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Global growth concerns had its toll in the global markets, including the Qatar Stock Exchange which on Wednesday tanked 188 points in key index and QR9bn in capitalisation. The industrials and transport counters witnessed higher than average selling as the 20-stock Qatar Index plummeted 1.38% to 13,425.6 points, although it touched an intraday high of 13,631 points. The foreign and domestic institutions were increasingly net profit takers in the market, whose year-to-date gains were at 15.48. As much as 80% of the traded constituents were in the red in the bourse, whose capitalisation eroded more than QR9bn or 1.21% to QR748.22bn mainly on midcap segments. The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.08mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.87mn changed hands across 64 deals. Trade turnover and volumes were on the rise in the bourse, which saw the Arab individuals’ net buying weaken noticeably. However, the local retail investors were increasingly net buyers in the market, which saw no trading of sovereign bonds. The Gulf institutions were seen bullish, albeit at lower levels, in the bourse, which saw no trading of treasury bills. The Total Return Index shrank 1.38% to 27,499.98 points, All Share Index by 1.26% to 4,258.01 points and Al Rayan Islamic Index (Price) by 0.84% to 2,950.09 points. The industrials sector index plummeted 2.17%, transport (1.55%), banks and financial services (1.28%), insurance (0.33%), real estate (0.32%) and consumer goods and services (0.3%); while telecom gained 2.01%. Major losers in the main market included Commercial Bank, Mannai Corporation, Qatar National Cement, Industries Qatar, Mesaieed Petrochemical Holding, QNB, Qatar Industrial Manufacturing, Qatari German Medical Devices, Qatar Electricity and Water, Estithmar Holding and Nakilat. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value. Nevertheless, Ooredoo, Gulf Warehousing, Al Meera Consumer Good, Aamal Company and Barwa were among the gainers in the main market. The foreign institutions’ net selling increased substantially to QR23.24mn compared to QR0.62mn on August 30. The domestic funds’ net profit booking grew significantly to QR21.37mn against QR11.35mn the previous day. The Arab individuals’ net buying declined noticeably to QR7.34mn compared to QR8.84mn on Tuesday. However, Qatari individuals’ net buying strengthened considerably to QR21.49mn against QR13.48mn on August 30. The Gulf institutions were net buyers to the extent of QR10.6mn compared with net sellers of QR9.68mn the previous day. The foreign individuals’ net buying shot up markedly to QR4.29mn against QR0.08mn on Tuesday. The Gulf retail investors were net buyers to the tune of QR0.9mn compared with net sellers of QR0.76mn on August 30. The Arab institutions had no major net exposure for the second straight session. Total trade volume in the main market grew 55% to 251.18mn shares and value more than doubled to QR1.5bn on 3% jump in deals to 24,750. In the venture market, there was 65% decline in trade volumes to 0.14mn equities, 75% in value to QR0.77mn and 68% in transactions to 49.    

Qatar's producers' price index (PPI) surged 51.35% year-on-year in July 2022, mainly on the back of the country's hydrocarbons sector and certain manufacturing businesses such as refined petroleum products, chemicals, basic metals and rubber and plastics, according to official estimates. Qatar's PPI, which captures the price pressure felt by the producers of goods and services, rose 2.41% on a monthly basis in the review period, according to figures released by the Planning and Statistics Authority (PSA). The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower. The hardening of the global crude oil and industrial input prices, on account of higher inflation and interest rates, had its reflection on the PPI. The mining PPI, which carries the maximum weight of 82.46%, reported a 58.73% surge on an annualised basis in July 2022 as the average selling price of crude petroleum and natural gas was seen soaring 58.81% and that of stone, sand and clay by 11.36%. The mining PPI rose 4.25% on a monthly basis in July this year on the back of a 4.26% rise in the average selling price of crude petroleum and natural gas and 1.28% in stone, sand and clay. The manufacturing sector PPI, which has a weight of 15.85% in the basket, zoomed 21.19% year-on-year in July 2022 due to a 38.07% growth in the average price of rubber and plastic products, 30% in refined petroleum products, 21.54% in chemical and chemical products, 18.72% in basic metals, 9.43% in cement and other non-metallic mineral products and 2.95% in food products. Nevertheless, there was a 5.03% decline in the average price of printing and reproduction of recorded media and 1.11% in beverages. The manufacturing sector PPI saw a monthly 7.42% dip this July as the average selling price of chemicals and chemical related products shrank 8.48%, refined petroleum products (7.86%), basic metals (7.1%), 1.49% in cement and other non-metallic mineral products, 0.84% in printing and reproduction of recorded media, 0.45% in rubber and plastics products and 0.1% in food products. However, there was a 0.51% increase in the average selling price of beverages. The index of electricity, gas, steam and air conditioning supply reported 9.16% increase on a yearly basis but saw a 1.53% decline month-on-month this July. The index of water supply weakened 4.89% on an annualised basis but reported a 2.39% jump month-on-month in July 2022.    

