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Thursday, February 02, 2023 | Daily Newspaper published by GPPC Doha, Qatar.
 Santhosh V. Perumal
Santhosh V. Perumal
Santhosh V. Perumal, a postgraduate in Econometrics with an advance qualification in Capital Markets and Financial Services, is Gulf Times' journalist. His coverage areas are debt and equity, hydrocarbons, international trade, environment, banks, insurance and real estate. Previously, he was in New Delhi, India as Senior Finance Correspondent of PTI.
Gulf Times
Business
Selling in realty, banking and consumer goods drag QSE 180 points

**media[6848]**The Chinese growth concerns had an overarching influence in the Qatar Stock Exchange (QSE), whose key index tanked 180 points and capitalisation eroded QR7bn this week, which saw the advent of Beema in the trading ring.The Gulf institutions were seen net profit takers as the 20-stock Qatar Index plummeted 1.63% this week which saw global credit rating agency Moody’s sound bullish on Qatar as it said 2023 appear positive in view of higher energy prices bolstering the finances.The real estate, banking and consumer goods counters witnessed higher than average selling pressure this week which saw Moody’s view that the North Field Expansion to create new business opportunities for the Qatari banking industry.More than 61% of the traded constituents were in the red this week, which saw QIIB report net profit of QR4.01bn during 2022.The foreign institutions continued to be net profit takers but with lesser vigour this week which saw Dukhan Bank shareholders approve the board’s proposal to seek direct listing on the QSE.Local retail investors were seen net buyers this week which saw QSE acting chief executive officer Abdul Aziz al-Emadi say that directing listings and book-building would encourage more companies to go public.The Islamic index was seen declining slower than the other indices this week which saw Woqod Group register net profit of QR1.01bn during 2022.The domestic funds turned bullish this week which saw a total of 0.43mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR1.04mn trade across 46 deals.Trade turnover and volumes were on the increase in the main market this week, which saw as many as 0.07mn Doha Bank-sponsored QETF valued at QR0.76mn change hands across 42 transactions.Market capitalisation was seen eroding QR6.93bn or 1.12% to QR614.27bn on the back of mid and small cap segments this week which saw the industrials and banking sectors together constitute more than 77% of the total trade volume in the main market.The Total Return Index tanked 1.63%, All Share Index by 1.58% and All Islamic Index by 1.26% this week, which saw no trading of sovereign bonds.The real estate sector index plummeted 4.02%, banks and financial services (3.25%), consumer goods and services (2.17%) and insurance (0.23%); while telecom shot up 4.22%, transport (2.46%) and industrials (0.71%) this week which saw no trading of treasury bills.Major losers in the main market included Widam Food, Qatari German Medical Devices, Qatar Cinema and Film Distribution, Qatar Oman Investment, Commercial Bank, Qatar Islamic Bank, QNB, Doha Bank, Masraf Al Rayan, Dlala, Inma Holding, Salam International Investment, Medicare Group, Estithmar Holding, Barwa and Ezdan this week, which saw Qatar’s retail inflation surge 5.93% on an annualised basis in December 2022.Nevertheless, Ooredoo, Ahlibank Qatar, Nakilat, Gulf International Services, Qamco, Al Meera, Qatar National Cement and Industries Qatar were among the gainers this week.The Gulf institutions turned net sellers to the tune of QR54.03mn compared with net buyers of QR161.41mn the week ended January 12.However, the local retail investors were net buyers to the extent of QR48.36mn against net sellers of QR1.61mn a week ago.The domestic institutions turned net buyers to the tune of QR28.4mn compared with net sellers of QR15.32mn the previous week.The foreign individuals were net buyers to the extent of QR10.6mn against net profit takers of QR3.08mn the week ended January 12.The Arab individuals turned net buyers to the tune of QR3.97mn compared with net sellers of QR3.21mn a week ago.The Gulf retail investors were net buyers to the extent of QR0.98mn against net profit takers of QR1.38mn the previous week.The Arab institutions’ net buying expanded marginally to QR0.39mn compared to QR0.24mn the week ended January 12.The foreign funds’ net profit booking weakened substantially to QR38.67mn against QR137.06mn a week ago.Total trade volume in the main market decreased 11% to 716.72mn shares, value by 4% to QR2.66bn and deals by less than 1% to 96,738.

Gulf Times
Business
QSE benchmark surges 224 points on foreign funds’ buying interests

The Qatar Stock Exchange (QSE) on Thursday bucked a general selling trend in the Gulf regional markets as it gained as much as 224 points in key index and QR13bn in capitalisation.Snapping seven days of a bearish run, the 20-stock Qatar Index shot up 2.12% to 10,810.7 points on an across-the-board buying, particularly at the banking and industrials counters. The market touched an intraday high of 10,902 points.About 71% of the traded constituents extended gains to investors in the main market, which was back in black year-to-date with gains at 1.21%.Foreign institutions turned net buyers in the main bourse, whose capitalisation saw QR12.83bn or 2.13% increase to QR614.26bn, mainly led by large and midcap segments.Both foreign and Gulf retail investors were seen net buyers, albeit at lower levels, in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan Bank) valued at QR0.02mn changed hands across nine deals.Nevertheless, Qatari individuals were net profit takers in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index zoomed 2.12%, the All Share Index by 2.16% and the Al Rayan Islamic Index (Price) by 1.31% in the main bourse, whose trade turnover volumes were on the decline.The banks and financial services sector index soared 2.94%, industrials (2.14%), telecom (2.09%), consumer goods and services (0.53%), transport (0.31%), insurance (0.2%) and real estate (0.17%).Major gainers in the main market included QNB, Industries Qatar, Ooredoo, Qatar Islamic Bank, Gulf International services, QLM, Qatar General Insurance and Reinsurance, Mekdam Holding, QIIB, Alijarah Holding and Mannai Corporation.Nevertheless, Widam Food, Gulf Warehousing, Medicare Group, Doha Insurance and United Development Company were among the losers in the main market.The foreign institutions turned net buyers to the tune of QR61.87mn compared with net sellers of QR2.52mn on January 18.The foreign retail investors were net buyers to the extent of QR0.96mn against net sellers of QR0.93mn on Wednesday.The Gulf individuals turned net buyers to the tune of QR0.89mn compared with net profit takers of QR0.06mn the previous day.The domestic institutions’ net selling weakened perceptibly to QR11.37mn against QR17.7mn on January 18.However, Qatari individuals were net sellers to the extent of QR39.36mn compared with net buyers of QR22.82mn on Wednesday.The Gulf institutions’ net profit booking expanded noticeably to QR10.33mn against QR8.46mn the previous day.The Arab individuals turned net profit takers to the tune of QR2.65mn compared with net buyers of QR6.96mn on January 18.The Arab institutions had no major net exposure against net profit takers to the extent of QR0.11mn on Wednesday.The main market saw a 48% surge in trade volumes to 176.6mn shares, 33% in value to QR651.39mn and 32% in deals to 24,636.

