Notwithstanding the strengthening oil prices, the Qatar Stock Exchange was gripped by profit booking pressure, which led its key index lose as much as 252 points and capitalisation erode QR14bn this week.
A higher than average selling in the consumer goods and banking counters dragged the 20-stock Qatar Index 2.44% this week which saw QNB report net profit of QR3.88bn in the first quarter (Q1) of 2023.
The domestic institutions were increasingly net sellers this week which saw Qatar Islamic Bank’s Q1 net profit at QR905.34mn.
About 70% of the traded constituents were in the red in the main market this week, which saw Barwa Real Estate register QR235.49mn net profit in Q1, 2023.
The index recovered after approaching the strong support line at 9,585 points but remains within the descending trend line and below all MAs (moving averages) on the weekly chart; however, a close below 9,585 points would deepen the bearish tone and lead to 9,000 points," a technical analysis note of Kamco said.
The foreign institutions were seen net profit takers in the main market this week which saw Woqod’s Q1 net profit at QR223.21mn.
The Gulf institutions’ weakened net buying had its influence in the main market this week, which saw a total of 0.3mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.7mn trade across 16 deals.
The Islamic index was seen declining slower than the indices in the main market this week which saw as many as 0.65mn Doha Bank-sponsored exchange-traded fund QETF valued at QR6.53mn change hands across 371 transactions.
Trade turnover and volumes were on the decline in the main market this week, which saw Estithmar Holding win MEP (mechanical, electrical and plumbing) contract for three hotels in Red Sea, Saudi Arabia.
Market capitalisation was seen eroding QR13.8bn or 2.29% to QR587.67bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute more than 66% of the total trade volume in the main market.
The Total Return Index tanked 2.44%, the All Share Index by 2.52%, and the All Islamic Index by 1.94% this week, which saw no trading of sovereign bonds.
The consumer goods and services sector index plunged 4.05%, banks and financial services (3.95%), realty (1.08%) and industrials (0.92%); even as insurance gained 1.24%, telecom (0.54%) and transport (0.16%) this week which saw no trading of treasury bills.
Major shakers in the main market included Gulf Warehousing, Zad Holding, Al Meera, Qatar Industrial Manufacturing, Woqod, QNB, Qatar Islamic Bank, Commercial Bank, Doha Bank, Masraf Al Rayan, Salam International Investment, Mannai Corporation, Mekdam Holding, Industries Qatar, Aamal Company, Qatari Investors Group, Qamco, Mazaya Qatar and Barwa. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value this week which saw Lesha Bank report net profit of QR22.12mn in Q1, 2023.
Nevertheless, Qatar Cinema and Film Distribution, QLM, Qatar Islamic Insurance, Ezdan, Inma Holding, Qatari German Medical Devices, Gulf International Services, Estithmar Holding, Ezdan and Nakilat were among the gainers in the main market this week which saw global credit rating agency Moody’s say that improved net interest margins and higher non-interest income led Qatar banks’ net earnings grow robustly in 2022.
The domestic funds’ net profit booking increased perceptibly to QR76.09mn compared to QR74.84mn the week ended April 6.
The foreign institutions turned net sellers to the tune of QR49.56mn against net buyers of QR29.76mn a week ago.
The Gulf institutions' net buying decreased drastically to QR12.6mn compared to QR47.43mn the previous week.
However, the local retail investors' net buying zoomed considerably to QR94.07mn against QR29.92mn the week ended April 6.
The Arab individual investors were net buyers to the extent of QR11.16mn compared with net sellers of QR8.09mn a week ago.
The foreign retail investors turned net buyers to the tune of QR5.36mn against net sellers of QR1.13mn the previous week.
The Gulf individuals were net buyers to the extent of QR2.26mn compared with net profit takers of QR14.73mn the week ended April 6.
The Arab institutions turned net buyers to the tune of QR0.19mn against net sellers of QR8.31mn a week ago.
Total trade volume in the main market decreased 8% to 688.35mn shares, value by 3% to QR1.9bn, and deals by less than 1% to 68,842.