Qatar is establishing the world's largest blue ammonia facility with a capacity of 1.2mn tonnes per annum as part of the country's strategy to offer low-carbon energy solution for a sustainable future. QatarEnergy’s affiliates, QatarEnergy Renewable Solutions (QRS) and Qatar Fertiliser Company (Qafco) signed the agreements for the construction of the Ammonia-7 project, the industry’s first world-scale as well as the largest blue ammonia train, which is expected to come into operation by the first quarter of 2026. Blue ammonia is produced when the carbon dioxide generated during conventional ammonia production is captured and stored. It can be transported using conventional ships and then be used in power stations to produce low-carbon electricity. The new plant, which is estimated to cost $1.156bn, will be located in the Mesaieed Industrial City (MIC) and will be operated by Qafco as part of its integrated facilities. The announcement was made at a ceremony held yesterday at QatarEnergy’s headquarters to sign the project agreements, including the engineering, procurement, and construction (EPC) contract. Valued at approximately $1bn, the EPC contract was awarded to a consortium of ThyssenKrupp and Consolidated Contractors Company (CCC). The ceremony was attended by HE Saad Sherida al-Kaabi, the Minister of State for Energy Affairs, president and chief executive officer (CEO) of QatarEnergy; Abdulrahman al-Suwaidi, CEO of Qafco; Martina Merz, CEO of ThyssenKrupp; Dr. Cord Landsmann, CEO of ThyssenKrupp Uhde; and Oussama El-Jerbi, CCC area managing director (Qatar). "Potential customers have expressed a desire for low carbon fuels including blue ammonia and we have reacted in a pragmatic and meaningful manner with scale," al-Kaabi said. The QRS will build specialised facilities that will capture and sequester around 1.5mn tonnes of carbon dioxide per annum from the ammonia production process, and will provide more than 35MW of renewable electric power to the Ammonia-7 facility from its solar power plant, which is currently under construction in Mesaieed, he said. It would develop and lead the process for certifying the product produced by the Ammonia-7 facility as blue ammonia, with the involvement of leading industry experts and relevant independent bodies; and be the sole off-taker and marketer of all blue ammonia produced by Ammonia-7. Terming the Ammonia-7 as a "landmark" project for Qatar and for the industry as a whole; al-Kaabi said it builds on the expertise in installing, operating, and maintaining conventional ammonia plants to produce fertilisers. "We are also building on our unique position in the renewables and carbon capture and sequestration (CCS) space, as well as on our ideal logistical capabilities and advantages to supply differentiated, low carbon products and fuels to the world,” he added. QRS is a wholly-owned affiliate of QatarEnergy charged with investing in and marketing of renewable energy and sustainability products and solutions within Qatar and across the globe. Qafco is the world’s largest integrated single-site producer of ammonia and urea, with current production capacity of 4Mtpa of ammonia and 6Mtpa of urea. The investment in blue ammonia and the expanded CCS facilities are part of the steps QatarEnergy is taking to deliver on its sustainability strategy, which emphasises its commitment, as a major energy producer, to the responsible production of clean and affordable energy to facilitate the energy transition. The strategy stipulates multiple initiatives to reduce greenhouse gas emissions, including flagship projects such as the further deployment of carbon capture and storage technology to capture over 11mn tonnes per annum of carbon dioxide in Qatar by 2035. (Ends)    

The Qatar Stock Exchange on Tuesday witnessed six of the seven sectors under selling pressure as its key index lost more than 13 points. The Gulf funds were increasingly net sellers as the 20-stock Qatar Index settled 0.1% lower at 13,613.32 points, although it touched an intraday high of 13,687 points. The foreign institutions were seen net profit takers in the market, whose year-to-date gains were at 17.1%. About 56% of the traded constituents were in the red in the bourse, whose capitalisation eroded more than QR2bn or 0.27% to QR757.42bn mainly on small and microcap segments. The Islamic index was seen declining slower than the main barometer in the market, which saw a total of 0.1mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.94mn changed hands across 66 deals. Trade turnover grew amidst lower volumes in the bourse, which saw the domestic institutions continue to be net sellers but with lesser vigour. The Arab retail investors were increasingly net sellers in the market, which saw no trading of sovereign bonds. The Gulf individuals were seen net profit takers in the bourse, which saw no trading of treasury bills. The Total Return Index fell 0.1% to 27,884.5 points, All Share Index by 0.16% to 4,312.34 points and Al Rayan Islamic Index (Price) by 0.13% to 2,975 points. The telecom sector index declined 1.04%, insurance (0.55%), consumer goods and services (0.36%), transport (0.24%), banks and financial services (0.19%) and industrials (0.02%); while real estate gained 1.12%. Major losers in the main market included QLM, Ezdan, Qatar Islamic Bank, Ooredoo, Al Meera Consumer Goods, Aamal Company, Qamco and Vodafone Qatar. In the venture market, Mekdam Holding saw its shares depreciate in value. Nevertheless, Commercial Bank, United Development Company, Mesaieed Petrochemical Holding, Medicare Group and Al Khaleej Takaful were among the gainers in the main market. The Gulf institutions’ net profit booking grew markedly to QR9.68mn compared to QR7.81mn on August 29. The Gulf retail investors were net sellers to the tune of QR0.76mn against net buyers of QR0.94mn the previous day. The foreign institutions were net sellers to the extent of QR0.62mn compared with net buyers of QR1.45mn on Monday. Qatari individuals’ net buying declined perceptibly to QR13.48mn against QR16.53mn on August 29. The foreign individuals’ net buying weakened noticeably to QR0.08mn compared to QR1.87mn the previous day. However, the Arab individuals’ net buying strengthened considerably to QR8.84mn against QR2mn on Monday. The domestic institutions’ net profit booking shrank notably to QR11.35mn compared to QR14.26mn on August 29. The Arab institutions had no major net exposure against net sellers to the extent of QR0.7mn the previous day. Total trade volume in the main market fell 9% to 162.02n shares, while value shot up 12% to QR625.29mn and deals by 48% to 23,944. In the venture market, trade volumes more than tripled to 0.4mn equities and value almost quadrupled to QR3.04mn on more than quadrupled transactions to 155.    

Earnings reported by the Gulf Co-operation Council listed companies reached a new record level during the second quarter (Q2) of 2022, backed by a broad-based quarterly growth in profits across all sectors barring the financials and pharma sectors, according to Kamco Invest. The increase in profits of energy companies due to elevated oil prices around $100 per barrel level accounted for the bulk of the absolute increase in profits in the region, Kamco Invest said in its report. The region showed strong consumer and business sentiments during the quarter despite a slowdown at the global level mainly due to higher inflation and the efforts by central banks to tame rising prices. The aggregate net profit for the GCC-listed companies reached $77.3bn during the quarter compared to $65.7bn during Q1-2022, resulting in a quarter-on-quarter (q-o-q) growth of 17.6%. The year-on-year growth was even stronger at 62.6%. Energy, banks and materials were the top three sectors by absolute profit growth compared to Q2-2021, accounting for almost 90% of total year-on-year growth in profits. In terms of q-o-q growth, energy, materials and utilities were the top three sectors that more than compensated for the decline in profits for the diversified financial sector. Saudi Aramco continued to be the biggest contributor to profit growth during the quarter. However, excluding Aramco, the growth in aggregate profits remained strong at 32.9% y-o-y and at 11.2% in terms of q-o-q growth. In terms of regional trend, profit growth was seen across the seven exchanges during the quarter. Total earnings for the Qatari-listed companies grew 41.2% y-o-y to $3.8bn during Q2-2022 with the banking sector reporting a profit growth of 11.1% to $1.9bn, which accounted for 48.6% of the overall exchange profits during the quarter. The capital goods sector reported the third biggest earnings during the quarter at $845.4mn as compared to $592.1mn in Q2-2021. The materials sector posted a net profit of $282.8mn in Q2-2022 compared to a net profit of $202.1mn the previous year period. Net profit for the energy sector was seen improving 28.4% y-o-y to $182.7mn at the end of Q2, 2022. Saudi Arabian-listed companies once again reported the biggest y-o-y growth during Q2-2022 with a net income growth of 70.4% followed by Abu Dhabi and Bahrain with 50.0% and 62.4% respectively.    