Gulf Times
Business
Qatar's industrial production jumps 10.4% year-on-year in November 2022: PSA

A robust expansion in the extraction of crude petroleum and natural gas as well as in the production of beverages, food products and chemicals helped Qatar report an impressive 10.4% year-on-year growth in industrial production in November 2022, according to the latest official data.However, the country’s IPI, or industrial production index, witnessed a 1.7% decline month-on-month in the review period, according to figures released by the Planning and Statistics Authority (PSA).The PSA introduced IPI, a short-term quantitative index that measures the changes in the volume of production of a selected basket of industrial products over a given period with respect to a base period 2013.The mining and quarrying index, which has a relative weight of 82.46%, saw a 12.2% surge on a yearly basis owing to a 12.2% increase in the extraction of crude petroleum and natural gas and 10% in other mining and quarrying sectors.On a monthly basis, the index shrank 1.4% on account of a 1.4% contraction in the extraction of crude petroleum and natural gas, even as other mining and quarrying sectors saw a 2.3% jump in the review period.Electricity, which has a 1.16% weight in the IPI basket, saw its index zoom 51.9% year-on-year but shrank 2.5% month-on-month in November 2022.In the case of water, which has a 0.53% weight, the index saw a 50% increase on an annualised basis but was down 0.3% on monthly basis in November 2022.However, the manufacturing index, with a relative weight of 15.85%, was marginally down 0.6% year-on-year in November 2022 owing to a 17.8% contraction in the production of cement and other non-metallic mineral products, 9.1% in printing and reproduction of recorded media, 6.2% in basic metals and 0.4% in refined petroleum products in the review period.Nevertheless, there was a 16% increase in the production of beverages, 7.6% in food products, 3.4% in chemicals and chemical products and 0.5% in rubber and plastics products.On a monthly basis, the manufacturing index fell faster at 3.2% owing to a 9.8% plunge in the production of refined petroleum products, 4.2% in chemicals and chemical products and 4.1% in cement and other non-metallic mineral products in November 2022.However, there was an 8.7% jump in the production of basic metals, 4.1% in rubber and plastics products, 2.4% in food products and 0.8% in beverages in the review period.

Gulf Times
Qatar
NYSE-listed IAA enters into strategic alliance with QFZ-based Jumla Automotive Trading

The New York Stock Exchange (NYSE)-listed IAA, a leading global digital marketplace connecting vehicle buyers and sellers, has entered into a strategic market alliance with the Qatar Free Zone (QFZ)-based Jumla Automotive Trading as part of its efforts to expand global buyer base in the Middle East.Jumla will operate an IAA Auction Center in Doha, helping local buyers in the region to research, bid, buy and transport vehicles from IAA auctions. The first auction in Qatar through IAA's bidding platform 'AuctionNow' will take place on January 23.As a new alliance, Jumla will leverage IAA’s bidding platform to operate its auctions, increasing reach for sellers by integrating its inventory with IAAI.com“We are thrilled to enter Qatar adding to our over 50 branded locations in more than 20 countries and helping to drive continued aggressive growth of our buyer base globally and specifically in the Middle East,” said John Kett, chief executive officer and president of IAA.Highlighting that Jumla Automotive Trading enjoys a strong reputation for excellence and customer satisfaction, he said IAA is eager to combine their strong customer relationships with its technology and world-class platform to meet the needs of more buyers in the region.“We are proud of working with IAA to bring Qatar's expansive range of vehicles to an international marketplace. IAA’s global brand and network will be a vital asset as we look to improve and streamline the buying experience for our customers in Qatar,” said Demetri Melekos, chief operating officer and co-founder of Jumla Automotive Trading.With the help of IAA’s platform, he said its highly trained and qualified team will work efficiently to tailor the process of purchasing a vehicle to each customer’s individual needs and preferences.Headquartered near Chicago in Westchester, Illinois; IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organisations.IAA offers sellers a comprehensive suite of services aimed at maximising vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.

A higher than average selling pressure at the insurance and banking counters led the 20-stock Qatar Index to plummet 2.17% to 10,606.7 points although it touched an intraday high of 10,839 points.
Business
Global concerns drag QSE by 230 points; M-cap erodes QR13bn

