The Qatar Stock Exchange (QSE) lost 195.44 points or 2.2% to close at 8,810.17 vs. the previous week. Market capitalisation decreased by 1.9% to QR535.6bn from QR546.1bn at the end of the previous trading week. Of the 54 companies traded, 12 ended higher, one unchanged, while 41 ended lower. Qatar General Insurance & Reinsurance (QGRI) was the best performing stock for the week, climbing 4.0%. Meanwhile, Industries Qatar (IQCD) was the worst performing stock for the week, declining 8.1%.
Industries Qatar (IQCD), Qatar Islamic Bank (QIBK) and AlRayan Bank (MARK) were the main contributors to the weekly index decline, shaving off 83.86, 38.64 and 22.87 points from the index, respectively.
Traded value during the week declined 7.0% to QR1,415.5mn vs. QR1,522.7mn in the prior trading week. QNBK was the top-value stock traded during the week with total value traded of QR192.0mn.
Traded volume fell 10.7% to 594.9mn shares compared with 666.5mn shares in the prior trading week. The number of transactions increased 4.8% to 100,299 vs. 95,730 in the prior week. AlRayan Bank (MARK) was the top-volume stock traded during the week with total volume traded of 78.7mn shares.
Foreign institutions turned bullish, ending the week with net buying of QR53.4mn vs. net selling of QR37.2mn in the prior week. Qatari institutions remained bearish, ending the week with net selling of QR35.4mn vs. net selling of QR30mn in the week before. Foreign retail investors ended the week with net selling of QR7.7mn vs. net buying of QR6.6mn in the prior week. Qatari retail investors ended the week with net selling of QR10.3mn vs. net buying of QR60.6mn.
Global foreign institutions have a net bearish Qatari equities position of $54.4mn YTD, while GCC institutions are also net sellers by $6.1mn.
It was another week in the red as QSE index dropped by 2.2%, breaking below the psychological 9,000 level as it printed last at 8,810.2 points. The index remains to cruise below its six-year low. This breach suggests continuation (with possible pullbacks) towards the 8,300 level. Our major weekly resistance level is now at the 9,000 level.
