Business
QSE maintains upward trajectory despite US rate uncertainty; M-cap adds QR7bn
March 10, 2023 | 06:29 PM
Notwithstanding the concerns on the US rates, the Qatar Stock Exchange remained on an upward trajectory for the second consecutive week and its key index gained as much as 115 points in key index and QR7bn in capitalisation.The banking, real estate, telecom, industrials and consumer goods counters witnessed higher than average demand as the 20-stock Qatar Index grew 1.08% this week which saw the Qatar Financial Center report that found the country’s private sector rebound in February this year on improved demand in the non-energy sectors.The Gulf funds were seen bullish this week, which saw the Qatar Development Bank join hands with the QSE by providing funds up to QR4.6mn or 70% of the listing fees of every eligible small and medium-sized enterprise wishing to get listed on the venture market.About 54% of the traded constituents extended gains to investors in the main market this week, which saw Dukhan Bank enter into pact with Wasata Financial Services and Commercial Bank Financial Services for liquidity provision.The foreign retail investors were seen net buyers this week which saw Qatar Electricity and Water Company enter into a nine-year gas turbine service contract with General Electric.The Gulf individual investors were also seen net buyers in the main market this week, which saw the QSE announce rejigging of its main barometer by including Vodafone Qatar in place of Qatar Insurance, effective from April 1.The Islamic index was seen gaining slower than the other indices in the main market this week which saw a total of 0.61mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR1.47mn trade across 39 deals.Trade turnover and volumes were on the decline in the main market this week, which saw as many as 0.07mn Doha Bank-sponsored exchange traded fund QETF valued at QR0.74mn change hands across 39 transactions.Market capitalisation was seen gaining QR7.03bn or 1.15% to QR618.29bn on the back of mid and small cap segments this week which saw the industrials and banking sectors together constitute about 62% of the total trade volume in the main market.The Total Return Index gained 1.26%, All Share Index by 1.28% and All Islamic Index by 0.75% this week, which saw no trading of sovereign bonds.The banks and financial services sector index shot up 2.05%, realty (1.62%), telecom (1.35%), industrials (1.23%) and consumer goods and services (1.11%); while insurance declined 3.14% and transport (2.59%) this week which saw no trading of treasury bills.Major gainers in the main market included Mannai Corporation, Salam International Investment, Mazaya Qatar, Beema, Dukhan Bank, Qatar Islamic Bank, QNB, Lesha Bank, Masraf Al Rayan, Mesaieed Petrochemical Holding, Estithmar Holding, Barwa, Vodafone Qatar and Gulf Warehousing this week which saw Capital Intelligence (CI) affirm the long-term foreign currency rating (LT FCR) and short-term foreign currency rating (ST FCR) of Commercial Bank at ‘A+’ and ‘A1’, respectively with "stable" outlook.Nevertheless, QLM, Doha Insurance, United Development Company, Qatar Insurance, Qatar General Insurance and Reinsurance, Dlala, Qatari German Medical Devices, Baladna, Aamal Company, Qatari Investors Group, Ooredoo, Nakilat and Milaha in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value this week which saw CI affirm the (LT FCR and ST FCR of Ahlibank at ‘A+’ and ‘A1’, respectively with "stable" outlook.The Gulf institutions turned net buyers to the tune of QR25.69mn compared with net sellers of QR64.75mn the week ended March 2.The foreign individuals were net buyers to the extent of QR9.53mn against net sellers of QR4.66mn a week ago.The Gulf individuals turned net buyers to the tune of QR1.42mn compared with net profit takers of QR0.98mn the previous week.The Arab funds turned net buyers to the extent of QR0.03mn against net sellers of QR0.09mn the week ended March 2.The Arab individual investors’ net selling shrank noticeably to QR1.51mn compared to QR6.81mn a week ago.However, the domestic institutions’ net selling increased significantly to QR107.85mn against QR61.79mn the previous week.The local retail investors were net sellers to the tune of QR12.13mn compared with net buyers of QR7.37mn the week ended March 2.The foreign funds’ net buying weakened substantially to QR84.79mn against QR131.71mna week ago.Total trade volume in the main market shrank 12% to 576.01mn shares, value by 26% to QR1.67bn and deals by 19% to 54,713.
March 10, 2023 | 06:29 PM