Mirroring the global concerns on weak Chinese growth, the Qatar Stock Exchange (QSE) on Tuesday saw more than 230 points fall in key index and capitalisation erode as much as QR13bn.A higher than average selling pressure at the insurance and banking counters led the 20-stock Qatar Index to plummet 2.17% to 10,606.7 points although it touched an intraday high of 10,839 points.About 83% of the traded constituents were in the red in the main market, which reported year-to-date losses of 0.7%.The foreign institutions were increasingly into net selling in the main bourse, whose capitalisation saw QR12.52bn or 2.04% decrease to QR601.81bn, mainly led by large and midcap segments.The Arab retail investors were seen net profit takers in the main market, which saw a total of 0.24mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.08mn changed hands across 44 deals.The Arab institutions’ weakened net buying had its marginal influence on the main bourse, which saw no trading of sovereign bonds.The Islamic index declined slower than the main barometer in the main market, which saw no trading of treasury bills.The Total Return Index tanked 2.17%, the All Share Index by 2.04% and the Al Rayan Islamic Index (Price) by 1.76% in the main bourse, whose trade turnover volumes were on the increase.The insurance sector index plummeted 2.97%, banks and financial services (2.54%), industrials (2.06%), real estate (1.82%), transport (1.23%) and consumer goods and services (0.14%); while telecom was up 0.01%.Major shakers in the main market included Qatar General Insurance and Reinsurance, Inma Holding, Al Khaleej Takaful, Beema, Salam International Investment, QNB, Qatar Islamic Bank, QIIB, Masraf Al Rayan, Lesha Bank, Dlala, Baladna, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Insurance, QLM, Barwa, Mazaya Qatar and Nakilat.In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.Nevertheless, Al Meera, Qatar National Cement, Qamco, Aamal Company and Medicare Group were among the gainers in the main market.The foreign funds’ net selling increased significantly to QR45.78mn compared to QR32.66mn the previous day.The Arab individuals were net profit takers to the tune of QR12.58mn against net buyers of QR8.35mn on January 16.The Arab institutions’ net buying declined marginally to QR0.15mn compared to QR0.22mn on Monday.However, the local retail investors’ net buying grew considerably to QR42.97mn against QR19.67mn the previous day.The domestic institutions’ net buying expanded marginally to QR24.85mn compared to QR24.66mn on January 16.The foreign retail investors turned net buyers to the extent of QR7.03mn against net sellers of QR0.18mn on Monday.The Gulf individuals’ net buying strengthened marginally to QR0.07mn compared to QR0.01mn the previous day.The Gulf institutions’ net selling weakened markedly to QR16.73mn against QR20.08mn on January 16.The main market saw a 13% jump in trade volumes to 175.12mn shares, 19% in value to QR669.25mn and 18% in deals to 23,193.

Hari Krishnan
Qatar
ICBF-Beema life insurance cover 'to extend to other nationalities soon'

The flagship ICBF-Beema life insurance scheme, which has been running successfully within the Indian diaspora, will soon be extended to other nationalities, a move that will greatly benefit the low-income group.This came in response to the Indian Community Benevolent Forum (ICBF), which found it challenging to market the life cover product for one particular nationality when it approached companies.The life insurance programme comes with a coverage of QR100,000 for two years at a premium of QR125. The scheme also covers permanent or partial disability up to the maximum covered amount depending on the severity of the disability."ICBF has taken the initiative to go to other communities as well," Beema chief operating officer G Hari Krishnan told media on the sidelines of the listing of Beema.ICBF is an organisation under the patronage of embassy of India, Doha, which undertakes the task of providing succour and solace to underprivileged Indians in Qatar.Highlighting that it initially started as a corporate social responsibility initiative, he said Beema wanted to design a product that is affordable for every section of the society and the ICBF took the initative to spread it among the community.He said the proposal mooted by the ICBF in extending the coverage to other nationalities made sense to Beema because in a low-cost platform, business volumes matter.On claims, which numbered more than a dozen, he said it was done without any hassles.The scheme was started in December 2019 and in a short span of time, it became popular among the Indian diaspora and people started joining in large numbers, especially in the recent past.Many Indian companies as well as Indian associations, too, conducted campaigns to get their staff enrolled in the programme to get maximum members as this is a unique programme that provides maximum benefits at a very low cost.At present, the welfare scheme has more than 30,000 live policies and the potential is large, given the size of the communities, ICBF acting president Vinod Nair told Gulf Times.Through extending the coverage to other nationalities for which it would soon start tapping major companies, he said more expatriates would come under the scheme, he said, adding it would be well received by all the sections of the society, irrespective of the nationalities.“It is a win-win situation for both (ICBF and Beema),” Nair said, adding the extension would be undertaken soon as the necessary formalities have been completed from the ICBF side.

QSE acting chief executive officer Abdul Aziz Nasser al-Emadi.
Business
Direct listing, book-building encourage more companies to go public

Doha’s capital market is all set to see three more listings, including one in the venture market, as the procedural reforms as direct listing and book-building mechanism ought to attract more companies, according to a top official of the Qatar Stock Exchange (QSE).“The new procedures like book building and direct listing will attract more companies to the Qatari market,” QSE acting chief executive officer Abdul Aziz Nasser al-Emadi told the media Monday on the sidelines of the listing of Beema.At present, MEEZA and Dukhan Bank are the prospective entrants in the main market and another one will be listed in the venture market, he said, without divulging the details regarding the proposed entity in the junior bourse, which now has only one constituent Al Faleh Educational Holding.Dukhan Bank has received approval from its shareholders to go public through direct listing, which is a process through which an entity becomes public without the initial public offering and does not require underwriters. Moreover, it increases liquidity for the existing shareholders.Beema or Damaan Insurance Company, a Shariah-principled risk cover provider, Monday made its entry into the trading ring of the Qatar Stock Exchange through direct listing.However, MEEZA is entering the QSE through book-building process, which is a first of its kind in the country’s capital market.Akber Khan, Senior Director, Al Rayan Investment, told Gulf Times that the IPOs are the lifeline of public equity markets so investors will relish the addition of new companies.“With the World Cup related pause in 2022 behind us, we expect the first half of 2023 to be an active period for new issues on the QSE,” he said, highlighting that foreign investors were net buyers of more than $4bn of Qatari equities in 2022.For equity markets globally, any firm indications that the US interest increases are nearing an end would be taken very positively and cyclical companies would rally hardest, he said."Global equity investors have a mixed view on Qatar and the Gulf. On the one hand the region is relatively defensive compared to other emerging markets; countries have robust finance and there is no worry about currency depreciation against the US dollar. However if China continues to reopen, which would help many of the Asian economies, there would likely be better opportunities in other markets," he said.Asked about the present higher interest rates and its impact on the local equity sphere, he said higher bank deposits rates are certainly a compelling alternative for some equity investors."But a strong fundamental equity investment case would generate returns far in excess of a deposit over 12-18 months, assuming investors are willing to assume additional risk and volatility of returns," he said.

