Qatar shares inch near 13,000 level on foreign institutional buy support

By Santhosh V Perumal/Business ReporterForeign institutions’ robust buying support yesterday lifted the Qatar Stock Exchange as its key index inched near the 13,000 level.Buying interests were squarely visible at the telecom and banking counters as the 20-stock Qatar Index (based on price data) rose 0.52% to 12,961.4 points.Local retail investors’ buying interest, albeit at lower levels, also helped the rally in the bourse, which is up 24.87% year-to-date.The index that tracks Shariah-principled stocks was seen gaining slower than the other indices in the bourse where trading activities were on the decline.Overall, volumes were mainly skewed towards telecom, banking and realty equities.The 20-stock Total Return Index rose 0.52% to 19,328.25 points, the All Share Index (with wider constituents) by 0.35% to 3,302.65 and the Al Rayan Islamic Index by 0.22% to 4,281.97. All the three indices factored in dividend income as well.Telecom stocks appreciated 1.62%, followed by banks and financial services (0.82%) and industrials (0.26%), while consumer goods shrank 1.81%, real estate 0.8% and insurance lost 0.72%. The transport stock index was unchanged.Major gainers included QNB, Vodafone Qatar, Ooredoo, Masraf Al Rayan, Dlala, Mannai Corporation, Gulf International Services and Doha Insurance.However, Woqod, Ezdan, United Development Company, Aamal Company, Barwa and Qatar Investors Group bucked the trend.Market capitalisation gained 0.29%, or more than QR2bn, to QR731.9bn. Small, large and micro cap equities gained 0.74%, 0.6% and 0.23% respectively, while mid caps treaded a flat path.Foreign institutions’ net buying surged to QR78.17mn against QR57.95mn the previous day.Domestic institutions turned net buyers to the tune of QR9.95mn compared with net sellers of QR47.21mn on Wednesday.Qatari retail investors were net buyers to the extent of QR6.8mn against net sellers of QR38.58mn the previous day.However, non-Qatari individual investors turned net profit-takers to the tune of QR94.92mn compared with net buyers of QR27.75mn on Wednesday.Total trading volume fell 23% to 16.78mn stocks, value by 2% to QR828.96mn and transactions by 16% to 8,265.The transport sector’s trading volume plummeted 73% to 0.82mn equities, value by 73% to QR24.36mn and deals by 54% to 357.The real estate sector saw its trading volume plunge 42% to 2.84mn shares, value by 35% to QR87.72mn and transactions by 20% to 1,195.There was a 26% shrinkage in the industrials sector’s trading volume to 2.01mn stocks, 5% in value to QR180.4mn and 19% in deals to 2,275.The consumer goods sector’s trading volume tanked 17% to 1.57mn equities and value by 3% to QR151.32mn, while transactions expanded 17% to 1,539.The banks and financial services sector reported a 9% decline in trading volume to 2.98mn shares, but there was a 15% rise in value to QR169.76mn. Deals were down 15% to 1,666.However, the telecom sector’s trading volume shot up 13% to 6.32mn stocks and value by 76% to QR204.86mn whereas transactions melted 19% to 1,031.The insurance sector saw its trading volume gain 4% to 0.25mn equities but value fell 12% to QR10.53mn. Deals were up 9% to 202.

QGMD loss widens 6% in Q1Qatari German Company for Medical Devices’ first-quarter net loss widened 6% year-on-year to QR2.81mn despite robust revenues. Revenue almost tripled to QR5.3mn and direct costs more than doubled to QR4.76mn. But the company made a gross profit of QR0.54mn compared to a loss of QR0.13mn, according to its financial statement filed with the Qatar Stock Exchange. Other income plunged 35% to QR0.05mn, whereas selling and distribution expenses rose 28% to QR0.41mn and general and administrative costs by 34% to QR2.31mn. This led to its operating loss widen 1% to QR2.13mn.Finance costs surged 26% to QR0.68mn.Total assets were valued at QR249.06mn, comprising current assets of QR33.79mn and non-current assets of QR215.27mn.Total equity stood at QR173.19mn on a capital base of QR115.5mn and loss-per-share was QR0.24 at the end of March 31, 2014.