The gains in the last two days were not strong enough to recover the losses of the initial three days that the Qatar Stock Exchange settled in the negative terrain this week.
An across-the-board selling — particularly in the insurance, transport, consumer goods and telecom — led the main barometer shed 0.54% this week, which saw market heavyweight Industries Qatar (IQ) reporting net profit of QR2.4bn in the first nine months (9M) of this year, which exceeded the group’s budget estimates.
Foreign institutions were seen increasingly net buyers amid an overall bearish momentum this week, which saw Qatar Insurance Company Group’s gross written premium of QR8.97bn during 9M, 2017.
However, non-Qatari individuals turned bearish and there was increased net selling by domestic institutions this week which saw Doha Bank’s 9M net profit at QR1.05bn.
Local retail investors’ net profit booking marginally increased this week which saw Barwa Real Estate’s 9M net profit at QR1.22bn.
Islamic stocks were seen declining faster than the main index this week which saw a total of 546 treasury bills worth QR5.44mn change hands across one transaction.
The market was highly skewed towards decliners this week which witnessed banking, industrials and real estate counters together account for more than 82% of total trading volume.
The banks and financial services sector accounted for 49% of the total volume, industrials and realty (16% each), telecom (12%), and transport, insurance and consumer goods (2% each) this week which saw Qatar Electricity and Water net profit at QR1.31bn.
The banks and financial services’ share in total trade turnover was 45%, industrials (22%), real estate (11%), telecom (9%), consumer goods (6%), insurance (4%) and telecom (3% each) this week which saw Nakilat’s 9M net profit at QR607mn.
Major gainers included IQ, Qatar Islamic Bank, Doha Bank, al khaliji, Qatar First Bank, Ezdan and Qatari German Company for Medical Devices this week which saw Nebras Power, a QEWC subsidiary, sign agreement with Perusahaan Listrik Negara and Pembangkitan Jawa-Bali for developing an 800MW power plant as well as a floating storage and regasification unit in Indonesia.
Non-Qatari funds’ net buying strengthened substantially to QR114.61mn compared to QR66.03mn the week ended October 19.
However, domestic institutions’ net selling rose considerably to QR84.87mn against QR44.32mn the previous week.
Local retail investors’ net profit booking increased to QR26.69mn compared to QR25.52mn a week ago.
Non-Qatari individual investors turned net sellers to the tune of QR3.05mn against net buyers of QR3.73mn the previous week.
Total trade volume rose 17% to 37.16mn shares and value by 2% to QR762.57mn, while deals fell 13% to 9,812.
The market witnessed 96% surge in the telecom sector’s trade volume to 4.34mn equities and 28% in value to QR69.41mn but on 5% fall in transactions to 1,013.
The insurance sector’s trade volume plummeted soared 53% to 0.75mn stocks and value by 57% to QR34.02mn, whereas deals shrank 34% to 293.
The banks and financial services sector saw 23% increase in trade volume to 18.34mn shares but on 6% fall in value to QR340.95mn and 11% in transactions to 3,459.
The industrials sector’s trade volume expanded 12% to 6.12mn equities and value by 20% to QR167.88mn, while deals declined 12% to 2,133.
There was 1% rise in the real estate sector’s trade volume to 6.02mn stocks but on 1% fall in value to QR82.47mn despite 6% increase in transactions to 1,702.
However, the consumer goods sector’s trade volume plummeted 49% to 0.74mn shares, value by 17% to QR46.36mn and deals by 40% to 541.
The transport sector reported 38% plunge in trade volume to 0.85mn equities, 28% in value to QR21.49mn and 29% in transactions to 671.