Gulf Times
Business
Beema debuts trading on QSE; scrips gain 33% intraday

Damaan Insurance Company (Beema) on day made the trading debut on the Qatar Stock Exchange (QSE) with its stocks gaining as much as 33% intraday in an otherwise bearish bourse.With the listing of Beema, the number of listed companies on the QSE’s main market will increase to 49.Beema chairman Khalifa Abdulla Turki al-Subaey rang the customary bell to mark its entry into the trading ring of the QSE, in the presence of the bourse's acting chief executive officer Abdul Aziz Nasser al-Emadi as well as several representatives from the company and Qatar’s financial market.Beema, whose shares were listed through the direct listing, a common mechanism in all the regional markets that allows companies to be listed without an IPO, finally closed more than 2% higher at the close.“As stock exchange, we are happy to see one of the good companies in a very important sector to get listed,” al-Emadi told media on the sidelines of the listing ceremony.Its shares were listed in the insurance sector with the ticker 'BEMA'. The company's share price was floated on the first trading day.The stock’s opening price was QR5.006, and the last transaction price was QR4.295 riyals. The highest price reached was QR5.6 during the trading session and the lowest price was QR4.250. Starting from the second day of trading, the stock price will be allowed to fluctuate by 10% up and down, as is the case for other listed companies .A total of 4.67mn shares valued at QR25.33mn changed hands across 749 transactions. The company's shares comprised 83% of the total volumes in the insurance sector."The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital, while providing investors with the opportunity to invest in leading Qatari companies,” said al-Emadi.Beema was established on October 18, 2009 with an authorised capital of QR200mn, which is 100% fully paid. The company’s main objective is to carry out insurance and reinsurance business of all kinds and invest capital and assets in the manner approved by the board of directors, in accordance with the provisions and rules of Islamic Shariah.Post listing, Qatar Islamic Bank and Qatar Insurance will have 18.75% stake each (against 25% before listing), followed by Masraf Al Rayan and Barwa 15% (20%) and QInvest 7.5% (10%). The public will have 25% holding in the company.Beema is the first company to get listed this year and so there is excitement among investors, according to G Hari Krishnan, its chief operating officer.“We believe in strong bottom line, which drives the top line. We make sure there is consistency in bottom line,” he said, expecting marginal growth in 2023.Post FIFA, opportunities are coming up in real estate and construction due to the boom in tourism, he said, adding the ambitious expansion plans for the hydrocarbon sector also augur well for the insurance sector.On the proposed health insurance, he said “the platform is ready” but it is awaiting further finer details from the government."The timing of the implementation of mandatory medical insurance for non-citizens is very important for the Qatari insurance industry," Akber Khan, senior director, Al Rayyan Investment, told Gulf Times.

Gulf Times
Business
QSE index edges lower despite strong buying interests at insurance counter

The Qatar Stock Exchange Sunday opened the week weak with its key index losing about 29 points despite strong buying interests at the insurance counter.The buying interests of the Gulf funds and local retail investors was seen weakening sizeably, as the 20-stock Qatar Index shrank 0.26% to 10,961.22 points, although it touched an intraday high of 11,007 points.About 50% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 2.62%.The domestic institutions’ weakened net buying also had its influence on the main bourse, whose capitalisation saw QR0.34bn or 0.05% decrease to QR620.86bn, mainly led by microcap segments.The consumer goods, real estate and banking counters witnessed higher than average selling pressure in the main market, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.12mn change hands across 13 deals.The Arab retail investors’ net buying declined perceptibly in the main bourse, which saw no trading of sovereign bonds.The Islamic index declined slower than the main barometer in the main market, which saw no trading of treasury bills.The Total Return Index fell 0.26%, the All Share Index by 0.17% and the Al Rayan Islamic Index (Price) by 0.19% in the main bourse, whose trade turnover volumes were on the decline.The consumer goods and services sector index tanked 1.74%, followed by realty (0.78%), banks and financial services (0.28%) and transport (0.03%); while insurance shot up 3.69%, telecom (0.51%) and industrials (0.07%).Major shakers in the main market included Qatar German Medical Devices, Zad Holding, Doha Bank, Woqod, Aamal Company, Salam International Investment, Mannai Corporation, Estithmar Holding, Barwa and Mazaya Qatar.Nevertheless, General Insurance and Reinsurance, Qatar Insurance, Medicare Group, Qamco, Mekdam Holding and Vodafone Qatar were among the gainers in the main market.The Gulf institutions’ net buying declined significantly to QR1.57mn compared to QR35.44mn on January 12.The local retail investors’ net buying shrank considerably to QR2.24mn against QR37.29mn the previous trading day.The domestic institutions’ net buying weakened markedly to QR7.96mn compared to QR16.2mn last Thursday.The Arab individuals’ net buying decreased noticeably to QR3.9mn against QR5.55mn on January 12.The Gulf individuals’ net buying eased perceptibly to QR0.07mn compared to QR2.05mn the previous trading day.However, the foreign retail investors’ net buying strengthened notably to QR3.71mn against QR2.68mn last Thursday.The Arab institutions’ net buying grew marginally to QR0.14mn compared to QR0.07mn on January 12.The foreign funds’ net profit booking decreased substantially to QR19.58mn against QR99.28mn the previous trading day.The main market saw a 33% shrinkage in trade volume to 89.88mn shares, 53% in value to QR286.09mn and 57% in deals to 10,582.

Gulf Times
Business
Qatar's capital market set to see healthy pipeline of listings this year

Qatar's capital market is slated to see a healthy pipeline of listings this year with Daaman Insurance Company or Beema making its entry Monday.Beema, a Shariah-principled risk cover provider, is entering the trading ring of the Qatar Stock Exchange (QSE), following its direct listing."The capacity enhancement in the hydrocarbons sector (through North Field expansion projects) and the mandatory health insurance augur well for the sector," a senior official of a leading investment firm told Gulf Times.With the listing of Beema, the insurance sector will have seven listed firms. At present, the QSE has six listed insurance companies: Qatar Insurance, Doha Insurance, Qatar General Insurance and Reinsurance, Alkhaleej Takaful Insurance, Qatar Islamic Insurance and QLM Life and Medical Insurance.Overall, the bourse will have 49 entities.Meeza has already outlined its roadmap to get listed on the Qatari bourse through initial public offering (IPO) and the market buzz is that there are a few more listings (as many as five to six) this year. Market indications are that the companies seeking listing on the QSE are in the healthcare/pharmaceutical, agriculture and banking sectors, apart from some family entities.The Gulf Co-operation Council (GCC) has become a magnet for the international investors because of the region's resiliency after the pandemic and higher energy prices. International indices such as MSCI and FTSE have been actively tracking the asset classes in the region, which in turn attracted the global fund houses.Of the $91bn raised through IPOs worldwide, as much as 23% or $21bn were raised by the GCC companies in 2022, according to according to EFG Hermes.QLM was the last entrant among the listed constituents in the insurance sector in QSE. It had entered the QSE through an IPO, which saw high demand from retail and corporate investors and was oversubscribed.Beema, which has a strong financial profile as supported by the 'A3' rating by global credit rating agency Moody's, had reported an 11.03% year-on-year increase in net profit to QR42.25mn during the nine-month ended September 2022. Total assets amounted to QR1.51bn with policyholders' assets at QR0.9bn and shareholders' assets at QR0.61bn in the review period.Beema, one of the leading Islamic insurance providers in Qatar, was established in 2009 by its five founding shareholders; Qatar Islamic Bank, Qatar Insurance Company, Masraf Al Rayan, Barwa Real Estate Company and QInvest.