Transport and telecom sectors witnessed strong profit booking, thus leading the Qatar Stock Exchange (QSE) decline as much as 59 points, even as capitalisation was flat. The domestic funds were seen bearish as the 20-stock Qatar Index shed 0.43% to 13,626.99 points, although it touched an intraday high of 13,743 points. The Arab institutions were seen net profit takers in the market, whose year-to-date gains were at 17.21%. The foreign institutions’ substantially weakened net buying also had its influence in the bourse, whose capitalisation was largely flat at QR759.49bn, despite gains in the midcap segments. The Islamic index was seen declining faster than the other indices in the market, which saw a total of 3,371 exchange traded funds (sponsored by Doha Bank) valued at QR0.04mn changed hands across five deals. Trade volume and turnover were on the increase in the bourse, which saw the Gulf institutions continue to be net sellers but with lesser vigour. However, local retail investors turned net bullish in the market, which saw no trading of sovereign bonds. Similarly, the Arab and foreign retail investors were net buyers in the bourse, which saw no trading of treasury bills. The Total Return Index fell 0.43% to 27,912.51 points, All Share Index by 0.16% to 4,319.07 points and Al Rayan Islamic Index (Price) by 0.54% to 2,978.8 points. The transport sector shed 0.86%, telecom (0.67%), industrials (0.22%) and banks and financial services (0.14%); while real estate gained 0.8%, insurance (0.26%) and consumer goods (0.08%). Major losers in the main market included Milaha, Gulf Warehousing, Inma Holding, Masraf Al Rayan, Qatar First Bank, Commercial Bank, Mesaieed Petrochemical Holding and Industries Qatar. Nevertheless, Qatari German Medical Devices, QLM, Estithmar Holding, United Development Company, Mannai Corporation, QNB, Ahlibank Qatar, Aamal Company, Qatar National Cement and Nakilat were among the gainers in the main market. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares appreciate in value. The domestic institutions turned net sellers to the tune of QR14.26mn compared with net buyers of QR5.7mn on August 28. The Arab institutions were net sellers to the extent of QR0.7mn against no major net exposure the previous day. The foreign institutions’ net buying declined substantially to QR1.45mn compared to QR36.07mn on Sunday. However, Qatari individuals turned net buyers to the tune of QR16.53mn against net sellers of QR9.81mn on August 28. The Arab individuals were net buyers to the extent of QR2mn compared with net sellers of QR6.67mn the previous day. The foreign individuals turned net buyers to the tune of QR1.87mn against net sellers of QR0.55mn on Sunday. The Gulf retail investors were net buyers to the extent of QR0.94mn compared with net sellers of QR3.24mn on August 28. The Gulf institutions’ net profit booking shrank significantly to QR7.81mn against QR22.01mn the previous day. Total trade volume in the main market soared 29% to 177.3mn shares, value by 44% to QR557.42mn and deals by 66% to 16,193. In the venture market, there was a 57% jump in trade volumes to 0.11mn equities, 60% in value to QR0.8mn and 3% in transactions to 39.    

The Qatar Stock Exchange on Sunday opened the week weak and its key index fell about 61 points, mainly dragged by the real estate, banking and insurance sectors. The Gulf institutions were seen bearish as the 20-stock Qatar Index settled 0.44% lower 13,685.65 points, but recovering from an intraday low of 13,618 points. The Arab individuals were seen increasingly into net selling in the market, whose year-to-date gains were at 17.72%. More than 84% of the traded constituents were in the red in the bourse, whose capitalisation shed more than QR5bn or 0.69% to QR759.43bn, mainly on the back of small cap segments. The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.47mn changed hands across 27 deals. The foreign institutions were however increasingly into net buying in the market, which saw no trading of sovereign bonds. The local retail investors’ net selling weakened considerably in the bourse, which saw no trading of treasury bills. The Total Return Index fell 0.44% to 28,032.65 points, the All Share Index by 0.57% to 4,325.83 points and the Al Rayan Islamic Index (Price) by 0.29% to 2,995.12 points. The realty sector index tanked 1.55%, banks and financial services (0.96%), insurance (0.85%), consumer goods and services (0.29% and transport (0.12%); while industrials and telecom gained 0.24% and 0.21% respectively. Major losers in the main market included Mannai Corporation, Ezdan, Aamal Company, Alijarah Holding, QLM, QNB, Qatar First Bank, Salam International Investment, Baladna, Qatari Investors Group, Gulf International Services, Mesaieed Petrochemical Holding, Estithmar Holding, Qatar Insurance, Barwa, Mazaya Qatar and Nakilat. In the venture market, Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value. Nevertheless, Industries Qatar, Al Meera Consumer Goods, Qatar Islamic Insurance, Milaha and Ooredoo were among the gainers in the main market. The Gulf institutions turned net sellers to the tune of QR22.01mn compared with net buyers of QR6mn on August 25. The Arab individuals’ net selling increased perceptibly to QR6.67mn against QR4.11mn the previous trading day. The Gulf retail investors’ net profit booking grew markedly to QR3.24mn compared to QR0.58mn last Thursday. The domestic institutions’ net buying shrank considerably to QR5.7mn against QR15.52mn on August 25. However, the foreign funds’ net buying shot up significantly to QR36.07mn compared to QR22.37mn the previous trading day. Qatari individuals’ net profit booking decreased considerably to QR9.81mn against QR32.44mn last Thursday. The foreign individuals’ net selling weakened noticeably to QR0.55mn compared to QR5.39mn on August 25. The Arab institutions had no major net exposure against net sellers to the tune of QR1.38mn the previous trading day. Total trade volume in the main market tanked 25% to 137.5mn shares, while value shrank 16% to QR387.71mn and deals by 36% to 9,726. In the venture market, there was a 59% shrinkage in trade volumes to 0.07mn equities, 63% in value to QR0.5mn and 13% in transactions to 38.    

