By Santhosh V Perumal
Business Reporter

The precipitous gains in the last two days could not be of much help to the Qatar Stock Exchange as its key index languished in the negative terrain, failing to break the 12,000 psychological levels during the week.
Islamic stocks, however, were seen outperforming the market during the week that saw a higher 49% foreign ownership limit being effected in the Doha Bank stocks.
Buying interests in the consumer goods, insurance and telecom notwithstanding, the 20-stock Qatar Index was down 0.07% during the week that witnessed Gulf Drilling International, a subsidiary of Gulf International Services (GIS), forewarn that its net earnings will be "negatively impacted" due to the sharp decline in oil prices.
Bahrain had reported 3.14% plunge; while Dubai surged 8.68%, Saudi Arabia (3.36%), Abu Dhabi (2.04%), Kuwait (0.29%) and Muscat (0.02%) during the week that saw Aamal Company establish 51:49 joint venture with German retail mall and shopping centre operator ECE Projektmanagement.
The market opened the week on a flatter note but subsequent strong profit booking in the next two days took the index to a low of 11,778 points. Thereafter, strong buying ensued for the remaining two days and thus the index settled near the 12,000 mark.
The Qatari bourse has so far (year-to-date) reported 2.49% decline against Kuwait’s 3.67% fall, Bahrain’s 2.26% and Muscat’s 1.14%; while Saudi Arabia gained 11.01%, Dubai (8.11%) and Abu Dhabi (2.8%).
The Qatari bourse’s overall bearish momentum has been predominantly due to selling pressure from foreign institutions during the week which saw the overall trading volume largely skewed towards the real estate and industrials sectors.
Large cap stocks witnessed the maximum profit booking pressure during the week which witnessed Qatar launching the Middle East’s first renminbi centre, a move that could give domestic banks more business and revenues.
The 20-stock Total Return Index was down 0.07% and All Share Index (comprising wider constituents) by 0.02%; while Al Rayan Islamic Index soared 1.18% during the week that saw decliners outnumber movers.
Industrials stocks fell 0.62%, transport (0.21%) and realty (0.19%); whereas consumer goods gained 1.46%, insurance (1.03%) and telecom (0.99%) during the week.
Of the 43 stocks, only 19 gained, while 21 declined and three were unchanged. Six each of the 12 banks and financial services, five of the nine industrials, three each of the eight consumer goods and the five insurers, two of the four real estate and one each of the two telecom and the three transport stocks closed lower during the week.
Major shakers included QNB, Dlala, International Islamic, Qatar National Cement, Mannai Corporation, GIS, Mesaieed Petrochemical Holding, United Development Company, Ezdan and Nakilat during the week.
However, Industries Qatar, Qatari Investors Group, Barwa, Mazaya Qatar, Ooredoo, Doha Bank and Ahlibank Qatar bucked the trend during the week.
Market capitalisation fell 0.05% or QR34mn to QR643.15bn mainly on 0.49% decline in large cap stocks; while small, mid and micro caps gained 1.9%, 0.65% and 0.15% respectively during the week.
Large cap equities have fallen 7.5% year-to-date; whereas micro, small and mid caps appreciated 2.6%, 2.34% and 1.15% respectively.
Foreign institutions turned net sellers to the tune of QR113.04mn against net buyers of QR15.02mn the week ended April 9.
However, domestic institutions turned net buyers to the extent of QR12.54mn compared with net sellers of QR19.81mn the previous week.
Local retail investors also turned net buyers to the tune of QR42.71mn against net profit takers of QR4.29mn the week ended April 9.
Non-Qatari retail investors’ net buying strengthened to QR57.99mn compared to QR9.08mn the previous week.
A total of 44.23mn shares valued at QR1.96bn changed hands across 25,097 transactions during the week.
The real estate sector saw a total of 12.3mn equities worth QR311.08mn change hands across 4,316 transactions and as many as 7.48mn banking stocks valued at QR422.74mn trade in 5,546 deals.
The industrials sector saw a total of 10.76mn shares worth QR846.37mn changed hands across 9,190 transactions and the telecom sector witnessed 8.64mn equities valued at QR187.59mn trade in 2,793 deals.
The market saw a total of 3.34mn consumer goods shares worth QR125.46mn change hands across 2,134 transactions.
The transport segment recorded 1.37mn shares valued at QR44.67mn trade in 875 deals and the insurance saw a total of 0.33mn equities worth QR21.31mn change hands across 243 transactions.
In the debt market, there was no trading of treasury bills and government bonds during the week.