Gulf Times
Business
QSE sentiments weaken as index tanks 155 points; M-cap erodes QR11bn

The initial concerns on the US inflation data had its lingering effect on the Qatar Stock Exchange (QSE), which closed this week on a weaker note as its key index lost 155 points and capitalisation eroded QR11bn.The foreign institutions were seen net profit takers as the 20-stock Qatar Index tanked 1.39% this week, the latter part of which finally saw consumer inflation in the US ebbing to lowest level in more than a year, prompting markets to view the worst phase of interest hike is over.The markets now await the outcome of the US Federal Reserve’s decision on the interest rate, which is the key trigger, sources said.The telecom, banking and transport counters witnessed higher than average selling pressure this week which saw the country’s largest lender QNB report net profit of QR14.35bn during 2022.The domestic institutions were seen increasingly into net selling this week which saw Meeza get approval from the Qatar Financial Market Authority for its initial public offering, which is being priced through book-building process, the first of its kind in the country’s capital market.The Gulf retail investors were also increasingly bearish this week which saw Qatar register 4.3% real growth during the third quarter of 2022.The Islamic index was seen declining slower than the other indices this week which saw Qatar’s hospitality sector witness 300% year-on-year increase in rooms’ yield in November 2022.More than 53% of the traded constituents were in the red this week which saw a total of 1.76mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR4.36mn trade across 85 deals.Trade turnover and volumes were on the increase in the main market this week, which saw as many as 0.34mn Doha Bank-sponsored QETF valued at QR4.02mn change hands across 75 transactions.Market capitalisation was seen eroding QR10.73bn or 1.7% to QR621.2bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute about 67% of the total trade volume in the main market.The Total Return Index declined 1.39%, All Share Index by 1.66% and All Islamic Index by 0.52% this week, which saw no trading of sovereign bonds.The telecom sector index tanked 3.53%, banks and financial services (3.3%), transport (3.27%), insurance (0.37%) and real estate (0.09%); while consumer goods and services gained 2.22% and industrials (1.7%) this week which saw no trading of treasury bills.Major losers in the main market include QLM, QNB, Qatar General Insurance and Reinsurance, Ooredoo, Qatar Islamic Bank, Lesha Bank, Mekdam Holding, Milaha, Gulf Warehousing and Nakilat this week, which saw Mazaya Qatar disclose its intent to exit Marina Project.Nevertheless, Qatar Oman Investment, Dlala, Gulf International Services, Qatari German Medical Devices, Zad Holding, Commercial Bank, Alijarah Holding, Al Meera, Salam International Investment, Mesaieed Petrochemical Holding and Qamco this week.The foreign funds turned net sellers to the tune of QR137.06mn compared with net buyers of QR307.83mn the previous week.The domestic institutions’ net selling shot up perceptibly to QR15.32mn against QR10.22mn the week ended January 5.The Gulf retail investors’ net profit booking grew marginally to QR1.38mn compared to QR1.24mn a week ago.However, the Gulf institutions’ net buying strengthened substantially to QR161.41mn against QR32.28mn the previous week.The Arab institutions’ net buying weakened expanded marginally to QR0.24mn compared to QR0.01mn the week ended January 5.The local retail investors’ net selling shrank drastically to QR1.61mn against QR283.94mn a week ago.The foreign individuals’ net profit booking weakened considerably to QR3.08mn compared to QR28.58mn the previous week.The Arab individuals’ net selling declined perceptibly to QR3.21mn against QR16.13mn the week ended January 5.Total trade volume in the main market increased 33% to 802.42mn shares, value by 77% to QR2.77bn and deals by 68% to 97,079.

Gulf Times
Business
Profit booking drags QSE by 284 points as index settles below 11,000 points

The Qatar Stock Exchange (QSE) on Thursday tanked more than 284 points and its key index settled below 11,000 points, on an across-the-board selling, particularly in the banking, insurance and real estate sectors.The foreign funds were increasingly into net profit booking as the 20-stock Qatar Index plummeted 2.52% to 10,990.21 points, largely defying the regional sentiments. The market touched an intraday high of 11,292 points.More than 91% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 2.89%.The Gulf institutions’ weakened net buying had its influence on the main bourse, whose capitalisation saw QR17.71bn or 2.77% decrease to QR621.2bn, mainly led by large cap segments.However, the local retail investors were increasingly net buyers in the main market, which saw a total of 0.2mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.97mn changed hands across 52 deals.The Arab retail investors were also increasingly bullish in the main bourse, which saw no trading of sovereign bonds.The Islamic index declined slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index tanked 2.52%, the All Share Index by 2.64% and the Al Rayan Islamic Index (Price) by 2.23% in the main bourse, whose trade turnover grew amidst lower volumes.The banks and financial services sector index plummeted 3.38%, insurance (2.7%), real estate (2.66%), telecom (2.29%), transport (1.94%), industrials (1.73%) and consumer goods and services (0.68%).Major shakers in the main market included Qatar General Insurance and Reinsurance, QLM, QNB, United Development Company, Qatar Islamic Bank, Masraf Al Rayan, Lesha Bank, Mannai Corporation, Baladna, Industries Qatar, Mesaieed Petrochemical Holding, Estithmar Holding, Ezdan, Ooredoo, Gulf Warehousing and Nakilat.Nevertheless, Zad Holding, Dlala, and Qatar Electricity and Water were the gainers in the main market.The foreign institutions’ net selling increased substantially to QR99.28mn compared to QR71.85mn on January 11.The Gulf institutions’ net buying declined significantly to QR35.44mn against QR48.81mn the previous day.The domestic institutions’ net buying eased perceptibly to QR16.2mn compared to QR18.1mn on Wednesday.However, the local retail investors’ net buying expanded considerably to QR37.29mn against QR4.31mn on January 11.The Arab individuals’ net buying shot up noticeably to QR5.55mn compared to QR0.1mn the previous day.The foreign retail investors’ net buying strengthened markedly to QR2.68mn against QR0.37mn on Wednesday.The Gulf individuals’ net buying expanded notably to QR2.05mn compared to QR0.11mn on January 11.The Arab institutions’ net buying grew marginally to QR0.07mn against QR0.06mn the previous day.The main market saw a 24% shrinkage in trade volume to 134.11mn shares but on a 6% jump in value to QR605.15mn and 28% in deals to 24,561.