Faster expansion in the exports of natural gas and crude helped Qatar report a 78% increase in trade surplus on an annualised basis in July 2022, according to official data. The rebound in the country's merchandise trade surplus has been enabled by robust jump in exports to Asian countries and Belgium during the period in review, according to figures released by the Planning and Statistics Authority. The country's trade surplus showed a 15.3% month-on-month jump in July 2022. The country's total exports of goods (including exports of goods of domestic origin and re-exports) amounted to QR44.4bn, showing a stupendous 61.9% and 12.4% surge year-on-year and month-on-month respectively in the review period. In May 2022, Qatar's shipments to India were valued at QR5.68bn or 12.8% of the total exports of the country, followed by Japan QR5.12bn (11.55%), South Korea QR5.08bn (11.46%), China QR3.75bn (8.4%) and Belgium QR3.53bn (8%). On a yearly basis, Qatar's exports to Belgium grew more than 75-fold; those to India zoomed 68.54%, Japan by 31.96% and South Korea by 30.93%; while those to China declined 13.59% at the end of July 2022. On a monthly basis, Qatar's exports to Belgium witnessed a 76.25% surge, those to India shot up 35.24%, Japan by 29.95% and South Korea by 22.41%; whereas those to China shrank 37.5% in the review period. The exports of petroleum gases surged 90.3% on an annualised basis to QR30.57bn, crude by 35% to QR6bn, other commodities by 19.7% to QR3.96bn and non-crude by 1.7% to QR2.94bn this July. On a monthly basis, the exports of petroleum gases were seen expanding 31%; while those of non-crude tanked 30%, other commodities by 13.9% and crude by 7.5% in July 2022. Petroleum gases constituted 70.34% of the exports of domestic products this July compared to 60.15% a year ago period; followed by crude 13.81% (16.67%), other commodities 6.76% (12.36%) and non-crude 6.76% (10.82%). Qatar's total imports (valued at cost insurance and freight) amounted to QR9.59bn, which strengthened 21.8% and 2.9% on yearly and monthly basis respectively in July 2022. The country's imports from China stood at QR1.66bn, which accounted for 17.3% of the total imports; followed by the US QR1.6bn (16.7%), India QR0.6bn (6.2%), Italy QR0.56bn (5.8%) and Turkiye QR0.55bn (5.8%) at the end of July this year. On a yearly basis, Qatar's imports from Turkiye more than doubled; those from the US shot up 78.29%, Italy by 50.4%, China by 26.95% and India by 21.14% in July 2022. On a monthly basis, the country's imports from Turkiye surged 87.4%, US by 35.68%, China by 4.46% and Italy by 0.18%; whereas those from India declined 4.33% in the review period. In July 2022, the group "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR0.8bn, showing an increase of 26.3% on an annualised basis. In second place was "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets; parts thereof" with QR0.33bn, showing an increase of 49.8%. In the third place was "Motor Cars and Other Motor Vehicles for The Transport of Persons" with QR0.32bn, an increase of 12.5%.    

Global concerns on growth owing to further hardening US Fed rates weighed on the Qatar Stock Exchange, which closed the week weak. The banking counter witnessed higher than average selling pressure as the 20-stock Qatar Index plunged 1.94% this week which saw the global index compiler FTSE Russell include Milaha under its large cap global equity series, effective from the close of September 15, 2022. More than 57% of the traded constituents were in the red this week which saw a Kamco Invest report that said the average share of bad loans to banks' total loan book stood at 2.7% in Qatar during the second quarter of 2022, which is lower than the Gulf average of 3.4%. The foreign institutions’ net buying weakened considerably this week which saw Aamal Company shareholders approve a higher up to 100% foreign ownership limit. The foreign individuals were increasingly net profit takers this week which saw Widam, the main supplier of meat and livestock in the country, sign an agreement Cairo-based Frigo Trading Company for the supply of beef meat. The domestic institutions’ net selling shrank this week which saw a total of 0.09mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.26mn trade across 28 deals. The Gulf funds’ net buying also weakened this week which saw as many as 0.19mn Doha Bank-sponsored QETF valued at QR2.57mn change hands across 101 transactions. The overall trading turnover and volumes were on the decline in the main market this week, which saw the industrials and banking sectors together constitute about 62% of the total trade volume. Market capitalisation eroded about QR16bn or 2.09% to QR764.69bn, mainly on large and midcap segments this week, which saw no trading of sovereign bonds. In the case of venture market, both trade and turnover were on the decline this week which saw no trading of treasury bills in the main market. The Total Return Index tanked 1.94%, All Share Index by 2.33% and All Islamic Index by 1.33% this week, which saw Estithmar Holding disclose the setting up of Elegancia Events. The banks and financial services sector index plummeted 4.65%, telecom (1.78%), realty (066%), transport (0.46%) and insurance (0.28%); while consumer goods and services gained 1.37% and industrials (1.27%) this week, which also saw Estithmar Holding establish Al Wakra Water Treatment Plant. Major losers in the main market included QNB, Estithmar Holding, Qatar First Bank, Qatar National Cement, QIIB, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Mannai Corporation, Aamal Company, Barwa, Mazaya Qatar, Ooredoo and Milaha. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value. Nevertheless, Widam Food, Qatari German Medical Devices, Gulf International Services, Ahlibank Qatar, Doha Bank, Dlala, Medicare Group, Woqod, Baladna, Industries Qatar, Mesaieed Petrochemical Holding, Ezdan and Nakilat were among the gainers in the main market this week. The foreign funds’ net buying declined substantially to QR43.71mn compared to QR170.17mn the week ended August 18. The Gulf institutions’ net buying weakened considerably to QR7.65mn against QR76.52mn the previous week. The domestic institutions’ net buying shrank markedly to QR106.79mn compared to QR167.54mn a week ago. The foreign individuals’ net selling shot up noticeably to QR13.34mn against QR0.53mn the week ended August 18. However, the Arab individuals turned net buyers to the tune of QR21.84mn compared with net sellers of QR29.66mn the previous week. The local retail investors’ net selling fell significantly to QR163.46mn against QR368.23mn a week ago. The Arab institutions’ net profit booking shrank perceptibly to QR2.79mn compared to QR7.18mn the week ended August 18. The Gulf individuals’ net selling decreased influentially to QR0.4mn against QR8.64mn the previous week. Total trade volume in the main market fell 33% to 840.71mn shares, value by 26% to QR2.96bn and deals by 14% to 81,407. In the venture market, trade volume were seen shrinking 75% to 1.26mn stocks, value by 77% to QR8.41mn and transactions by 71% to 434.    

