The sovereign and underlying companies’ ratings upgrade has to a large extend masked the global uncertainty, ahead of the US inflation data, thus helping the Qatar Stock Exchange gain a huge 251 points in key barometer and about QR13bn in capitalisation this week.
The foreign institutions were increasingly net buyers as the 20-stock Qatar Index surged 2.04% this week which saw Moody’s, a global credit rating agency, affirm the ratings of QatarEnergy, Industries Qatar and Qatar General Electricity and Water (Kahramaa) and upgrade their outlook to "positive" from "stable".
The telecom and consumer goods sector witnessed higher than average demand in the market this week which saw Moody's affirm the 'A1' guaranteed senior secured debt rating of RasGas 3 as well as the 'A1' senior secured debt rating and the 'A2' senior subordinated debt rating of Nakilat Inc.
The Arab retail investors were seen net buyers this week which saw Standard and Poor’s (S&P) upgrade Commercial Bank’s long-term issuer credit rating to ‘A-’ from ‘BBB+’ and affirm the ‘A-2’ short-term rating.
The Gulf individuals’ substantially weakened net selling had its influence in the market this week which saw Lesha Bank acquire the second phase of a company headquarters (the "Campus"), in Columbus Ohio in the US.
The Islamic index was seen outperforming the other indices this week which saw S&P find that Qatar’s hospitality, realty, retail and telecom sectors to reap the maximum benefit from the World Cup, which will begin in more than a week.
More than 65% of the traded constituents extended gains to investors this week which saw a total of 0.28mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.76mn trade across 27 deals.
Trade turnover and volumes were on the decline in the main market; while the venture market saw higher value and volumes this week, which saw as many as 0.1mn Doha Bank-sponsored QETF valued at QR1.2mn change hands across 60 transactions.
Market capitalisation was seen gaining QR12.98bn or 1.89% to QR700.18bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute more than 59% of the total trade volume in the main market.
The Total Return Index zoomed 2.04%, All Share Index by 1.76% and All Islamic Index by 2.63% this week, which saw no trading of sovereign bonds.
The telecom sector soared 6.55%, consumer goods and services (2.17%), industrials (1.87%), banks and financial services (1.7%), transport (0.61%) and realty (0.53%); while insurance fell 0.88% this week, which saw no trading of treasury bills.
Major gainers in the main market included Mannai Corporation, Ooredoo, Qatar Electricity and Water, Baladna, Qatar Islamic Bank, QIIB, Alijarah Holding, Woqod, Qatar National Cement, Qatari Investors Group, Mesaieed Petrochemical Holding, Qamco, Mazaya Qatar and Vodafone Qatar. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares appreciate in value this week.
Nevertheless, Dlala, Widam Food, Qatari German Medical Devices, Qatar Industrial Manufacturing and QLM saw their shares depreciate in value this week.
The foreign funds’ net buying increased considerably to QR390.6mn compared to QR330.04mn the week ended November 4.
The Arab individuals turned net buyers to the tune of QR7.86mn against net profit takers of QR9.19mn the previous week.
The Gulf retail investors’ net selling declined substantially to QR8.45mn compared to QR78.83mn a week ago.
The Qatari individuals’ net profit booking fell markedly to QR87.02mn against QR101.5mn the week ended November 4.
However, the domestic funds’ net selling grew significantly to QR210.21mn compared to QR145.65mn the previous week.
The Gulf institutions’ net profit booking expanded drastically to QR59.2mn against QR8.09mn a week ago.
The foreign individuals were net sellers to the extent of QR33.33mn compared with net buyers of QR13.04mn the week ended November 4.
The Arab institutions turned net profit takers to the tune of QR0.27mn against net buyers of QR0.18mn the previous week.
Total trade volume in the main market shrank 43% to 567.14mn shares, value by 18% to QR2.24bn and deals by 4% to 81,401.
The venture market saw a 61% surge in trade volumes to 1.18mn equities, 77% in value to QR9.14mn and 40% in transactions to 492.
Related Story