Doha and Al Shamal reported an increase in the building permits issued on an annualised basis in December 2022 even as the total number of permits issued in the country was on the decline, according to figures released by PSA.
Business
Qatar records 527 building permits issued in December: PSA

Qatar witnessed as many as 527 building permits issued in December 2022 with Al Wakra, Doha and Al Rayyan municipalities constituting about 70% of the total, according to the official data.Doha and Al Shamal reported an increase in the building permits issued on an annualised basis in December 2022 even as the total permits issued in the country were on the decline, according to figures released by the Planning and Statistics Authority (PSA).The total building permits however fell 21.6% and 18% year-on-year and month-on-month respectively in the review period.Total building permits issued in Al Shamal and Doha saw a 20% and 12.6% surge on a yearly basis; while those issued in Al Rayyan plummeted 41.4%, Al Khor (32.1%), Al Wakra (23.1%), Al Shahaniya (21.7%) and Umm Slal (15.6%).The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector, which in turn occupies a significant position in the national economy.Of the total number of new building permits issued, Al Wakra constituted 130 permits or 25% of the total, followed by Doha 125 (24%), Al Rayyan 109 (21%), Umm Slal 38 (7%), Al Khor 19 (4%), Al Shahaniya 18 (3%) and Al Shamal 12 (2%).On a monthly basis, the total building permits issued in Al Rayyan witnessed a 47% plunge, Al Khor (37%), Al Shamal (25%), Doha (20%) and Al Daayen (3%); even as those issued in Um Slal zoomed 36%, Al Wakra (16%) and Al Shahaniya (6%).The new building permits (residential and non-residential) constituted 213 permits or 40% of the total building permits issued in December 2022, additions 296 (56%) and fencing 18 (3%).Of the new residential buildings permits, villas topped the list, accounting for 83% (120 permits), apartments 11% (16) and dwellings of housing loans 5% (seven).Among the non-residential sector, commercial structures accounted for 51% or 35 permits, the industrial buildings as workshops and factories 31% (21 permits) and governmental buildings 6% (four permits).Qatar saw a 13.1% year-on-year expansion in the total building completion certificates issued in December 2022 with Al Shahaniya registering 800% growth, Al Shamal (42.9%), Al Daayen (41.8%), Al Rayyan (32.4%), Al Wakra (23.3%) and Al Khor (12.5%); whereas those issued in Umm Slal and Doha declined 36.7% and 30.4% respectively.Qatar saw a total of 337 building completion certificates issued in December 2022, of which 243 or 72% was for the new buildings (residential and non-residential) and 94 or 28% for additions.Geographically, Al Rayyan constituted 90 certificates or 27% of the total number of new building completion certificates issued in the review period, followed by Al Daayen 23% or 78, Al Wakra 22% or 74, Doha 14% or 48, Umm Slal 6% or 19, Al Shamal 3% or 10, and Al Khor and Al Shahaniya 3% or nine each.Of the 192 residential buildings completion certificates issued, as many as 164 or 85% were for villas, 14 or 7% for apartments and eight or 4% for dwellings of housing loans.Of the 164 villas completion certificates issued in December 2022, as many as 52 were in Al Rayyan, 42 in Al Daayen, 32 in Al Wakra, 13 in Umm Slal, nine each in Doha and Al Shamal, six in Al Daayen and one in Al Shahaniya.In the case of 14 apartments, Doha issued eight completion certificates, Al Wakra and Al Daayen (two each) and Al Rayyan and Al Khor (one each).

Gulf Times
Business
US inflation concerns weigh on QSE as index tanks 150 points

The Qatar Stock Exchange (QSE) on Wednesday plummeted more than 150 points and its key index settled below 11,300 levels, mirroring the concerns in the global markets as investors await the US inflation data.The foreign funds were increasingly net profit takers as the 20-stock Qatar Index plunged 1.32% to 11,274.74 points.A higher than average selling pressure at the banking and telecom counters weakened sentiments in the main market, whose year-to-date gains truncated further to 5.56%.More than 65% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR9.42bn or 1.45% decrease to QR638.91bn, mainly led by large and midcap segments.However, the Gulf institutions were increasingly into net buying in the main market, which saw a total of 0.14mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.52mn changed hands across 24 deals.The domestic institutions were also increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.The Islamic index declined slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shrank 1.32% and All Share Index by 1.39% and the Al Rayan Islamic Index (Price) by 1% in the main bourse, whose trade turnover and volumes were on the decline.The banks and financial services sector index tanked 2.04%, telecom (1.89%), transport (0.95%), industrials (0.81%), consumer goods and services (0.29%) and real estate (0.15%); while insurance gained 1.69%.Major shakers in the main market included QNB, Al Khaleej Takaful, Masraf Al Rayan, Ooredoo, Mannai Corporation, Qatar Islamic Bank, Mekdam Holding, Industries Qatar, Qamco and Milaha.Nevertheless, Qatar Insurance, Qatar Oman Investment, Dlala, Aamal Company, Doha Insurance and Qatar National Cement were among the gainers in the main market.The foreign institutions’ net selling increased substantially to QR71.85mn compared to QR20.65mn on January 10.The Arab institutions’ net buying weakened marginally to QR0.06mn against QR0.12mn the previous day.However, the Gulf institutions’ net buying grew significantly to QR48.81mn compared to QR35.81mn on Tuesday.The domestic institutions’ net buying strengthened noticeably to QR18.1mn against QR1.79mn on January 10.The local retail investors turned net buyers to the tune of QR4.31mn compared with net sellers of QR1.82mn the previous day.The foreign retail investors were net buyers to the extent of QR0.37mn against net sellers of QR11.41mn on Tuesday.The Gulf individuals turned net buyers to the tune of QR0.11mn compared with net sellers of QR1.52mn on January 10.The Arab individuals were net buyers to the extent of QR0.1mn against net profit takers of QR2.34mn the previous day.The main market saw a 17% shrinkage in trade volume to 175.63mn shares and 8% in value to QR568.45mn but on a 1% rise in deals to 19,203.

