Buying interests, especially at the banking, telecom and real estate counters, helped the Qatar Stock Exchange (QSE) stay positive this week, which saw the country to use its estimated QR29bn budget surplus in 2023 fiscal prudently by transferring it to a general reserve account.
The foreign institution were seen net buyers as the 20-stock Qatar Index gained 0.11% this week which saw HE the Minister of Finance Ali bin Ahmed al-Kuwari expects Qatar to achieve a double-digit growth by 2027, driven by higher liquefied natural gas revenues from North Field expansion.
The foreign individuals were seen bullish, albeit at lower levels, this week which saw the finance minister highlight that Qatar will continue with its high spending on projects supporting local economy.
The Gulf institutions’ weakened net selling had its influence this week which saw a report of the Institute of Chartered Accountants in England and Wales that said the travel and tourism sector will spur 7.6% growth in Qatar’s non-oil economy this year.
The local individuals continued to bet net buyers but with lesser intensity this week which saw Qatar's maritime sector continued to see heavy traffic between November 18 and December 18 as the country headed towards the finals of the FIFA World Cup.
The Islamic index was seen declining vis-à-vis gains in the other indices this week which saw a total of 0.74mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR1.82mn trade across 40 deals.
Trade turnover and volumes were on the increase in both the main and venture markets this week, which saw as many as 0.03mn Doha Bank-sponsored QETF valued at QR0.34mn change hands across 30 transactions.
Market capitalisation was seen expanding QR3.67bn or 0.59% to QR622.96bn on the back of mid and microcap segments this week which saw the industrials and banking sectors together constitute about 66% of the total trade volume in the main market.
The Total Return Index was up 0.11% and All Share Index by 0.41%, while All Islamic Index declined 0.35% this week, which saw no trading of sovereign bonds.
The banks and financial services sector index shot up 1.19%, telecom (0.67%), realty (0.41%) and insurance (0.16%); whereas consumer goods and services shed 2.53%, industrials (0.27%) and transport (0.12%) this week, which saw no trading of treasury bills.
Major gainers in the main market included Al Khaleej Takaful, Widam Food, Qatari German Medical Devices, Dlala, QNB, Masraf Al Rayan, QLM, Mazaya Qatar, United Development Company and Ooredoo. IN the venture market, Al Faleh Educational Holding saw its shares appreciate in value this week which saw Qatar’s industrial production index gain 2.5% year-on-year this October.
Nevertheless, Al Meera, Woqod, Qatar Islamic Insurance, Commercial Bank, Qatar Islamic Bank, Baladna, Mesaieed Petrochemical Holding and Gulf Warehousing were among the losers in the main market. In the junior bourse, Mekdam Holding saw its shares depreciate in value this week.
The foreign funds turned net buyers to the tune of QR4.38mn compared with net sellers of QR83.64mn the week ended December 15.
The foreign individuals were net buyers to the extent of QR0.71mn against net sellers of QR4.86mn the previous week.
The Gulf institutions’ net profit booking decreased drastically to QR6.91mn compared to QR44.9mn a week ago.
However, the domestic funds’ net selling shot up markedly to QR38.91mn against QR3.01mn the week ended December 15.
The Gulf retail investors turned net sellers to the tune of QR1.08mn compared with net buyers of QR1.33mn the previous week.
Local retail investors’ net buying declined substantially to QR35.18mn against QR115.44mn a week ago.
The Arab individuals’ net buying shrank noticeably to QR6.61mn compared to QR19.6mn the week ended December 15.
The Arab institutions had no major net exposure against net buyers to the extent of QR0.03mn the previous week.
Total trade volume in the main market declined 40% to 326.76mn shares, value by 45% to QR1.28bn and deals by 39% to 49,158.
The venture market saw a 63% plunge in trade volumes to 0.22mn equities, 75% in value to QR1.08mn and 64% in transactions to 108.