The Qatar Stock Exchange (QSE) lost 285.44 points or 3.0% to 9,192.24 vs. the previous week. Market capitalisation decreased by 2.8% to QR556.5bn from QR572.6bn at the end of the previous trading week.
Of the 54 companies traded, seven ended higher, two were unchanged, while 45 ended lower. Dlala Holding (DIBS) was the best performing stock for the week, climbing 7.6%. Meanwhile, Qatari Investors Group (QIGD) was the worst performing stock for the week, declining 10.0%.
Ooredoo (ORDS), Industries Qatar (IQCD), and QNB Group (QNBK) were the main contributors to the weekly index decline, subtracting 37.33, 32.90 and 32.59 points from the index, respectively.
Traded value during the week declined 22.4% to QR1,551.4mn vs. QR1,999.3mn in the prior trading week. QNBK was the top value stock traded during the week with total traded value of QR151.3mn.
Traded volume fell 34.9% to 603.0mn shares compared with 925.7mn shares in the prior trading week. The number of transactions decreased 11.7% to 106,998 vs. 121,103 in the prior week. MPHC was the top volume stock traded during the week with total traded volume of 61.5mn shares.
Foreign institutions turned bearish, ending the week with net selling of QR10mn vs. net buying of QR97.6mn in the prior week. Qatari institutions remained bearish, ending the week with net selling of QR47.9mn vs. net selling of QR151.3mn in the week before. Foreign retail investors ended the week with net buying of QR13mn vs. net buying of QR12.2mn in the prior week. Qatari retail investors ended the week with net buying of QR44.9mn vs. net buying of QR41.6mn.
Global foreign institutions have a net bearish Qatari equities position of $53.8mn YTD, while GCC institutions are also net sellers by $11.2mn.
The QE index dropped by 3% from the week before, it closed @ 9,192.2. The index reached its lowest level for the past four years but managed to close slightly above it. The index has been trending downwards and selling pressure may persist as testing the current levels and staying above it over the next couple of weeks is essential for a possible throwback. A sustained breach below the current levels (especially below the 9,000 level) means another bearish leg to be expected. The current weekly support level is 9,000, then the 8,300 levels. Major weekly resistance levels are 9,500 then the 9,900 levels.
