The bullish outlook of local and foreign retail investors, as well as Gulf institutions, helped instil confidence in the Qatar Stock Exchange, which surpassed the 10,500 levels this week.
The Islamic equities were seen outperforming the market this week which saw Al Faleh Educational Holding’s entry into the venture market from April 13.
The industrials, real estate and telecom counters witnessed higher than average demand this week which saw QSE chief executive Rashid bin Ali al-Mansoori highlight the “pivotal” role of Qatar Development Bank in supporting the venture market.
The weakened net selling pressure of the Gulf and Arab individuals as well as the domestic institutions also had role in sustaining the positive sentiments this week, which saw an international credit rating agency Capital Intelligence affirm the short term and long term foreign currency rating of the Qatar Islamic Bank with “stable” outlook.
A half of the traded constituents extended gains this week, which saw Nebras Power, a joint venture of Qatar Electricity and Water Company, expand into Ukrainian markets by acquiring six solar projects and entering into a partnership agreement with UDP Renewables (UDPR) and their parent holding company UFuture.
Nevertheless, the foreign institutions’ net buying substantially declined this week, which saw the container and cargo throughput via Hamad, Doha and Al Ruwais ports record strong growth in the first quarter (Q1) of this year.
The Arab institutions were seen bearish, albeit at lower levels, this week which saw Qatar’s automobile sector witness robust expansion particularly in heavy equipment in Q1 2021.
Amidst the overall bullish momentum, the insurance, transport and banking counters witnessed net profit booking this week which saw a total of 195,489 Masraf Al Rayan-sponsored exchange traded fund QATR valued at QR486,006 change hands across 36 transactions.
Market capitalisation saw about QR8bn or 1.29% increase to QR616.02bn, mainly on small cap segments this week which saw a total of 70,859 Doha Bank-sponsored QETF valued at QR743,378 traded across 13 deals.
The industrials index soared 3.09%, realty (2.27%), telecom (1.39%) and consumer goods and services (0.97%); whereas insurance declined 0.44%, transport (0.33%) and banks and financial services (0.19%) this week.
Major gainers included Investment Holding Group, Qamco, Salam International Investment, Ezdan and Qatari Investors Group; while Zad Holding, Qatar Islamic Insurance, Inma Holding, Qatari German Medical Devices and Al Khaleej Takaful were among the losers this week.
The local retail investors turned net buyers to the tune of QR16.42mn against net sellers of QR171.76mn a week ago.
The Gulf institutions were net buyers to the extent of QR9.66mn compared with net sellers of QR41.39mn the previous week.
The foreign individuals were net buyers to the tune of QR1.29mn against net sellers of QR3.22mn the week ended April 1.
The domestic funds’ net selling declined considerably to QR22.86mn compared to QR48.08mn a week ago.
The Gulf individuals’ net selling eased markedly to QR42.19mn against QR58.74mn the previous week.
The Arab individuals’ net selling shrank notably to QR0.64mn compared to QR20.82mn the week ended April 1.
However, foreign funds’ net buying weakened significantly to QR38.97mn against QR343.76mn a week ago.
The Arab funds were net profit takers to the extent of QR0.42mn compared with net buyers of QR0.02mn the previous week.
Total trade volume declined more than 10% to 2.23mn shares, while value more than doubled to QR3.22bn despite 2% lower transactions at 53,427 this week.