The US rate conundrum had its reflection in the Qatar Stock Exchange, which saw its key index plunge 169 points and capitalisation erode QR10bn this week.
The domestic funds were increasingly into net selling as the 20-stock Qatar Index fell 1.59% this week, which otherwise saw Qatar report about 56-fold year-on-year growth in budget surplus to QR89bn in 2022.
The insurance, consumer goods and telecom counters witnessed higher than average selling pressure this week which saw Qatar Insurance Company (QIC), report gross written premiums of QR9.8bn in 2022.
The local retail investors were seen bearish this week which saw QLM report net profit of QR83.29mn in 2022.
More than 60% of the traded constituents were in the red this week, which saw Beema register net profit of QR56.62mn in 2022.
The Gulf retail investors were seen increasingly net profit takers this week which saw Gulf International Services’ subsidiary Amwaj set to become the go-to player for all large-scale catering in Qatar and, potentially, in the wider region after merging Atyab and selected entities of Shaqab.
The Islamic index was seen declining faster than main index this week which saw Dukhan Bank, the third largest and fastest growing Islamic lender begin trading to make the QSE reach half-century in listed constituents.
The Gulf institutions’ weakened net buying had its influence in the main market this week which saw Baladna enter into a manufacturing agreement with global cheese and snack giant The Bel Group.
However, the foreign funds were increasingly net buyers in the main market this week which saw the London Stock Exchange group entity FTSE Russell include Doha Insurance under microcap segment in its global equity indices and upgrade Estithmar Holding to small cap from microcap.
The foreign retail investors were seen net buyers this week which saw FTSE Russell delete Qatar Insurance from midcap, Qatari German Medical Devices from microcap and QLM from microcap.
Trade turnover declined amidst higher volumes in the main market this week, which saw a total of 0.29mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.68mn trade across 26 deals.
Market capitalisation was seen eroding QR9.66bn or 1.62% to QR603.63bn on the back of midcap segments this week which saw as many as 0.07mn Doha Bank-sponsored exchange traded fund QETF valued at QR0.78mn change hands across 38 transactions.
The Total Return Index knocked off 1.14%, All Share Index by 1.1% and All Islamic Index by 2.08% this week, which saw the industrials and banking sectors together constitute more than 66% of the total trade volume in the main market.
The insurance sector index plummeted 4.53%, consumer goods and services (1.77%), telecom (1.59%), banks and financial services (1.54%), real estate 91.07%) and industrials (0.22%); while transport gained 1.77% this week which saw no trading of sovereign bonds and treasury bills.
Major losers in the main market included Qatar National Cement, QLM, Vodafone Qatar, Doha Bank, Qatar Industrial Manufacturing, Qatar Islamic Bank, QIC, Woqod and Qamco this week which saw Capital Intelligence raise the long-term foreign currency ratings of QIB and QIIB.
Nevertheless, Estithmar Holding, Al Khaleej Takaful, Mannai Corporation, Gulf Warehousing, Aamal Company, Lesha Bank, Inma Holding, Mazaya Qatar, Ezdan and Nakilat were among the gainers in the main market. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value this week.
The domestic institutions’ net selling increased markedly to QR86.72mn compared to QR76.68mn the week ended February 16.
The local retail investors turned net sellers to the tune of QR24.19mn against net buyers of QR7.8mn the previous week.
The Gulf individuals’ net profit booking strengthened perceptibly to QR2.95mn compared to QR1.13mn a week ago.
The Gulf institutions’ net buying weakened substantially to QR29.37mn against QR56.87mn the week ended February 16.
However, the foreign funds’ net buying increased significantly to QR80.4mn compared to QR23.95mn the previous week.
The foreign individuals were net buyers to the extent of QR4.12mn against net sellers of QR5.73mn a week ago.
The Arab funds turned net buyers to the tune of QR0.62mn compared with net profit takers of QR0.8mn the week ended February 16.
The Arab individual investors’ net selling shrank noticeably to QR0.65mn against QR4.28mn the previous week.
Total trade volume in the main market rose 11% to 637.54mn shares, whereas value declined 3% to QR2.04bn and deals by 7% to 67,175.
