More than 57% of the traded constituents extended gains on the Qatar Stock Exchange, whose key index inched near 10,350 levels this week.
Domestic institutions’ weakened net selling pressure was largely instrumental in lifting the index this week which saw Gulf International Services' (GIS) fully-owned subsidiary Gulf Helicopters Company acquire a 49% stake in Morocco-based aviation and medical evacuation firm Air Ocean Maroc, for $1mn.
The decline in the first two days was more than offset by gains in the subsequent three days this week which saw Commercial Bank register more than 6% year-on-year expansion in its consolidated net profit to QR431mn in the first quarter this year.
Foreign institutions continued to bet net buyers but with lesser intensity this week which witnessed Qatar Islamic Bank (QIB) report a 10% year-on-year growth in net profit to QR685.2mn in the first three months of this year.
Local retail investors were increasingly net sellers notwithstanding, the 20-stock Qatar Index gained as much as 89 points this week which saw Masraf Al Rayan report a 2.5% jump year-on-year in net profit to QR544mn during January-March this year.
Five of the seven sectors witnessed buying interests this week which saw Qatar streamline investment and business activities by providing support for commercial companies to boost confidence in the local business environment and enhance partnerships with private sector to build a competitive and diversified economy.
Non-Qatari individuals continued to be net buyers but with lesser vigour this week which saw Qatar General and Reinsurance Company explore investment opportunities and boost its competitiveness as part of rewarding shareholders.
Market capitalisation expanded 0.78% or about QR5bn to QR579.35bn mainly on account of large and small cap equities this week which saw as many as 1,151 Masraf Al Rayan sponsored exchange traded funds QATR valued at QR0.03mn trade across five deals.
Major gainers included Qatar First Bank, Commercial bank, QIB, QNB, Qatari German Company for Medical Devices, Mesaieed Petrochemical Holding, Vodafone Qatar, United Development Company, Dlala, Salam International Investment and Qatar Oman Investment; whereas QIIB, Zad Holding, Qatar National Cement, Aamal Company and Mazaya Qatar were among the losers this week which saw a total of 266 Doha Bank sponsored QETF valued at QR0.03mn change hands across two transactions.
The Total Return Index gained 0.87% and All Share Index by 0.79%, while Al Rayan Islamic Index (Price) was down 0.01% this week.
The banks and financial services index grew 1.58%, transport (0.52%), telecom (0.49%), insurance (0.45%) and industrials (0.01%); whereas real estate and consumer goods declined 0.09% and 0.01% respectively this week which saw banking and real estate segments together account for about 66% of total trade volume.
The banks and financial sector accounted for 34% of the total volume, industrials (31%), realty (14%), telecom (9%), consumer goods (7%, and insurance and transport (2% each) this week.
In terms of value, banks and financial services’ share were 41%, industrials (28%), real estate (11%), consumer goods (8%), telecom (5%), and insurance and transport (3% each) this week.
Domestic funds’ net profit booking declined substantially to QR30.95mn compared to QR79.3mn a week ago.
However, local retail investors’ net selling grew significantly to QR80.63mn against QR45.89mn the week ended April 4.
Foreign institutions’ net buying decreased noticeably to QR110.02mn compared to QR118.51mn the previous week.
Non-Qatari individuals’ net buying weakened perceptibly to QR1.56mn against QR6.68mn a week ago.
Total trade volume grew 11% to 80.19mn shares, value by 1% to QR1.3bn and transactions by 3% to 30,077 this week.
The consumer goods sector’s trade volume more than doubled to 5.26mn equities, value grew 8% to QR106.57mn and deals by 31% to 2,256.
The market witnessed 53% surge in the insurance sector’s trade volume to 2mn stocks, 36% in value to QR45.13mn and 18% in transactions to 1,197.
There was 45% increase in the industrials sector’s trade volume to 25.22mn shares, 23% in value to QR361.09mn and 14% in deals to 11,070.
The banks and financial sector’s trade volume shot up 39% to 27.42mn equities, value by 26% to QR539.16mn and transactions by 32% 7,549.
The telecom sector reported 19% expansion in trade volume to 7.4mn stocks but on 28% decline in value to QR68.68mn and 32% in deals to 1,717.
The transport sector’s trade volume was up 3% to 1.34mn shares, while value fell 17% to QR36.76mn despite 18% higher transactions at 974.
However, the real estate sector saw 52% plunge in trade volume to 11.55mn equities, 51% in value to QR143.1mn and 32% in deals to 5,314.