly net profit takers in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.The Arab individuals turned bearish in the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 0.93%, the All Islamic Index by 0.78% and the All Share Index by 0.9% in the main market.The telecom sector index shot up 2.59%, banks and financial services (1.08%), transport (0.66%), consumer goods and services (0.56%), industrials (0.37%) and real estate (0.35%); while insurance was down 0.13%.Major movers in the main market included Qatar Cinema and Film Distribution, Meeza, Qatar German Medical Devices, Ooredoo, Baladna, Qatar Islamic Bank, QNB, Commercial Bank, Ezdan, Mazaya Qatar and Milaha. In the juniour bourse, Techno Q saw its shares appreciate in value.Nevertheless, Doha Insurance, Beema, Mannai Corporation, Al Khaleej Takaful and Qatar Islamic Insurance were among the shakers in the main market.The foreign institutions’ net buying increased substantially to QR87.91mn compared to QR16.82mn the previous day.The Gulf individual investors’ net profit booking eased marginally to QR1.1mn against QR1.14mn on August 4.However...

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