The Qatar Stock Exchange lost heavily, by more than 215 points, in its key index and about QR12bn in capitalisation last week, which witnessed global prices on a general declining trend owing to apprehensions over global economic slowdown.
Foreign institutions’ buying interests were seen substantially weakening, thus leading to a huge 2.01% decline in the bourse’s 20-stock Qatar Index this week which saw Aamal Company considering stock split, whereby each share will be subdivided into 10 shares.
Insurance, telecom and banking counters witnessed stronger selling pressure this week which saw Qatar Shipping, a subsidiary of Milaha, acquire another 5.9% stake in Nakilat, to effectively raise its total holding to 36.3%.
However, domestic institutions turned bullish this week which witnessed Milaha launch Black Sea Express Service, a direct container feeder route linking Greece, Turkey, Georgia and Russia.
More than 63% of the traded constituents were in the red this week which saw local and non-Qatari individuals continue to be net sellers but with lesser intensity.
Major losers included QNB, Commercial Bank, Qatar Insurance, Qatari Investors Group, Industries Qatar, United Development Company, Barwa, Ooredoo, Vodafone Qatar and Gulf Warehousing; even as Doha Bank, Qatari German Company for Medical Devices, Ezdan, Widam Food and Aamal Company were among the prime gainers this week which saw global insurance rating agency A M Best affirm the financial strength rating of 'A-(Excellent)' and the long-term issuer credit rating of “a-” of Qatar General Insurance and Reinsurance Company with "stable" outlook.
Islamic stocks were seen gaining slower than the main index in the market this week, which saw a total of 114,000 sovereign bonds worth QR1.14bn trade across two deals.
"A dip below 10,580 points would trigger additional weaknesses to 10,200 points and may be lower to 10,000 points," Kamco said, suggesting that medium-term and long-term investors can stay in the market as long as the index is closing above 10,000 points and 9,500 points, respectively.
The Total Return Index plunged 2.01%, All Share Index by 2.4% and Al Rayan Islamic Index (Price) by 1.47% this week which witnessed a total of 14,010 QETF (Doha Bank sponsored ETF) valued at QR1.48mn change hands across 25 transactions.
The insurance index plummeted 6.16%, telecom (2.86%), banks and financial services (2.4%), consumer goods (1.34%) and industrials (0.82%); whereas realty and transport gained 0.23% and 0.01% respectively this week which saw industrials, banking and real estate segments together account for more than 74% of total trade volume.
The industrials sector constituted 31% of the total volume, banks and financial services (22%), realty (21%), telecom (11%), transport (8%), consumer goods (5%) and insurance (2%) this week.
In terms of value, banks and financial sector’s share was 33%, industrials (23%), real estate (14%), consumer goods (11%), telecom (9%), transport (8%) and insurance (3%) this week.
Foreign institutions’ net buying declined significantly to QR118.25mn compared to QR383.82mn the previous week.
However, domestic funds turned net buyers to the tune of QR33.04mn against net sellers of QR2.17mn the week ended February 7.
Qatari individuals net selling weakened substantially to QR142.56mn compared to QR367.15mn a week ago.
Non-Qatari individuals’ net profit booking weakened noticeably to QR8.73mn against QR14.5mn the previous week.
Total trade volume fell 10% to 38.35mn shares, value by 22% to QR1.05bn and transactions by 17% to 24,192 this week.
The banks and financial sector saw 33% plunge in trade volume to 8.45mn equities, 39% in value to QR342.04mn and 40% in deals to 4,310.
The insurance sector’s trade volume plummeted 24% to 0.94mn stocks, value by 24% to QR33.66mn and transactions by 20% to 867.
The market witnessed 22% shrinkage in the real estate sector’s trade volume to 8.19mn shares, 24% in value to QR145.07mn and 24% in deals to 4,514.
However, the telecom sector’s trade volume soared 48% to 4.05mn equities and value more than doubled to QR94.42mn on 75% increase in transactions at 2,893.
There was 8% increase in the industrials sector’s trade volume to 11.82mn stocks but on 19% fall in value to QR240.9mn and 7% in deals to 9,004.
The transport sector’s trade volume expanded 6% jump to 2.98mn shares and value by 19% to QR82.06mn, while transactions fell 12% to 1,200.
The consumer goods sector saw 5% rise in trade volume to 1.92mn equities but on 20% dip in value to QR113.94mn and 37% in deals to 1,404.
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