Santhosh V. Perumal/Business Reporter
The Qatar Stock Exchange kept up its upward path, gaining more than 116 points to surpass the 13,800 psychological mark, despite slippery crude that touched a 28-month low during the week.
Stronger buying interests - especially in banks and consumer goods – led the market gain 0.85% during the week that saw a Deloitte report which said Qatar plans direct intervention in the construction sector as part of efforts to stem the rising inflationary expectations build up in the wake of fast paced infrastructure development in the country.
In comparison, Kuwait (2.99%), Saudi Arabia plunged 2.82% and Dubai (2.02%); even as Muscat, Bahrain and Abu Dhabi fell 0.93%, 0.76% and 0.09% respectively during the week that saw Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani assert that Qatar’s economy will grow by 6% this year.
Qatar’s bourse has gained 33.4% year-to-date against Dubai’s 35.42%, Abu Dhabi (15.56%), Bahrain (15.4%), Saudi Arabia (10.23%) and Muscat (3.57%); whereas Kuwait fell 2.47%.
Micro, large and mid stocks emerged buying favourites during the week that saw foreign institutions to be bullish but with lesser vigour.
Consumer goods stocks appreciated 4.09%, banks and financial services (2.18%), insurance (0.96%) and telecom (0.24%); whereas transport, industrials and real estate shrank 0.75%, 0.2% and 0.09% respectively during the week that saw Mannai Corporation aim at making further inroads in facility management services in Qatar.
The index that tracks Shariah-principled stocks was seen gaining faster than the other indices during the week that saw realty, banks and consumer goods together account for about 70% of the total trade volume.
The 20-stock Total Return Index rose 0.85%, All Share Index (comprising wider constituents) by 1.01% and Al Rayan Islamic Index by 1.29% during the week, which saw Barwa and Gulf Warehousing dominate the trading ring in terms of both volume and value.
Of the 43 stocks, 24 advanced; while 19 declined during the week that saw Brent crude fall on greater North American production as well as lower demand from China and Europe.
Seven of the 12 banks and financial services; five each of the eight consumer goods and the nine industrials; three of the five insurers; two of the four realty; and one each of the two telecom and the three transport stocks closed higher during the week.
About 56% of the stock extended gains with major movers being QNB, Commercial Bank, Doha Bank, International Islamic, al khaliji, Masraf Al Rayan, Barwa, Al Khaleej Takaful, Gulf Warehousing and United Development Company.
However, Mazaya Qatar, Ezdan, Vodafone Qatar, Ooredoo and Nakilat were among those bucked the trend during the week.
Market capitalisation swelled 1.11% or more than QR8bn to QR750.67bn during the week. Micro, large and mid cap equities were seen gaining 1.91%, 1.76% and 1.6% respectively; while small caps were down 0.26%.
Micro, small, mid and large cap equities are up 53.46%, 35.96%, 32.41% and 28.79% respectively year-to-date.
Foreign institutions’ net buying fell to QR131.35mn against QR153.75mn the previous week.
Local retail investors’ net buying sunk to QR5.36mn compared to QR21.51mn the week ended November 13.
Domestic institutions’ net profit booking eased to QR121.97mn against QR169.68mn the previous week.
Non-Qatari individual investors’ net selling rose to QR14.74mn compared to QR5.18mn the week ended November 13.
A total of 67.74mn shares valued at QR4.47bn changed hands across 40,173 transactions.
The real estate sector saw a total of 24.95mn equities worth QR875.04mn trade across 8,215 deals.
As many as 15mn banks and financial services stocks valued at QR1.35bn changed hands across 11,162 transactions.
A total of 7.21mn consumer goods stocks valued at QR891.75mn trade across 5,366 deals.
The industrial sector saw as many as 6.92mn shares worth QR724.46mn change hands across 9,633 transactions.
The telecom sector saw 4.98mn equities worth QR128.95mn trade in 1,750 deals.
The transport segment recorded 6.15mn shares valued at QR348.6mn change hands across 2,520 transactions.
A total of 2.52mn insurance equities valued at QR149.19mn trade across 1,527 transactions.
In the debt market, there was no trading of treasury bills and government bonds during the week.
