The Qatar Stock Exchange (QSE) index increased by 59.33 points, or 0.77%, during the trading week to close at 7,773.59. Market capitalisation increased by 1.79% to QR425.6bn versus QR418.1bn at the end of the previous trading week. Of the 45 listed companies, 29 ended the week higher, while 16 declined and none remained unchanged. Qatar Insurance Co (QATI) was the best performing stock for the week with a gain of 17.09% on 462,624 shares traded. On the other hand, Ahli Bank (ABQK) was the worst performing stock for the week with a decline of 11.36% on 12,415 shares traded only.
QNB Group (QNBK), Qatar Islamic Bank (QIBK) and Qatar Electricity & Water Co (QEWS) were the primary contributors to the weekly index gains. QNBK was the biggest contributor to the index’s weekly increase, adding 16.3 points to the index. QIBK was the second biggest contributor to the gains, tacking 16.0 points to the index. Moreover, QEWS contributed 15.0 points to the index. Alternatively, Qatari Investors Group (QIGD) deleted 10.7 points from the index.
Trading value during the week decreased by 21.23% to reach QR1.13bn versus QR1.43bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 38.33% of the total trading value. The industrials sector was the second biggest contributor to the overall trading value, accounting for 23.69% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR181.7mn.
Trading volume decreased by 3.83% to reach 58.5mn shares versus 60.8mn in the prior week. The number of transactions decreased by 6.25% to reach 21,298 versus 22,719 transactions in the prior week. The industrials sector led the trading volume, accounting for 29.11%, followed by the banks and financial services sector which accounted for 24.28% of the overall trading volume. Investment Holding Group (IGRD) was the top volume traded stock during the week with 7.5mn shares.
Foreign institutions turned bullish with net buying of QR102.2mn versus net selling of QR89.0mn in the prior week. Qatari institutions turned bearish with net selling of QR86.8mn versus net buying of QR4.4mn the week before. Foreign retail investors remained bullish with net buying of QR8.6mn versus net buying of QR2.8mn in the prior week. Qatari retail investors turned bearish with net selling of QR24.0mn versus net buying of QR81.8mn the week before.
In 2017 year-to-date, foreign institutions bought (on a net basis) $771mn worth of equities.
The QSE index rose 0.8% during the week to a level of 7,773.59. An inverted hammer candlestick has been observed on the weekly chart. The index crossed the five-day EMA level and is expected to rise further in the near future. Our support level remains at 7,664 and resistance level remains at 8,473.76.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security’s open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
QNB
