By Santhosh V Perumal/Business Reporter Earnings lift Saudi shares to new 5-yr high The Qatar Exchange yesterday inched near the 11,100 mark as bullish sentiments kept building up for the 12th consecutive day, induced by expected robust dividends from listed companies. Foreign institutions sustained buying, albeit with lesser vigour, lifted the 20-stock Qatar Index, which touched a fresh five-year high of 11,075.98 points. However, local retail investors continued to be net sellers as the deadline for the QR3.23bn initial public offer of Mesaieed Petrochemical Holding Company , a Qatar Petroleum subsidiary, drew near. Insurance, real estate and telecom stocks saw their stocks rose more than 1% and outperform the market, which is up 6.71% year-to-date. The index that tracks Shariah-principled stocks was also seen to outperform the other indices in the bourse, whose index has been remaining above 11,000 points for the third day. The 20-stock Total Return Index rose 0.22% to 15,825.03 points, the All Share Index (with wider constituents) by 0.05% to 2,735.68 and the Al Rayan Islamic Index by 0.34% to 3,229.56. All the three indices factored in dividend income as well. Insurance stocks gained 1.39%, followed by realty (1.12%), telecom (1.09%), transport (0.76%), industrials (0.42%) and consumer goods (0.08%); while banks and financial services fell 0.73%. About 53% of the stocks extended gains with influential movers being Industries Qatar , Gulf International Services , Nakilat , Barwa, Mazaya Qatar, United Development Company , Commercial Bank , Doha Bank , International Islamic, Ooredoo and Qatar Islamic Insurance . However, QNB, Qatar Islamic Bank , al khaliji and Qatari Investors Group bucked the trend. Foreign institutions' net buying stood at QR211.04mn against QR244.48mn the previous day. Domestic institutions' net selling was QR48.26mn compared to QR42.01mn on Tuesday. Non-Qatari institutions' net selling amounted to QR19.42mn against QR44.58mn the previous day. Qatari individual investors' net selling was QR143.36mn compared to QR157.95mn on Tuesday. Total trading volume fell 1% to 11.46mn stocks and value by 8% to QR588.5mn while transactions rose 4% to 5,891. The industrials sector's trading volume plummeted 53% to 0.95mn equities, value by 52% to QR94.77mn and deals by 28% to 1,139. The banks and financial services sector reported 14% plunge in trading volume to 3.53mn shares and 6% in value to QR278.26mn but on 7% rise in transactions to 2,272. The transport sector's trading volume fell 2% to 1.28mn stocks; whereas value rose 34% to QR43.14mn and deals by 52% to 395. However, the insurance sector's trading volume more than tripled to 0.34mn equities and value more than quadrupled to QR20.63mn on a 61% jump in transactions to 201. There was 80% surge in consumer goods sector's trading volume to 1.08mn shares, 7% in value to QR44.75mn and 50% in deals to 564. The telecom sector saw its trading volume soar 35% to 0.58mn stocks, value almost tripled to QR19.43mn and transactions by 51% to 343. The market witnessed 26% expansion in real estate sector's trading volume to 3.69mn equities, 44% in value to QR87.53mn and 4% in deals to 977. Upbeat earnings in Saudi Arabia helped lift the market to a new five-year high yesterday, while other regional shares also gained. The main Saudi index climbed 0.6% to its highest close since September 2008 . Abu Dhabi's benchmark climbed 0.5%, up for a first session since Monday's five-year high. Dubai's measure advanced 0.3% to a fresh five-year high. Builder Arabtec jumped 5.2%. Elsewhere, Kuwait's index climbed 0.6%, halting a three-session dip, while Oman's bourse added 0.3%, hovering just below Sunday's five-year high. Bahrain's index gained 0.3% to 1,273 points.
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