Optimism returns in QSE as index soars 300 points; M-cap adds QR16bn

The optimism on growth prospects in China had its positive effect on the Qatar Stock Exchange (QSE), which saw its key index gain as much as 300 points and capitalisation add more than QR16bn this week.The foreign institutions were seen net buyers as the 20-stock Qatar Index shot up 2.77% this week which saw Commercial Bank report net profit of QR2.81bn during 2022.The banking counter particularly witnessed higher than average demand this week which saw the constitutional assembly of Dukhan Bank give its nod to convert the lender into a public entity through a direct listing on the QSE.More than 65% of the traded constituents were seen gainers this week, which saw Vodafone Qatar rings in net profit of QR502mn during 2022.The Arab retail investors were increasingly net buyers this week which saw QIIB report net profit of QR1.07bn net profit during 2022.The Gulf institutions’ weakened net selling had its influence in the main market this week which saw Gulf International Services’ subsidiary Al Koot and Doha Insurance call off their merger talks.The Islamic index was seen declining slower than the main index this week which saw Gulf Warehousing earn net profit of QR239.6mn during 2022.Nevertheless, the domestic funds were increasingly net sellers this week which saw a total of 0.22mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.53mn trade across 29 deals.Trade turnover and volumes were on the decline in the main market this week, which saw as many as 0.39mn Doha Bank-sponsored exchange traded fund QETF valued at QR4.3mn change hands across 115 transactions.Market capitalisation was seen expanding QR16.07bn or 2.62% to QR630.34bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute more than 65% of the total trade volume in the main market.The Total Return Index shot up 2.77%, All Share Index by 2.69% and All Islamic Index by 2.06% this week, which saw no trading of sovereign bonds.The banks and financial services sector index zoomed 4.69%, real estate (1.89%), industrials (1.49%) and transport (0.13%); while insurance declined 2.55%, consumer goods and services (1.27%) and telecom (0.34%) this week which saw no trading of treasury bills.Major gainers in the main market included Commercial Bank, Mekdam Holding, Vodafone Qatar, Gulf International Services, QNB, Qatar Islamic Bank, QIIB, Qatari German Medical Devices, Salam International Investments, Aamal Company, Mesaieed Petrochemical Holding, Qamco, Doha Insurance, Beema, Ezdan and Barwa this week.Nevertheless, Zad Holing, Ahlibank Qatar, Al Meera, Qatar Insurance, Inma Holding, Dlala, Alijarah Holding, QLM, Ooredoo, Gulf Warehousing and Nakilat were among the losers in the main market this week which saw Al Mahhar Holding outline its plans to seek listing in the venture market of the QSE.The foreign funds were net buyers to the tune of QR189.28mn compared with net sellers of QR38.67mn the week ended January 19.The Arab individuals’ net buying increased considerably to QR17.25mn against QR3.97mn the previous week.The Gulf institutions’ net selling weakened significantly to QR31.76mn compared to QR54.03mn a week ago.However, the domestic funds turned net sellers to the extent of QR135.83mn against net buyers of QR28.4mn the week ended January 19.The local retail investors were net sellers to the tune of QR47.21mn compared with net buyers of QR48.36mn the previous week.The Gulf retail investors turned net profit takers to the extent of QR1.82mn against net buyers of QR0.98mn a week ago.The Arab institutions were net sellers to the tune of QR0.05mn compared with net buyers of QR0.39mn the week ended January 19.The foreign individuals’ net buying eased marginally to QR10.15mn against QR10.6mn the previous week.Total trade volume in the main market decreased 5% to 677.67mn shares, value by 13% to QR2.32bn and deals by 23% to 74,022.