The Qatar Stock Exchange, which opened the week weak, rebounded in the subsequent sessions but overall it continued to be under net selling pressure this week which otherwise saw the bourse seek listing from Qatar Inc as it ensured liquidity provision for the existing and potential companies.
Local retail investors were seen hurriedly squaring off their position this week which saw Industries Qatar (IQ) project QR4.6bn total capital expenditure for 2020-24 with as much as 48% of it going for the fertiliser segment.
Consumer goods, insurance and industrials counters witnessed higher than average profit booking pressure this week which saw Ooredoo outline an ambitious digital strategy, especially smart stadium solutions and services, to sustain its market leadership and generate long-term shareholder value.
Non-Qatari individuals were increasingly bearish as the 20-stock Qatar Index settled 1.9% lower this week which saw United Development Company (UDC) say its QR5.5bn investments in long-term projects would ensure 'sustainable growth.
The market had touched a low of 9,216 points on Sunday before rebounding, albeit at lower levels, this week which saw UDC sign an agreement with Corinthia Hotels to manage and operate Corinthia Doha, which will be located in its newest flagship real estate development; Gewan Island.
About 61% of the traded constituents were in the red this week which saw no trading of sovereign bonds and treasury bills.
However, domestic institutions were increasingly net buyers this week which saw as many as 202,223 Masraf Al Rayan sponsored exchange traded funds QATR valued at QR409,219 change hands across 16 transactions.
Non-Qatari funds continued to be net sellers but with lesser intensity this week which saw 1,000 Doha Bank sponsored QETF worth QR9,000 traded across two deals.
Trade turnover and volumes were on the increase this week which saw Al Rayan Investment, a subsidiary of Masraf Al Rayan, disclose its plans regarding establishing a full-fledged digital bank with an expected paid-up capital of $10mn in the Astana International Financial Center.
Market capitalisation eroded 5.66% or about QR6bn to QR520.31bn mainly dragged by small and midcap segments this week.
Islamic stocks were seen declining faster than the other conventional entities this week which saw real estate and banking sectors together constitute more than 50% of total trading volume.
The Total Return Index shed 1.2%; Al Rayyan Islamic Index 3.35% and All Share Index 0.65% this week.
The consumer goods index plummeted 8.1%, insurance (4.05%), industrials (3.48%) and realty (0.58%); whereas telecom gained 2.05%, banks and financial services (1.14%) and transport (0.71%) this week.
Major losers included IQ, Qatar Insurance, Qatar National Cement, Mesaieed Petrochemical Holding, Qatar Insurance, Al Khaleej Takaful, Qatar Islamic Bank, Masraf Al Rayan, al khaliji, Qatar Oman Investment, UDC, Salam International Investment, Woqod and Qatar German Company for Medical Devices this week.
Nevertheless, Qatar General Insurance and Reinsurance, Qatar Electricity and Water, Aamal Company, Gulf International Services, Barwa, QNB, Commercial Bank, Doha Bank and QIIB were among the gainers this week.
Local retail investors were net sellers to the tune of QR131.99mn compared with net buyers of QR36.65mn a week ago.
Non-Qatari individuals’ net selling increased marginally to QR4.42mn against QR3.14mn the previous week.
However, domestic institutions’ net buying grew significantly to QR277.84mn compared to QR179.61mn a week ago.
Foreign institutions’ net profit booking fell considerably to QR141.43mn against QR213.12mn the previous week.
Total trading volume rose 19% to 461.97mn shares and value by 17% to QR1.47bn, while transactions fell 12% to 32,397.
The consumer good’s trade volume more than doubled to 83.84mn equities and value more than doubled to QR314.79mn on 54% increase in deals to 4,491.
The insurance sector reported 31% surge in trade volume to 22.14mn stocks, 15% in value to QR48.74mn and 15% in transactions to 1,422.
The real estate sector’s trade volume soared 19% to 121.72mn shares and value by 8% to QR117.76mn, while deals fell 13% to 4,117.
There was 9% expansion in the transport sector’s trade volume to 12.25mn equities and 3% in value to QR31.37mn but on 38% shrinkage in transactions to 744.
The telecom sector’s trade volume was up 6% to 28.47mn stocks and value by 8% to QR113.13mn, whereas deals declined 11% to 5,134.
The banks and financial services saw 2% jump in trade volume to 105.13mn shares and 2% in value to QR636.64mn but on 26% contractions in transactions to 9,999.
However, the industrials sector’s trade volume was down 6% to 82.41mn equities, value by 6% to QR212.32mn and deals by 12% to 6,490.