An across the board buying, especially in the industrials, yesterday lifted the Qatar Stock Exchange more than 96 points and its capitalisation gained more than QR6bn. The foreign funds were seen bullish as the 20-stock Qatar Index rose 0.7% to 13,746.39 points, recovering from an intraday low of 13,679 points. The sentiments in the regional bourses reflected those in the global markets with investors tracking gains in oil prices and the bullish Asian markets. More than 73% of the traded constituents extended gains in the market, whose year-to-date gains were at 18.24%. Both volumes and turnover were on the decline. The Gulf individuals’ weakened net selling also had its influence on the bourse, whose capitalisation rose 0.84% to QR764.69bn, mainly on the back of mid and small cap segments. The Islamic index was seen gaining slower than the other indices in the market, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.28mn changed hands across 13 deals. The Arab institutions’ net profit booking eased marginally in the market, which saw no trading of sovereign bonds. However, the local retail investors were increasingly bearish in the bourse, which saw no trading of treasury bills. The Total Return Index rose 0.7% to 28,157.07 points, the All Share Index by 0.61% to 4,350.84 points and the Al Rayan Islamic Index (Price) by 0.56% to 3,003.94 points. The industrials sector index soared 1.4%, consumer goods and services (0.54%), banks and financial services (0.41%), transport (0.29%), real estate (0.26%), insurance (0.23%) and telecom (0.09%). Major gainers in the main market included Widam Food, Qatari German Medical Devices, Industries Qatar, Mesaieed Petrochemical Holding, Qatar Industrial Manufacturing, Commercial Bank, Baladna and Qamco. Nevertheless, Doha Insurance, Qatar General Insurance and Reinsurance, Qatar Electricity and Water, Qatar First Bank and Al Meera were among the losers in the main market. The foreign institutions turned net buyers to the tune of QR22.37mn compared with net sellers of QR30.36mn on August 24. The Gulf retail investors’ net selling declined perceptibly to QR0.58mn against QR1.31mn the previous day. The Arab institutions’ net profit booking eased marginally to QR1.38mn compared to QR1.41mn on Wednesday. However, Qatari individuals’ net selling increased substantially to QR32.44mn against QR13.03mn on August 24. The foreign individuals’ net selling strengthened considerably to QR5.39mn compared to QR0.67mn the previous day. The Arab individuals were net sellers to the extent of QR4.11mn against net buyers of QR11.52mn on Wednesday. The Gulf institutions’ net buying decreased drastically to QR6mn compared to QR15.22mn on August 24. The domestic funds’ net buying shrank noticeably to QR15.52mn against QR20.04mn the previous day. Total trade volume in the main market tanked 18% to 110.38mn shares and value by 8% to QR462.17mn, whereas deals were marginally up less than 1% to 15,278. In the venture market, trade volumes more than quadrupled to 0.17mn equities and value also more than quadrupled to QR1.34mn on a 33% surge in transactions to 44.    

The Gulf region's ongoing economic recovery from the Covid-19 pandemic, spurred by higher hydrocarbon prices, government spending on infrastructure projects, and increasing activity in the non-oil sector, will support Islamic insurers' growth prospects in 2022 and 2023, according to Standard &Poor's (S&P), a global credit rating agency. "Improving economic sentiment, ongoing infrastructure spending, new mandatory coverage, and overall higher insurance demand will benefit the Gulf Co-operation Council's Islamic insurers over the next two years," S&P said in a report. Higher hydrocarbon prices, with its assumption of average Brent price of $100 per barrel for the rest of 2022 and $85 in 2023, will lead to accelerated economic growth in the oil-exporting region, it said. "This should feed through to the Islamic (takaful) insurance sector, where we expect gross written premiums/contributions to expand about 10% in 2022 and 5-10% in 2023," it said. However, the picture in individual markets may not be so positive. Last year was profitable overall for the sector but earnings were not evenly distributed. Notably, Qatar's relatively small takaful sector remained the Gulf region's most profitable with insurers reporting a combined (loss and expense) ratio of lower than 80% (a lower combined ratio indicates a higher underwriting profit). Meanwhile, the largest market, Saudi Arabia, saw weak results, with about two-thirds of insurers recording underwriting losses, leading to an overall combined ratio of about 103% compared with 98% in 2020. "We anticipate that intense competition and an increase in claims frequency will continue to weigh on Islamic insurers' earnings in 2022, before a modest recovery in 2023, thanks to anticipated rate adjustments in loss-making lines and higher interest rates, which should boost investment returns," S&P said. Ongoing pressure on earnings and capital has already resulted in some capital raising and consolidation in the two largest markets - Saudi Arabia and the UAE - in recent years and "we expect this trend to continue in 2022 and 2023," it said. The upcoming regulatory - and accounting - related changes (such as International Financial Reporting Standard 17) will likely lead to rising operational costs, requiring insurers to upgrade their information technology systems and other internal processes. This will also reinforce the need for capital raising and mergers, it said. In 2020, regional takaful and conventional insurers benefited from little or no exposure to Covid-19-related claims and saw fewer motor and medical claims due to movement restrictions. However, the rating agency notes that motor and medical claims reached or even exceeded pre-pandemic levels in most GCC countries in 2021, as economies opened up and mobility increased. At the same time, claim costs have increased, as the current inflationary environment is resulting in price increases for spare parts and services and amplified pressure on profit margins. "We also expect that investment returns will remain volatile in 2022," it said. Although the GCC's equity markets have performed better than many globally and are still in positive territory for the year to date, it notes that bond/sukuk prices have declined following an increase in interest rates. "We now expect the US interest rates to increase above 3.5% by mid-year 2023 with the GCC central banks, which have currencies pegged to the dollar, facing continuing pressure to raise rates in tandem to restrain inflation and prevent capital outflows," it said. The rating agency expects insurers to benefit from higher interest rates in the medium term, due to the positive effects on yields for their cash and fixed deposits. "Overall, we expect the Islamic insurance industry's net earnings to remain modest in 2022-2023," it said.    

