The Qatar Stock Exchange (QSE) largely reflected the sentiments in the global markets and plummeted 314 points to settle at sub-9000 levels this week.
An across-the-board selling – particularly in real estate, insurance, telecom and transport – dragged the 20-stock Qatar Index 3.41% this week which saw QNB Group close the syndication for its $3.5bn three-year senior unsecured term loan facility.
Domestic institutions and local retail investors were seen net profit takers this week which saw Mannai Corporation seeking to raise funds up to $600mn from international debt market in order to part fund its expansion strategy.
About 82% of the traded scrips were in the red this week which saw Gulf International Services’ (GIS) 2017 net profit at QR85mn.
Islamic stocks were however seen declining slower than the other indices this week which witnessed Barwa Real Estate report QR1.71bn net profit in 2017.
Selling pressure was seen more within large, mid and small cap segments this week which saw United Development Company register QR608mn net profit in 2017.
The weakened net buying support from non-Qatari individuals also had its role in dampening the market this week which saw Qatar Islamic Bank (QIB) fully divest its stake in Malaysia-based Asian Finance Bank (AFB) for 357.2mn ringgits.
However, non-Qatari institutions turned bullish this week which saw Industries Qatar (IQ) subsidiary Qatar Steel migrate its marketing, sales and distribution activities to Muntajat.
The Total Return Index plunged 3.41%, Al Rayan Islamic Index by 2.12% and All Share Index by 4.76% this week which saw QSE chief executive Rashid bin Ali al-Mansoori say that many listed companies defied the prevailing challenges brought about by the economic blockade as they reported strong results.
The real estate index plummeted 9.92%, insurance (7.81%), telecom (6.61%), transport (4.95%), industrials (4.38%), banks and financial services (2.88%) and consumer goods (0.59%) this week which saw the Institute of International Finance expects Qatar's fiscal and external breakeven oil prices to be $60 per barrel and $44 per barrel respectively this year.
The banks and financial services sector accounted for 36% of the total volume, realty (22%), industrials (18%), telecom and consumer goods (10% each), transport (4%) and insurance (1%) this week which saw no trading of treasury bills.
The banks and financial services’ share in total trade turnover was 43%, industrials (18%), real estate (16%), consumer goods (10%), telecom (8%), transport (5%) and insurance (1%) this week which witnessed a total of 25,000 sovereign bonds valued at QR248.75mn trade across two deals.
Major losers included Qatar Insurance, IQ, Ooredoo, Ezdan, QNB, al khaliji, Qatar First Bank, Commercial Bank, Salam International Investment, GIS, Mesaieed Petrochemical Holding, Nakilat, Gulf Warehousing and Milaha; whereas Qatar Islamic Bank, Doha Bank, Medicare Group and Qatar National Cement were among the gainers this week.
Domestic institutions turned net sellers to the tune of QR49.26mn against net buyers of QR39.44mn the previous week.
Local retail investors were also net profit takers to the extent of QR2.32mn against net buyers of QR46.51mn a week ago.
Non-Qatari individuals’ net buying weakened perceptibly to QR2.19mn compared to QR7.07mn the week ended February 1.
However, non-Qatari institutions turned net buyers to the tune of QR49.52mn against net sellers of QR93.03mn the previous week.
Total trade volume rose 39% to 51.78mn shares, value by 33% to QR1.29bn and transactions by 32% to 22,273.
The consumer goods sector’s trade volume more than tripled to 5.03mn equities, value soared 49% to QR122.56mn and deals by 58% to 1,904.
The market witnessed 80% surge in the transport sector’s trade volume to 2.21mn stocks, 99% in value to QR63.1mn and 60% in transactions to 1,440.
The telecom sector’s trade volume soared 42% to 5.36mn shares, value by 71% to QR97.33mn and deals by 42% to 1,959.
The banks and financial services sector saw 35% expansion in trade volume to 18.45mn equities, 37% in value to QR552.77mn and 27% in transactions to 7,209.
The real estate sector’s trade shot up 29% to 11.22mn stocks, value by 25% to QR203.94mn and deals by 48% to 4,668.
There was 13% increase in industrials sector’s trade volume to 9.08mn shares, 6% in value to QR228.45mn and 13% in transactions to 4,653.
Although the insurance sector’s trade volume was flat at 0.43mn equities, value declined 3% to QR17.98mn and deals by 2% to 440.