The Qatar Exchange (QE) Index declined 164.80 points, or 1.40%, during the trading week, to close at 11,607.03 points. Market capitalisation decreased by 3.12% to reach QR662.2bn as compared to QR683.5bn at the end of the previous week. Of the 43 listed companies, 15 companies ended the week higher while 27 fell and 1 remained unchanged. Islamic Holding Group (IHGS) was the best performing stock for the week, with a gain of 10.00% on 1.8mn shares traded. On the other hand, Mesaieed Petrochemical Holding Company (MPHC) was the worst performing stock with a decline of 17.78% on 21.7mn shares traded.
During the week, Ooredoo Group (ORDS) and Mannai Corporation (MCCS) announced their results. ORDS reported a net profit of QR510.0mn for the fourth quarter of 2013, up by 51.2% on a quarter-over-quarter (QoQ) basis due to a drop in foreign exchange losses. For the full year 2013, the company’s net profit fell by 12.5% year-over-year (YoY) to QR2.6bn due to increased foreign exchange losses (despite higher revenue). FY2013 revenue reached QR33.9bn, reflecting a modest YoY increase of 1.1%. ORDS recommended a QR4 cash dividend with the results (QR5 in 2012). MCCS posted a net profit of QR446.1mn in 2013, up 11.4% from QR400.3mn posted in 2012. In 2012, MCCS acquired a 66% stake in Damas International. In 2013, the company increased its stake in Damas International by an additional 15% by acquiring the remaining shareholding of the founder shareholders, thereby increasing Mannai’s shareholding to 81%. Recently, the company upped its stake in Damas to 100%. Along with its results announcement, MCCS recommended a cash dividend of QR5.50 per share.
Trading value during the week decreased by 3.10% to reach QR3.59bn vs QR3.71bn in the prior week. The Industrials sector, driven by MPHC, led the trading value during the week, accounting for 40.27% of the total equity trading value. Trading volume increased by 2.20% to reach 72.7mn shares vs 71.2mn shares in the prior week. The number of transactions rose by 14.88% to reach 49,006 transactions versus 42,660 transactions in the prior week. The Industrials sector also led the trading volume, accounting for 36.21%.
Foreign institutions remained bullish for the week with net buying of QR80.1mn vs net buying of QR213.2mn in the prior week. Qatari institutions also remained bullish with net buying of QR274.8mn vs net buying of QR113.4mn the week before. Foreign retail investors turned bearish for the week with net selling of QR32.3mn vs net buying of QR16.7mn in the prior week. Qatari retail investors remained bearish with net selling of QR323.0mn vs QR343.3mn the week before. Thus far in 2014, the QE has already witnessed net foreign portfolio investment inflow of $742.3mn.