A strong double-digit expansion - especially in non-oil sectors such as transportation and storage, wholesale and retail trade and information and communication - led Qatar to report a 4.3% real GDP growth on an annualised basis during the third quarter of 2022, according to PSA estimates.
Business
Faster non-oil expansion triggers 4.3% year-on-year real GDP growth in Qatar in Q3, 2022: PSA

A strong double-digit expansion - especially in non-oil sectors such as transportation and storage, wholesale and retail trade and information and communication - led Qatar to report a 4.3% real (inflation adjusted) growth on an annualised basis during the third quarter (Q3) of 2022, according to the official estimates.The mining and quarrying sector, under which hydrocarbons fall, grew 2.7% year-on-year and the non-mining and quarrying sector rose faster at 5.3% to QR175.03bn. The agriculture, forestry and fishing sectors soared 13.1% during Q3, 2022, according to figures released by the Planning and Statistics Authority (PSA).On a quarterly basis, the country’s real GDP gained 3.6% during Q3, 2022 as the mining and quarrying sector was up 0.8% and non-quarrying by 5.4%. The farm sector had seen a 0.7% growth compared to the second quarter of 2022.Within non-hydrocarbons, the transport and storage sector is estimated to have grown 28.4% in real terms on an annualised basis, followed by information and communication (15.9%), wholesale and retail trade (10.7%), construction (4.5%), utilities (3.6%), manufacturing (2.5%) and real estate (2.3%).However, finance and insurance services sector declined 5.4% and accommodation and food services (2.8%).On a quarterly basis, the accommodation and food service sector surged 34.6%, wholesale and retail trade (19.1%), information and communication (18.6%), utilities (18.4%), construction (9.3%), finance and insurance (9.3%), transport and storage (1.1%) and realty (0.2%); while manufacturing shrank 1.5% during the review period.On a nominal basis (at current prices), Qatar's GDP is estimated to have soared 30.7% and 5.5% year-on-year and quarter-on-quarter respectively at the end of Q3, 2022.The mining and quarrying sector saw a healthy 56.2% and 8% surge on yearly and quarterly basis respectively and non-hydrocarbons 14.5% and 3.5% year-on-year and quarter-on-quarter respectively in the review period.Within the non-hydrocarbons sector (in nominal terms), there was a stupendous 39% surge in transport and storage, 26.3% in manufacturing, 17.7% in construction, 15.2% in information and communication, 12.3% in wholesale and retail trade, 12% in real estate, 4.5% in finance and insurance and 3.6% in utilities; even as accommodation and food services weakened 3.1% during the review period.On a quarterly basis in nominal terms, the accommodation and food services segment saw a 31.9% surge, wholesale and retail trade (19.2%), utilities (16.4%), information and communication (16.1%), construction (10.7%), finance and insurance (9.3%), real estate (3.6%) and transport and storage (3%); whereas manufacturing tanked 15.5%.The import duties, on real terms, are estimated to have risen 30% and 2.2% year-on-year and quarter-on-quarter respectively at the end of third quarter 2022. On nominal terms, they reported 31.8% and 2.3% jump respectively in the review period.

The super-chilled LNG from Qatargas being delivered on board the Q-Flex vessel ‘Al Sheehaniya.’ "We expect the oil and gas sector to sustain stable performance in 2023 supported by scalability, strong cash flow generation and low costs. Investments in infrastructure and urban development projects will enable healthy activity in sub-sectors such as engineering and construction," Fitch report said.
Business
'Gulf corporates to weather challenges'

Fitch, an international credit rating agency, expects the Gulf corporates to weather challenges such as potential global demand slowdown and inflationary pressures, although as much as 32% of their bonds will mature this year and 68% in 2024-2025."In addition, we expect oil price assumptions to benefit fiscal budgets and contribute to economic activities," Fitch said, adding major GCC economies are focusing on investments in non-hydrocarbon sectors to limit budget volatilities to oil prices.The government-related entities (GREs) are set to be primary beneficiaries of this spending, as key contributors to economic growth and private sector job creation, according to the rating agency."We expect the oil and gas sector to sustain stable performance in 2023 supported by scalability, strong cash flow generation and low costs. Investments in infrastructure and urban development projects will enable healthy activity in sub-sectors such as engineering and construction," the report said.Highlighting that the real estate sector is exposed to inflationary pressures and high costs of funding; it said most Fitch-rated property real estate companies have low-yielding prime assets and long-dated maturities, enabling them to partially offset pressures on margins and valuations.Demand for housing will remain supportive of homebuilders’ business models. Homebuilders will be exposed to further working-capital swings and deteriorating margins in 2023, it said.Finding that Ebitda (earnings before interest taxes, depreciation and amortisation) margins remained fairly stable in 2022, heading towards a small decrease in 2023; Fitch said the margins were supported by growing demand and solid pricing, outpacing inflationary costs."We expect non-hydrocarbon sectors to absorb some cost inflation. Companies reported strong earnings due to robust market fundamentals, exceeding Fitch’s base case assumptions for 2022," it said.Refinancing risk remains modest for Fitch-rated investment and non-investment grade issuers in the Gulf, the report said; adding corporates are likely to refinance at far higher rates than 2018 levels with the US Fed’s terminal rate peaking at 5% in 2023.The impact of funding costs will be greater for non-investment grade issuers with variable-rate debt and high exposure to bank loans. Investment grade issuers have smooth debt maturity profiles and more diverse capital structures, mitigating refinancing risks."In the wider market, scheduled bond maturities for 2023-25 are about $65bn," it said.Active refinancing in the syndicated loan and private credit markets in 2022 and significant fixed income issuances in 2021 helped Gulf corporate issuers meet funding requirements and manage liquidity buffers.Highlighting that 32% of bonds will mature in 2023, and 68% in 2024-25, Fitch said "we expect mid-term refinancing risk to remain low for high-rated issuers with access to capital markets."

