The Qatar Stock Exchange (QSE) lost 165.48 points or 1.7% to 9,659.01 vs. the previous week. Market capitalisation decreased by 1.5% to QR582.6bn from QR591.5bn at the end of the previous trading week. Of the 53 companies traded, 12 ended higher, two were unchanged, while 39 ended lower. Dlala Holding (DBIS) was the best performing stock for the week, climbing 5.5%. Meanwhile, Qatar Islamic Bank (QIBK) was the worst performing stock for the week, declining 4.0%.
Qatar Islamic Bank (QIBK), QNB Group (QNBK) and Ooredoo (ORDS) were the main contributors to the weekly index decline, subtracting 58.98, 44.92 and 18.67 points from the index, respectively.
Traded value during the week rose 1.7% to QR1,828.4mn vs. QR1,797.8mn in the prior trading week. QNBK was the top value stock traded during the week with total traded value of QR213.6mn.
Traded volume fell 19.8% to 658.7mn shares compared with 821.5mn shares in the prior trading week. The number of transactions decreased 9.2% to 93,354 vs. 102,781 in the prior week. Baladna (BLDN) was the top volume stock traded during the week with total traded volume of 59.5mn shares.
Foreign institutions turned bearish, ending the week with net selling of QR95.7mn vs. net buying of QR63.5mn in the prior week. Qatari institutions remained bearish, ending the week with net selling of QR5.2mn vs. net selling of QR137.1mn in the week before. Foreign retail investors ended the week with net buying of QR16mn vs. net selling of QR9mn in the prior week. Qatari retail investors ended the week with net buying of QR84.9mn vs. net buying of QR82.5mn.
Global foreign institutions have a net bearish Qatari equities position of $70.7mn YTD, while GCC institutions are also net sellers by $18.0mn.
The QSE index lost around -1.7% for this week and printed 9,659.01 last, hitting a 52-week low. The overall trend remains on the bearish side, until the index reclaims the 10,050 level. The index has immediate support near its April 25 low near 9,550. Any sustained weakness below it can start a fresh leg of profit-booking, which may drag the index further lower towards 9,200. However, if the index manages to protect 9,550, then a likely rebound towards 9,900 cannot be ruled out.
