The Qatar Stock Exchange rebounded from a five-year low to surpass 8,300 levels this week, mainly on foreign funds’ increased net buying.
An across the board buying — particularly in industrials, transport, telecom and realty — led the main barometer surge 2.58% this week which saw QNB report 6% growth year-on-year in net profit to QR10.3bn in the first nine months of this year.
The bullish outlook of non-Qatari individuals also helped the market this week which saw global credit rating agencies Moody's and Fitch assign ratings to QIIB's $2bn sukuk programme.
However, domestic institutions turned bearish and there was increase net profit booking by local retail investors this week which saw Qatar Financial Center outline the vast opportunities for the global companies in the country’s sports sector.
Islamic stocks were, however, seen underperforming the main index this week which witnessed no trading of treasury bills and sovereign bonds.
The market was highly skewed towards gainers this week which witnessed banking, industrials and real estate counters together account for more than 79% of total trading volume.
The banks and financial services sector accounted for 32% of the total volume, industrials and realty (23% each), telecom (10%), transport and consumer goods (4% each), and insurance (2%) this week that saw Qatar's second quarter growth at 0.6% year-on-year.
The banks and financial services’ share in total trade turnover was 45%, industrials (20%), real estate (14%), consumer goods and telecom (6% each), insurance (5%), and transport (4%) this week.
More than 59% of the stocks extended gains with major movers being Industries Qatar, Ooredoo, Nakilat, Qatar Islamic Bank, Doha Bank, Ahli Bank, Qatar Electricity and Water, Gulf International Services, Doha Insurance, Qatar General and Reinsurance, Al Khaleej Takaful, Barwa, Ezdan and Milaha this week.
Nevertheless, Aamal Company, Islamic Holding Group, United Development Company, Mazaya Qatar, Vodafone Qatar and Investment Holding Group were among the losers this week.
Non-Qatari funds’ net buying strengthened impressively to QR75.68mn against QR10.06mn the week ended October 5.
Non-Qatari individual investors were net buyers to the tune of QR12.94mn compared with net sellers of QR7.5mn a week ago.
However, domestic institutions turned net sellers to the extent of QR66.13mn against net buyers of QR14.75mn the previous week.
Local retail investors’ net profit booking increased to QR22.49mn compared to QR17.31mn the week ended October 5.
Total trade volume rose 1% to 38.9mn shares, value by 3% to QR845.6mn and deals by 20% to 12,704.
The insurance sector’s trade volume more than doubled to 0.86mn equities and value almost tripled to QR41.54mn on 24% jump in transactions to 448.
There was 61% surge in the consumer goods sector’s trade volume to 1.63mn stocks, 91% in value to QR49.61mn and 30% in deals to 764.
The real estate sector’s trade volume soared 32% to 9.01mn shares, value by 37% to QR117.5mn and transactions by 68% to 2,524.
The banks and financial services sector saw 28% expansion in trade volume to 12.64mn equities but on 4% fall in value to QR381.52mn despite 17% higher deals to 4,196.
The industrials sector’s trade volume was up 3% to 9.13mn stocks, value by 20% to QR169.81mn and transactions by 10% to 2,608.
However, the market witnessed 58% plunge in the telecom sector’s trade volume to 3.99mn shares, 59% in value to QR47.94mn and 21% in deals to 936.
The transport sector’s trade volume declined 19% to 1.64mn equities and value by 10% to QR37.69mn, whereas transactions shot up 26% to 1,228.
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