The new vehicle registrations stood at 9,423; which represented a 36.8% increase year-on-year but declined 22.8% month-on-month in November 2022, according to figures released by the PSA.
Business
Qatar posts double-digit year-on-year growth in sales of new vehicles in November: PSA

Qatar's automobile sector saw a double-digit growth in new registrations on an annualised basis in November 2022, according to the Planning and Statistics Authority (PSA).The new vehicle registrations stood at 9,423; which represented a 36.8% increase year-on-year but declined 22.8% month-on-month in November 2022, according to figures released by the PSA.The registration of new private vehicles stood at 6,208, which surged 43.2% on an annualised basis but shrank 12% on monthly basis in November 2022. Such vehicles constituted 66% of the total new vehicles registered in the country in the review period.The registration of new private transport vehicles stood at 1,323, which was up 0.1% year-on-year but plummeted 32.5% month-on-month in November 2022. Such vehicles constituted 14% of the total new vehicles in the review period.The new registration of other non-specified vehicles stood at 1,216 units, which grew more than five-fold year-on-year, whereas it reported 46.6% plunge month-on-month in the review period. They constituted 13% of the total new vehicles in the country in November 2022.The registration of new private motorcycles was down 8.8% on a yearly basis to 538 in November 2022; it was seen declining 15.8% month-on-month. These constituted 6% of the total new vehicles in the review period.The registration of new heavy equipment stood at 107, which constituted 4% of the total registrations in November 2022. Their registrations had seen 67.4% and 47.8% decline on yearly and monthly basis respectively.The registration of trailers stood at 31 units, which tanked 43.6% and 53% year-on-year and month-on-month respectively in the review period.The renewal of registration was reported in 62,995 units, which saw 8.3% and 16% shrinkage on yearly and monthly basis respectively in November 2022.The transfer of ownership was reported in 26,866 vehicles in November 2022, which shrank 13% and 24.1% year-on-year and month-on-month respectively.The re-registration of vehicles stood at 97, which reported 34% and 35.8% contraction on yearly and monthly basis respectively in November 2022.The modified vehicles’ registration stood at 2,998, which decreased 38.3% and 52.8% year-on-year and month-on-month respectively in November 2022.The cancelled vehicles stood at 2,323 units, which shrank 5.9% and 37.7% year-on-year and month-on-month respectively in the review period.The number of lost/damaged vehicles stood at 7,647 units, which declined 26.4% and 14.8% in November 2022.The number of vehicles meant for exports stood at 916 units, which reported 56% and 42.5% plunge on annualised and monthly basis respectively in November 2022.The clearing of vehicle-related processes stood at 113,277 units, which declined 10.3% and 21% on a yearly and monthly basis respectively in the review period.Hamad, Doha and Al Ruwais ports had handled 6,939 RORO (vehicles) in November 2022, which registered a 34.4% and 4.19% increase year-on-year and month-on-month respectively. Hamad Port alone handled 6,712 units in November 2022, Mwani Qatar had said.

Gulf Times
Business
Foreign funds’ net selling drags QSE 41 points; but Islamic stocks outperform

The Qatar Stock Exchange (QSE) on Tuesday saw more than 61% of the traded constituents make gains, yet it settled in the negative, reflecting the global concerns on the US Federal Reserve’s moves on rate hike.A higher than average selling pressure in the transport, banking and telecom counters led the 20-stock Qatar Index lose more than 41 points or 0.36% to 11,425.48 points, although it touched an intraday high of 11,483 points.The foreign funds were seen net profit takers in the main market, whose year-to-date gains truncated to 6.97%.The foreign individuals were also seen net sellers in the main bourse, whose capitalisation saw QR1.62bn or 0.25% decrease to QR648.33bn, mainly led by microcap segments.However, the Gulf institutions were increasingly into net buying in the main market, which saw a total of 0.18mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.91mn changed hands across 26 deals.The domestic institutions turned net buyers in the main bourse, which saw no trading of sovereign bonds.The Islamic index witnessed gains vis-à-vis declines in the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shrank 0.36% and All Share Index by 0.34%, while Al Rayan Islamic Index (Price) rose 0.24% in the main bourse, whose trade turnover and volumes were on the increase.The transport sector index tanked 1.05%, banks and financial services (0.64%), telecom (0.59%) and insurance (0.36%); while real estate gained 1.15%, consumer goods and services (0.69%) and industrials (0.1%).Major shakers in the main market included Lesha Bank, Al Meera, Qatar Industrial Manufacturing, Medicare Group, Nakilat, QNB, Doha Bank and Ooredoo.Nevertheless, Qatari German Medical Devices, Qatar General Insurance and Reinsurance, Qatar Oman Investment, Dlala, Salam International Investment, Alijarah Holding, Qamco, Mesaieed Petrochemical Holding, Ezdan and Mazaya Qatar were among the gainers in the main market. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.The foreign institutions turned net sellers to the tune of QR20.65mn compared with net buyers of QR72.74mn on January 9.The foreign retail investors were net sellers to the extent of QR11.41mn against net buyers of QR4.26mn the previous day.However, the Gulf institutions’ net buying increased noticeably to QR35.81mn compared to QR29.19mn on Monday.The domestic institutions turned net buyers to the tune of QR1.79mn against net sellers of QR52.23mn on January 9.The Arab institutions were net buyers to the extent of QR0.12mn compared with no major net exposure the previous day.The local retail investors’ net profit booking declined considerably to QR1.82mn against QR35.09mn on Monday.The Arab individuals’ net selling weakened significantly to QR2.34mn compared to QR16.33mn on January 9.The Gulf retail investors’ net profit booking shrank perceptibly to QR1.52mn against QR2.54mn the previous day.The main market saw a 33% surge in trade volume to 210.51mn shares and 9% in value to QR619.02mn but on 6% contraction in deals to 18,935.In the venture market, as many as 14,443 equities valued at QR17,326 change hands across four transactions.