Islamic equities defied the overall bearish trend on the Qatar Stock Exchange, which lost about 47 points in its key barometer this week.

The Gulf funds turned bearish and foreign funds were increasingly net sellers this week which saw the global credit rating agency Moody’s view that the Industries Qatar’s (IQ) substantial cash and minimal debt give IQ the financial flexibility to consolidate ownership in its joint ventures.

The telecom, banking, consumer goods and transport counters witnessed higher-than-average profit booking as the 20-stock Qatar Index fell 0.47% this week which saw Ahlibank Qatar’s $500mn bond issue oversubscribe more than three times.

Trading volume and value were on the increase this week which saw Barwa signs pact with Ashghal to develop eight schools under the first phase of public private partnership.

The Gulf individuals were seen increasingly net sellers this week which saw Doha Bank’s insurance subsidiary DBAC rebranded as Sharq Insurance.

However, domestic funds and non-Qatari individuals were seen bullish on the market this week which saw 1.33mn Masraf Al Rayan sponsored exchange traded funds QATR valued at QR3.02mn trade across 51 transactions.

Local and Arab retail investors turned net buyers this week which saw a total of 30,131 Doha Bank sponsored QETF valued at QR292,367 change hands across 11 deals.

Market capitalisation saw more than QR1bn or 0.19% jump to QR573.26bn, mainly on microcap segments this week which saw more than 55% of the traded constituents extend gains to investors.

The Total Return Index shed 0.47% and the All Share Index by 0.71%, while Al Rayan Islamic Index rose 0.43% this week which saw four of the seven sectors experience selling pressure.

The telecom index plunged 2.64%, banks and financial services (1.51%), consumer goods and services (1.31%) and transport (1.15%); while real estate soared 3.57%, industrials (1.12%) and insurance (0.2%) this week which saw container movement through Hamad, Doha and Ruwais ports grew about 4% year-on-year in August 2020.

Major losers included Inma Holding, Qatari Investors Group, Ooredoo, Doha Bank, Nakilat, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Al Khaliji, Medicare Group, Woqod, Al Meera, Qatar Electricity and Water, Mazaya Qatar and Vodafone Qatar this week which saw Qatar’s automobile sector witness strong momentum in July 2020.

Nevertheless, Salam International Investment, Ezdan, Qamco, Ahlibank Qatar, Alijarah Holding, Qatar German Company for Medical Devices, IQ, Qatar Islamic Insurance, United Development Company and Barwa were among the gainers this week which saw industrials and realty sectors together account for about 64% of total trading volume.

The Arab funds continued to be net buyers but with lesser intensity this week which saw the industrials sector account for 42% of the total trading volume, real estate (22%), consumer goods and services (16%), banks and financial services (13%), telecom (4%), transport (2%) and insurance (1%) this week.

In value, the banks and financial sector’s share was 29%, industrials (27%), realty (22%), consumer goods and services (13%), telecom (5%), transport (4%) and insurance (1%) this week.

The Gulf funds turned net sellers to the tune of QR215.11mn compared with net buyers of QR27.61mn a week ago.

Foreign funds’ net selling increased substantially to QR169.58mn against QR59.17mn the week ended August 27.

The Gulf individuals’ net profit booking rose notably to QR4.49mn compared to QR2.1mn the previous week.

The Arab institutions’ net buying weakened marginally to QR0.1mn against QR0.18mn a week ago.

However, domestic funds’ net buying rose substantially to QR201.32mn compared to QR117.28mn the week ended August 27.

Qatari individuals were net buyers to the extent of QR109.64mn against net sellers of QR91.25mn the previous week.

The Arab individuals turned net buyers to the tune of QR55.14mn compared with net sellers of QR3.94mn a week ago.

Foreign individuals’ net buying grew significantly to QR22.76mn against QR11.83mn the week ended August 27.

Total trading volume rose 19% to 2.05bn shares, value by 22% to QR3.21bn and transactions by 7% at 60,580.

The telecom sector’s trade volume more than quadrupled to 76.99mn equities and value more than tripled to QR1568.74mn on more than doubled deals to 4,717.

The industrials sector reported 46% surge in trade volume to 863.95mn stocks, 44% in value to QR858.14mn and 17% in transactions to 17,256.

The consumer goods sector’s trade volume soared 35% to 340.98mn shares, while value declined 14% to QR400.62mn and deals by 1% to 8,034.

There was 21% surge in the transport sector’s trade volume to 43.99mn equities but on 1% fall in value to QR139.83mn and 11% in transactions to 3,189.

The real estate sector’s trade volume was up 8% to 442.69mn stocks, value by 29% to QR693.18mn and deals by 6% to 11,372.

However, the insurance sector’s trade volume plummeted 65% to 11.64mn shares, value by 68% to QR20.59mn and transactions by 48% to 696.

The banks and financial services sector saw 29% plunge in trade volume to 264.8mn equities but on 21% growth in value to QR936.64mn despite less than 1% lower deals to 15,316.

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