The industrials, real estate and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index tanked 2.36% this week which saw the QSE outline its plans to migrate to new power trading system, powered by London Stock Exchange Group, from June 8.
The domestic institutions were seen increasingly into net profit booking this week which saw Meeza initial public offering to hit the market from June 6.
The foreign retail investors turned bearish this week which saw Qatar’s port reported 6% year-on-year growth in vessels docking in May 2023.
About 82% of the traded constituents were in the red in the main market this week which saw Qatar’s producers’ price index ease both on annualised and monthly basis this April.
The Islamic equities were seen declining slower than the other indices this week which saw Qatar Insurance receive approval from the cabinet to increase its foreign ownership limit up to 100%.
The Gulf institutions’ substantially weakened net buying had its influence in the main market this week which saw Qatar’s trade surplus grow 3.5% month-on-month in April.
However, the local retail investors were seen increasingly into net buying this week this week which saw global insurance rating agency A M Best reaffirm Qatar General Insurance and Reinsurance Company’s financial strength rating of B++ (good).
The Arab institutions were seen net buyers, albeit at lower levels, this week which saw a total of 0.89mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR2.05mn trade across 60 deals.
The foreign funds continued to remain bearish but with lesser vigour in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.13mn change hands across 13 transactions.
Market capitalisation was seen eroding 2.59% to QR605.96bn on the back of large and midcap segments this week which saw the banks and realty sectors together constitute more than 58% of the total trade volume in the main market.
The Total Return Index tanked 2.36%, the All Share Index by 2.26%, and the All Islamic Index by 1.95% this week, which saw no trading of sovereign bonds.
The industrials sector index plummeted 4.12%, realty (2.89%), telecom (2.74%), banks and financial services (2.02%), and consumer goods and services (1.97%); whereas insurance and transport gained 0.59% and 0.43% respectively this week which saw no trading of treasury bills.
Major losers in the main market included Inma Holding Widam Holding, Dlala, QLM, Qatar General Insurance and Reinsurance, QNB, Commercial Bank, Doha Bank, Masraf Al Rayan, Salam International Investment, Baladna, Mekdam Holding, Industries Qatar, Aamal Holding, Gulf International Services, Estithmar Holding, Beema, Ezdan, Barwa, Mazaya Qatar, Ooredoo and Gulf Warehousing. In the venture market, Al Faleh Educational Holding saw its share depreciate in value this week.
Nevertheless, Qatari German Medical Devices, Qatar Insurance, Dukhan Bank, QIIB and Milaha were among the gainers this week.
The domestic funds’ net selling strengthened markedly to QR76.67mn compared to QR63.12mn the week ended May 25.
The foreign individuals turned net sellers to the tune of QR3.64mn against net buyers of QR4.65mn a week ago.
The Gulf institutions’ net buying declined considerably to QR72.89mn compared to QR142.72mn the previous week.
The Gulf individuals investors’ net buying eased marginally to QR0.74mn against QR0.82mn the week ended May 25.
However, Qatari individuals’ net buying strengthened perceptibly to QR82.69mn against QR78.19mn a week ago.
The Arab retail investors’ net buying shot up substantially to QR35.42mn compared to QR16.39mn the previous week.
The Arab institutions turned net buyers to the tune of QR0.56mn against net profit takers of QR0.01mn a week ago.
The foreign institutions’ net selling weakened noticeably to QR112mn compared to QR179.65mn a week ago.
The main market witnessed a 17% contraction in trade volumes to 1.45mn shares but on 17% jump in value to QR4.32bn and a marginal 0.01% in deals to 108,067.
