By Santhosh V Perumal

 


Domestic institutions’ buying interests sustained the bullish momentum on the Qatar Stock Exchange, although losers outnumbered gainers during the week.

Buying pressure, especially in the real estate and transport counters, led the market gain 0.25% during the week that reported improvements in the net profitability of the listed companies in the first nine months of this year.

In comparison, Abu Dhabi and Bahrain rose 0.65% and 0.49% respectively; whereas Saudi Arabia shrank 1.28%, Kuwait (0.72%), Dubai (0.6%) and Muscat (0.5%) during the week that saw Qatar Financial Market Authority allow margin trading in the Qatari bourse.

Qatar’s bourse has gained 30.05% year-to-date against Dubai’s 34.89%, Saudi Arabia (17.57%), Bahrain (15.64%), Abu Dhabi (13.31%) and Muscat (2.05%); whereas Kuwait fell 2.49%.

Micro cap stocks were the most rallied in the upward rally during the week that saw Gulf Drilling International a wholly-owned subsidiary of Gulf International Services, press into services its new jack-up drilling rig “Dukhan” to its client, Qatar Petroleum.

Foreign institutions continued to be bullish but with lesser vigour during the week that saw QSE CEO Rashid bin Ali al-Mansoori being inducted into the board of the UK-headquartered World Federation of Exchanges.

Realty stocks gained about 5% and transport by more than 2%; while telecom shed about 2%, industrials more than 1% and insurance about 1% during the week that saw the market regulator relaxing norms for the small and medium enterprises to list in the junior bourse ‘Venture Market’.

The index that tracks Shariah-principled stocks was seen gaining much slower than the other indices during the week that saw realty and banks together account for more than 72% of the total trade volume.

The 20-stock Total Return Index was up 0.25%, All Share Index (comprising wider constituents) by 0.28% and Al Rayan Islamic Index by 0.03% during the week, which saw Ezdan, United Development Company and Masraf Al Rayan dominate the trading ring in terms of both volume and value.

Of the 43 stocks, only 18 advanced; while 23 declined and two were unchanged during the week. Four of the 12 banks and financial services; three each of the nine industrials, the four real estate and the three transport; two each of the eight consumer goods and the five insurers and one of the two telecom stocks close higher during the week.

Major gainers included QNB, Islamic Holding Group, Gulf Warehousing, Ezdan, Barwa and Mazaya Qatar; but Industries Qatar, Untied Development Company, Qatar Electricity and Water, Alijarah Holding, Masraf Al Rayan and Dlala bucked the trend during the week.

Market capitalisation was up 0.24% or about QR2bn to QR728.27bn during the week. Micro cap equities were seen gaining 1.45%; whereas small, mid and large caps fell 1.06%, 0.75% and 0.19% respectively.

Micro, small, mid and large cap equities are, however, up 45.44%, 32.59%, 26.91% and 24.82% respectively year-to-date.

Domestic institutions turned net buyers to the tune of QR114.67mn compared with net sellers of QR35.55mn the week ended October 23.

Foreign institutions’ net buying sunk to QR164.52mn against QR252mn the previous week.

However, non-Qatari individual investors turned net profit takers to the extent of QR43.59mn compared with net buyers of QR20.52mn the week ended October 23.

Local retail investors’ net selling fell to QR235.99mn against QR236.98mn the previous week.

A total of 94.38mn shares valued at QR3.93bn changed hands across 37,685 transactions.

The real estate sector saw a total of 51.62mn equities worth QR1.26bn trade across 11,563 deals.

As many as 16.81mn banks and financial services stocks valued at QR1.24bn changed hands across 10,766 transactions.

A total of 7.78mn consumer goods stocks valued at QR260.58mn trade across 2,733 deals.

The telecom sector saw 4.74mn equities worth QR158.58mn change hands across 1,975 transactions.

The industrials and transport segments recorded 5.71mn and 6.58mn shares worth QR619.45mn and QR304.72mn trade across 7,436 and 2,243 deals respectively.

A total of 1.13mn insurance equities valued at QR80.71mn changed hands across 969 transactions.

In the debt market, there was no trading of treasury bills and government bonds during the week.

 

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