The expectations of aggressive rate hike by the US Fed this year followed by higher rates next year is expected to have a positive impact on net interest margins (NIMs) of the Gulf banks, according to Kamco Invest. The extent to replication of rate hikes by the GCC (Gulf Co-operation Council) central banks vs US Fed Fund rate hikes also affects the trajectory of NIMs in the GCC, Kamco Invest said in a report. Nevertheless, despite some GCC central banks implementing smaller increase in rates or increasing rates in a phased manner (like in the case of CBK), the overall impact of a fed fund rate hike "is expected to be positive on the aggregate NIM reported by GCC banks." The healthy increase in net interest income during the second quarter (Q2) was almost fully offset by higher average earning assets during the last four quarters resulting in a flat NIM for the aggregate GCC banking sector. NIM at 2.8% remained at one of the lowest levels despite the recent rate hikes as the impact of the higher interest rates were only felt during Q2-2022 and "is expected to have a greater impact in the subsequent quarters." NIM remained relatively stable across the board in the GCC during Q2-2022 compared to the previous quarter with single bps quarter-on-quarter changes. NIM continued to remain the highest in the case of Saudi Arabian banks at 3.10% during Q2-2022 and it was the only market in the GCC to report NIM of over 3% in the GCC. There has been a broad-based improvement in revenues across the GCC during the quarter. The increase was mainly led by higher interest rates across the GCC after central banks in the region hiked policy rates following the rate hikes by the US Fed. As a result, net interest income increased by a strong 9.6% to $17.1bn. In Qatar's banking sector, NIMs stood at 2.66% in the first quarter of 2022, which improved to 2.74% in the second quarter. The NIMs were at 2.62% in Q1, 2021, which then increased to 2.64% in the subsequent quarter but fell to 2.63% in the third quarter and then rose marginally to 2.64% in the fourth quarter of 2021.    

The Qatar Stock Exchange (QSE) on Wednesday gained 57 points on the back of strong buying interests of domestic and Gulf institutions. The industrials and consumer goods counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.42% to 13,650.32 points, recovering from an intraday low of 13,687 points. The Arab individuals were increasingly net buyers in the market, whose year-to-date gains were at 17.41%. About 66% of the traded constituents extended gains in the bourse, whose capitalisation rose about QR2bn or 0.24% to QR760.15bn, mainly on the back of midcap segments. The Islamic index was seen gaining faster than the other indices in the market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.15mn changed hands across 12 deals. The foreign institutions were seen increasingly into net selling in the market, which saw no trading of sovereign bonds. The local retail investors turned bearish in the bourse, which saw no trading of treasury bills. The Total Return Index rose 0.42% to 27,960.29 points, All Share Index by 0.24% to 4,324.64 points and Al Rayan Islamic Index (Price) by 0.49% to 2,937.26 points. The industrials sector index soared 1.07%, consumer goods and services (0.55%) and real estate (0.31%); while transport declined 0.49%, telecom (0.12%), insurance (0.07%) and banks and financial services (0.02%). Major gainers in the main market included QLM, Ahlibank Qatar, Qatari German Medical Devices, Qatar Islamic Insurance, Mesaieed Petrochemical Holding, Commercial Bank, Qatar First Bank and Industries Qatar. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value. Nevertheless, Qatar Insurance, QNB, Inma Holding, Nakilat, Qatari Investors Group, Mazaya Qatar, Ezdan and Milaha were among the losers in the main market. The domestic funds were net buyers to the tune of QR20.04mn compared with net sellers of QR1.79mn on August 23. The Gulf institutions’ net buying increased substantially to QR15.22mn against QR4.67mn the previous day. The Arab individuals’ net buying expanded perceptibly to QR11.52mn compared to QR8.23mn on Tuesday. However, the foreign institutions’ net selling rose significantly to QR30.36mn against QR16.87mn on August 23. Qatari individuals were net sellers to the extent of QR13.03mn compared with net buyers of QR1.01mn the previous day. The Arab institutions were net profit takers to the tune of QR1.41mn against no major net exposure on Tuesday. The Gulf retail investors were net sellers to the extent of QR1.31mn compared with net buyers of QR3.3mn on August 23. The foreign individuals turned net sellers to the tune of QR0.67mn against net buyers of QR1.47mn the previous day. Total trade volume in the main market shrank 19% to 135.29mn shares, value by 17% to QR504.04mn and deals by 17% to 15,233. In the venture market, trade volumes tanked 83% to 0.04mn equities, value by 81% to QR0.31mn and transactions by 68% to 33.    

