The Qatar Stock Exchange (QSE) gained 72.97 points or 0.7% to close at 10,714.65 for the week. Market capitalisation rose by 1.4% to QR638.5bn from QR629.7bn at the end of the previous trading week.
Of the 54 companies traded, 35 ended higher, one unchanged and 18 ended lower. Estithmar Holding (IGRD) was the best performing stock for the week, rising 11.8%. Meanwhile, Qatar National Cement (QNCD) was the worst performing stock for the week, decreasing 5.3%.
QNB Group (QNBK), Ooredoo (ORDS) and Estithmar Holding (IGRD) were the main contributors to the weekly index gain, adding 42.97, 17.52 and 12.78 points to the index, respectively.
Traded value during the week rose 11.8% to QR2,584.1mn vs. QR2,311.8mn in the prior trading week. IGRD was the top value stock traded during the week with total traded value of QR271.0mn.
Traded volume declined 3.0% to 980.8mn shares compared with 1,010.9mn shares in the prior trading week. The number of transactions jumped 34.7% to 158,776 vs. 117,865 in the prior week. Baladna (BLDN) was the top volume stock traded during the week with total traded volume of 90.3mn shares.
Foreign institutions turned bearish, ending the week with net selling of QR51.7mn vs. net buying of QR68.5mn in the prior week. Qatari institutions remained bullish with net buying of QR105.1mn vs. net buying of QR66.8mn in the week before. Foreign retail investors ended the week with net buying of QR18.1mn vs. net selling of QR12.3mn in the prior week. Qatari retail investors recorded net selling of QR71.6mn vs. net selling of QR123.1mn.
Global foreign institutions are net buyers of Qatari equities by $311.8mn YTD, while GCC institutions are long by $15.9mn.
The QSE index closed slightly up for the week by 0.7%; it printed 10,714.7 as a close. We remain positive on the upcoming weeks; all we need is a strong breakout above the 11,000 level. Clearing the mentioned level means chances for the continuation of the longer-term uptrend are more likely to shape, and we target the 11,300 level as the next expected resistance. Our support level remains at the 10,000 points.
