Domestic funds turned bullish and there was substantially lower net selling by local retail investors on the Qatar Stock Exchange (QSE), which otherwise had once touched a six-year low this week.
Notwithstanding the buying interests in the insurance and telecom counters, the bourse’s main barometer fell 0.76% this week which saw the QSE ask the companies to strengthen their corporate governance to better attract foreign investments.
Although non-Qatari individuals turned marginally bullish, there was substantial weakening of net buying interests of non-Qatari institutions this week which saw Qatar’s consumer price index inflation edge up 0.2% month-on-month in October on higher expenses towards dining out, furniture and health.
Islamic stocks were seen declining much faster than the main index this week which witnessed the Institute of Chartered Accountants of England and Wales view that the initial public offerings market in the Gulf is expected gain further momentum on general improvement in market conditions and investor confidence as well as a lack of traditional funding sources.
The market was extremely skewed towards decliners this week which witnessed banking, real estate, industrials and telecom counters, which together accounted for about 82% of total trading volume.
The banks and financial services sector accounted for 30% of the total volume, realty (19%, industrials (17%), telecom (16%), transport (11%), insurance (5%) and consumer goods (3%) this week.
The banks and financial services’ share in total trade turnover was 42%, industrials (21%), transport (11%), real estate (9%), telecom (7%), and consumer goods and insurance (5% each) this week.
Major gainers included Qatar Insurance, Barwa, Ooredoo, Industries Qatar, Woqod, Gulf Warehousing, Commercial Bank, QIIB and Qatar Industrial Manufacturing; while Ezdan, Mazaya Qatar, Milaha, Qatar First Bank, Vodafone Qatar, Medicare Group, Qatari German Company for Medical Devices, Qatari Investors Group, Aamal Company, Gulf International Services and Mesaieed Petrochemical Holding were among the losers this week.
Domestic funds turned net buyers to the tune of QR15.22mn compared with net sellers of QR5.27mn the week ended November 10.
Non-Qatari individual investors were also net buyers to the extent of QR0.08mn against net sellers of QR12.77mn a week ago.
Local retail investors’ net profit booking weakened substantially to QR38.86mn compared to QR79.23mn the previous week.
Non-Qatari funds’ net buying declined considerably to QR23.65mn against QR97.36mn the week ended November 10.
Total trade volume fell 16% to 27.19mn shares, value by 8% to QR818.21mn and deals by 9% to 12,980.
There was 41% plunge in the industrials sector’s trade volume to 4.52mn equities, 3% in value to QR168.22mn and 21% in transactions to 2,597.
The consumer goods sector’s trade volume plummeted 38% to 0.72mn stocks, value by 31% to QR43.04mn and deals by 9% to 959.
The banks and financial services sector saw 20% shrinkage in trade volume to 8.18mn shares, 18% in value to QR346.03mn and 16% in transactions to 4,526.
The real estate sector’s trade volume tanked 13% to 5.19mn equities, value by 8% to QR72.4mn and deals by 4% to 1,651.
However, the market witnessed 20% surge in the telecom sector’s trade volume to 4.27mn stocks, 20% in value to QR56.98mn and 4% in transactions to 1,369.
The transport sector’s trade volume soared 13% to 2.95mn shares, value by 7% to QR91.92mn and deals by 5% to 1,254.
The insurance sector reported 13% increase in trade volume to 1.36mn equities and 87% in value to QR39.62mn on more than doubled transactions to 624.