Global growth concerns over rising inflation expectations continued to have its toll on the Qatar Stock Exchange, which saw its index plummet 208 points and capitalisation erode about QR12bn. A higher than average selling pressure, especially in the banking sector, led the 20-stock Qatar Index knock off 1.5% to 13,593.66 points, although it touched an intraday high of 13,775 points. The foreign institutions were seen net profit takers in the market, whose year-to-date gains were at 16.93%. The domestic funds turned bearish in the bourse, whose capitalisation tanked 1.53% to QR758.34bn, mainly on the back of large and midcap segments. The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.04mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.35mn changed hands across 22 deals. More than 78% of the traded constituents were in the red in the market, which saw no trading of sovereign bonds. However, the Arab and Gulf individuals were seen net buyers in the bourse, which saw no trading of treasury bills. The Total Return Index shrank 1.5% to 27,844.22 points, the All Share Index by 1.57% to 4,314.49 points and the Al Rayan Islamic Index (Price) by 1.38% to 2,972.69 points. The banks and financial services sector index declined 2.43%, real estate (1.05%), industrials (0.97%), transport (0.45%) and consumer goods and services (0.14%); while insurance and telecom gained 0.93% and 0.5% respectively. Major losers in the main market included Estithmar Holding, Milaha, QNB, Qatar Islamic Insurance, QIIB, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Qatari German Medical Devices, Baladna, Qatar National Cement, Industries Qatar, Qamco, Qatari Investors Group, Mazaya Qatar and Gulf Warehousing. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value. Nevertheless, Mannai Corporation, Qatar General Insurance and Reinsurance, Doha Insurance, Doha Bank, Nakilat and Ooredoo were among the gainers in the main market. The foreign institutions turned net sellers to the tune of QR16.87mn against net buyers of QR66.09mn on August 22. The domestic institutions were net sellers to the extent of QR1.79mn compared with net buyers of QR27.17mn the previous day. However, the Arab individuals turned net buyers to the tune of QR8.23mn against net sellers of QR5.12mn on Monday. The Gulf institutions were net buyers to the extent of QR4.67mn compared with net sellers of QR10.64mn on August 22. The Gulf retail investors turned net buyers to the tune of QR3.3mn against net sellers of QR2.88mn the previous day. The foreign individuals were net buyers to the extent of QR1.47mn compared with net profit takers of QR1.9mn on Monday. Qatari individuals turned net buyers to the tune of QR1.01mn against net sellers of QR72.72mn on August 22. The Arab funds had no major net exposure for the third consecutive day. Total trade volume in the main market shrank 18% to 167.39mn shares, value by 22% to QR607.3mn and deals by 1% to 18,311. In the venture market, trade volumes shot up 14% to 0.24mn equities, value by 5% to QR1.6mn and transactions by 34% to 102.    

Demand for airline pilots will outstrip supply in most regions globally between 2022 and 2024 with the Middle East feeling the effects first as air travel demand continues to recover this year, according to Oliver Wyman, a global leader in management consulting. "We expect the Middle East to be the region affected soonest by the shortage outside of North America, driven by a projected sharp increase in air travel demand over the next few years. The region could face a shortage of 3,000 pilots by 2023 and 18,000 by 2032," it said in a report. André Martins, Partner – Head of IMEA Transportation and Services at Oliver Wyman, said the Middle East region is expected to be affected, driven by a projected sharp increase in air travel demand over the next few years, new players entering the market and big tourism developments happening in the region”. The new figures from Oliver Wyman show that this spike in demand for air travel coincides with flat then declining supply of pilots in the region, due to a combination of lay-offs during the Covid-19 pandemic, a falling number of newly-certified pilots, and retirements eventually outstripping new pilots. “If demand for air travel continues to grow, airlines need to accelerate recruiting efforts from other regions where we anticipate less acute shortages, particularly Latin America and Asia Pacific, to fill gaps. Failing that, we may see adjustment of schedules into and out of the region, impacting the Middle East’s carriers and airport operators” Martins said. Oliver Wyman forecasted in early 2021 that an impending pilot shortage was on the horizon, contrary to reality at the time, as Covid-19 was decimating the airline industry and any recovery appeared years away. "We are now predicting global aviation to be short nearly 80,000 pilots by 2032, absent a downturn in future demand or air travel and/or strenuous efforts by the industry to bolster the supply of pilots," the report said. Elsewhere in the world, the report said Europe currently is in surplus and "we expect it to remain so until the middle of the decade", but then forecast a shortage of 19,000 pilots by 2032, driven predominately by increased demand. Asia currently has a surplus of pilots as well, mainly on the impacts of Covid-19 restrictions on demand, but it anticipates that Asia will begin to see a shortage of pilots toward the end of the decade as demand growth resumes. Stressing that only two regions are unlikely to see a growing shortage of pilots over the decade, it said demand is not expected to outpace supply in Latin America, and a small shortage of pilots in Africa is expected to shrink over the decade, as pilot availability increases.    

Concerns over an imminent sharp rate hike in the US rattled global markets, whose reverberation was felt on the Qatar Stock Exchange, which on Monday lost a huge 165 points in key index and QR9bn in capitalisation. The transport, banking and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index plunged 1.19% to 13,801.16 points, although it touched an intraday high of 13,995 points. The local retail investors were increasingly net sellers in the market, whose year-to-date gains were at 18.71%. The Gulf funds were also increasingly net profit takers in the bourse, whose capitalisation tanked more than QR9bn or 1.21% to QR770.15bn, mainly on the back of mid and small cap segments. The Islamic index was seen declining faster than the other indices in the market, which saw a total of 0.07mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.45mn changed hands across 15 deals. The Arab individuals turned bearish in the market, which saw no trading of sovereign bonds. The domestic funds’ net buying was seen weakening drastically in the bourse, which saw no trading of treasury bills. The Total Return Index shrank 1.19% to 28,269.26 points, the All Share Index by 1.2% to 4,383.49 points and the Al Rayan Islamic Index (Price) by 1.33% to 3,014.43 points. The transport sector index plummeted 2.38%, telecom (1.93%), banks and financial services (1.38%), insurance (1.12%), real estate (0.95%) and industrials (0.77%); while consumer goods and services rose 0.18%. More than 80% of the traded constituents were in the red in the main market and included Mannai Corporation, Doha Insurance, Milaha, Aamal Company, Estithmar Holding, QNB, QIIB, Gulf International Services, QLM, Ezdan, Barwa and Ooredoo. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value. Nevertheless, Qatari German Medical Devices, Ahlibank Qatar, Woqod, Qatar National Cement and Dlala were among the gainers in the main market. In the junior bourse, Mekdam Holding saw its shares appreciate in value. Qatari individuals’ net selling increased considerably to QR72.72mn compared to QR46.27mn on August 21. The Gulf institutions’ net selling grew perceptibly to QR10.64mn against QR7.59mn the previous day. The Arab individuals turned net sellers to the tune of QR5.12mn compared with net buyers of QR11.33mn on Sunday. The Gulf retail investors were net sellers to the extent of QR2.88mn against net buyers of QR1.08mn on August 21. The domestic institutions’ net buying declined noticeably to QR27.17mn compared to QR45.84mn the previous day. However, the foreign institutions’ net buying expanded significantly to QR66.09mn against QR2.48mn on Sunday. The foreign individuals’ net profit booking weakened markedly to QR1.9mn compared to QR6.87mn on August 21. The Arab funds had no major net exposure for the second consecutive day. Total trade volume in the main market shrank 9% to 203.43mn shares, while value shot up 26% to QR774.42mn and deals by 31% to 18,494. In the venture market, trade volumes plunged 46% to 0.28mn equities, value by 58% to QR1.53mn and transactions by 58% to 76.    

