Index vaults 215 points; M-cap adds QR12bn despite truncated session in QSE

The Qatar Stock Exchange (QSE) witnessed more than 85% of the traded constituents extend gains to investors this week, which had only two trading sessions in view of the Eid holidays.

Despite the truncated session, the 20-stock Qatar Index shot up 2.17% or 215 points and capitalisation add as much as QR12bn this week which saw a Kamco Investor report that found Qatar registered a robust 69.2% year-on-year increase in total value of projects awarded in the first quarter of this year.

The transport, telecom and industrials counters witnessed higher than average demand this week which saw Doha Bank report net profit of QR209mn in the first three months of this year.

The Gulf institutions were increasingly net buyers this week which saw Gulf Warehousing register net profit of QR61.5mn at the end of first quarter ended March 31, 2023.

The foreign institutions were seen net buyers in the main market this week, which saw Mekdam Holding disclose its plans to garner as much as QR75.3mn through a rights issue.

The Arab retail investors turned bullish in the main market this week which saw Qatar’s trade surplus amount to QR21.27bn in March this year.

However, the domestic institutions were increasingly net sellers in the main market this week, which saw a total of 0.12mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.27mn trade across nine deals.

The Islamic index was seen gaining slower than the other indices in the main market this week which saw as many as 0.16mn Doha Bank-sponsored exchange-traded fund QETF valued at QR1.55mn change hands across 86 transactions.

The local retail investors were seen net profit takers this week which saw trade turnover and volumes were on the decline in the main market.

Market capitalisation was seen adding 2.03% to QR587.93bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute more than 58% of the total trade volume in the main market.

The Total Return Index zoomed 2.17%, the All Share Index by 2.04%, and the All Islamic Index by 1.72% this week, which saw no trading of sovereign bonds.

The transport sector index shot up 4.35%, telecom (3.31%), industrials (2.7%), banks and financial services (1.66%), consumer goods and services (1.31%) and insurance (0.5%); while real estate was down 0.06% this week which saw no trading of treasury bills.

Major gainers in the main market included Inma Holding, Qatar German Medical Devices, Dlala, Alijarah Holding, Qatar Islamic Bank, QNB, Commercial Bank, Industries Qatar, Gulf International Services, Qamco, Al Khaleej Takaful, Ezdan, Ooredoo, Milaha and Nakilat this week.

Nevertheless, United Development Company, Dukhan Bank, Doha Bank, Beema and Mannai Corporation were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value this week.

The Gulf institutions’ net buying increased substantially to QR46.99mn compared to QR24.34mn the week ended April 20.

The foreign institutions turned net buyers to the tune of QR41.26mn against net sellers of QR31.36mn a week ago.

The Arab individuals were net buyers to the extent of QR16.7mn compared with net sellers of QR21.05mn the previous week.

However, the domestic funds’ net profit booking grew significantly to QR85.06mn against QR28.5mn the week ended April 20.

The local retail investors turned net sellers to the tune of QR19.53mn compared with net buyers of QR51.6mn a week ago.

The Gulf individuals were net profit takers to the extent of QR0.49mn against net buyers of QR1.02mn the previous week.

The foreign individuals’ net buying weakened noticeably to QR0.12mn compared to QR3.89mn the week ended April 20.

The Arab institutional investors’ net buying eased marginally to QR0.02mn against QR0.05mn a week ago.

The main market witnessed a 22% shrinkage in trade volumes to 343.15mn shares, 24% in value to QR1bn and 33% in deals to 40,245.