The average share of bad loans to banks' total loan book stood at 2.7% in Qatar during the second quarter (Q2) of 2022, which is lower than the Gulf average of 3.4%, according to Kamco Invest. Qatari banks had the highest cover against Stage 3 bad loans in the Gulf Co-operation Council (GCC) during the quarter at 99.2%, which is much higher than the Gulf average of 71.7% during the review period, Kamco Invest said in its latest report. The average share of bad loans (Stage 3 loans) on GCC banks’ loan books declined slightly to 3.4% during Q2-2022 compared to 3.6% at the end of first quarter (Q1)-2022 and 4.1% at the end of Q1-2021. Non-performing loans for the UAE banks continued to remain the highest in the GCC at 5.5% of aggregate gross loans at the end of Q2-2022, which was 30bps (basis points) below Q1-2022 share and significantly below Q2-2021 level of 6%. On the other hand, Kuwaiti banks reported the lowest bad loans on their books at 1.6% at the end of Q2-2022, in line with Q1-2022 while a steep drop from 2.7% last year. The report said the aggregate provision cover that GCC banks made against Stage 3 bad loans stood at 71.7% at the end of Q2-2022. The provision cover has increased consistently over the last three quarters when it stood at 69.8% in Q1-2022 and 67.1% at the end of Q4-2021. Bahraini banks' aggregate provisions stood at 70.5% during Q2-2022 while the ratio for the rest of the region remained below the 70% mark. Highlighting that loan-to-deposit ratio fell below the 80% mark for the first time in seven quarters; Kamco Invest said aggregate net loan growth during Q2-2022 stood at 1.9% on a quarterly basis for the GCC banking sector to $1.71tn, mainly led by growth reported by Saudi and the UAE-listed banks. The growth in customer deposits was positive across the GCC during Q2-2022. The aggregate customer deposits' quarter-on-quarter growth for the sector was at a four-quarter high of 4% while the year-on-year growth stood at 9.4% to $2.16tn at the end of Q2-2022. Total bank revenue for the GCC banks registered a healthy q-o-q growth of 4.8% during Q2-2022 to $24.9bn compared to $23.7bn during Q1-2022. The q-o-q increase was led by a broad-based improvement in revenues across the GCC during the quarter. Finding that the increase was mainly led by higher interest rates across the GCC after central banks in the region hiked policy rates following the rate hikes by the US Fed; Kamco said as a result, net interest income increased by a strong 9.6% to $17.1bn. However, this increase was partially offset by a quarter-on-quarter drop in non-interest income that reached $7.7bn in Q2-2022 registering a decline of 4.5%. The drop in non-interest income reflected the quarterly decline in global and regional financial markets during the quarter that affected investments banks’ balance sheet.    

The Qatar Stock Exchange Sunday opened the week weak as its key index lost more than 51 points, although more than 55% of the traded constituents extended gains to investors. The Gulf funds were seen net sellers as the 20-stock Qatar Index settled 0.37% lower at 13,967.04 points, although it touched an intraday high of 14,040 points. The foreign individuals were also seen net profit takers in the market, whose year-to-date gains were at 20.14%. The domestic funds’ net buying weakened substantially in the bourse, whose capitalisation declined more than QR1bn or 0.19% to QR779.57bn, mainly on the back of microcap segments. The Islamic index was seen gaining vis-à-vis declines in the other indices in the market, which saw a total of 0.13mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.61mn changed hands across 67 deals. The foreign institutions’ net buying weakened considerably in the market, which saw no trading of sovereign bonds. The Gulf individuals were seen net buyers in the bourse, which saw no trading of treasury bills. The Total Return Index fell 0.37% to 28,609.04 points and the All Share Index by 0.4% to 4,436.7 points, while the Al Rayan Islamic Index (Price) gained 0.32% to 3,055.18 points. The banks and financial services sector index shrank 1.3%, telecom (0.31%) and insurance (0.24%); while transport gained 2.64%, real estate (0.78%), industrials (0.56%) and consumer goods and services (0.24%). Major losers in the main market included Qatari General Insurance and Reinsurance, Qatar First Bank, Qatar National Cement, Commercial Bank, Qatar Industrial Manufacturing, QNB, Qatar Islamic Bank and Doha Bank. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value. Nevertheless, Widam Food, Doha Insurance, Milaha, Gulf International Services, Ezdan, Dlala, Qatari Investors Group and Gulf Warehousing were among the gainers in the main market. The Gulf institutions turned net sellers to the tune of QR7.59mn compared with net buyers of QR9.22mn on August 18. The foreign individuals were net sellers to the extent of QR6.87mn against net buyers of QR6.03mn last Thursday. The domestic institutions’ net buying declined noticeably to QR45.84mn compared to QR69.48mn the previous trading day. The foreign institutions’ net buying shrank perceptibly to QR2.48mn against QR16.5mn on August 18. However, the Arab individuals turned net buyers to the tune of QR11.33mn compared with net sellers of QR14.91mn last Thursday. The Gulf retail investors were net buyers to the extent of QR1.08mn against net sellers of QR2.58mn the previous trading day. Qatari individuals’ net selling weakened considerably to QR46.27mn compared to QR76.56mn on August 18. The Arab funds had no major net exposure against net profit takers to the tune of QR7.18mn the previous day. Total trade volume in the main market shrank 41% to 224.23mn shares, value by 54% to QR616.84mn and deals by 37% to 14,091. In the venture market, trade volumes stood at 0.52mn equities, value at QR3.63mn and transactions at 179.