The foreign institutions were seen increasingly net profit takers as the 20-stock Qatar Index plummeted 1.64% this week which saw Qatar’s budget generate a QR10bn surplus in the second quarter of 2023.
Global sentiments over the US economic data and the expectations on the future Fed rate path had their overarching effects on the Qatar Stock Exchange (QSE), which closed this
week 170 points lower.The foreign institutions were seen increasingly net profit takers as the 20-stock Qatar Index plummeted 1.64% this week which saw Qatar’s budget generate a QR10bn surplus in the second quarter of 2023 as oil price averaged $77.7 per barrel against the conservative budget assumption of $65.An across the board selling – particularly in the real estate, banking and telecom counters – was visible in the main market this week which saw Qatar's total public spending during the second quarter amount to about QR58.4bn.The Gulf retail investors were seen net profit takers in the main bourse this week which saw the London Stock Exchange group entity FTSE Russell upgrade Ooredoo to large cap from midcap segment.The Arab institutions were bearish, albeit at lower levels, in the main market this week which saw Qatar report trade surplus of QR19.65bn in July 2023.About 71% of the traded constituents were in the red in the main bourse this week which saw the Ministry of Commerce and Industry asked auditors of QSE-listed companies to comply with the Qatar Financial Market Authority’s provision regarding capping the board remuneration.The Gulf institutions’ weakened net buying had its influence in the main market this week which saw Estithmar Holding undertake groundbreaking ceremony for its first Iraqi project Rixos Baghdad.The Islamic index was seen declining slower than the main index this week which saw Estithmar Holding subsidiary Elegancia Facilities Management establish a new company in Jordan.However, the local retail investors were increasingly net buyers in the main bourse this week which saw a total of 0.66mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR1.5mn trade across 118 deals.The domestic institutions were also increasingly bullish in the main market this week which saw as many as 0.03mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.3mn change hands across 20 transactions.Market capitalisation eroded QR10.19bn or 1.66% to QR602.12bn on the back of large and midcap segments this week which saw the banks and industrials sectors together constitute about 60% of the total trade volume in the main market.The Total Return Index shed 1.64%, the All Share Index by 1.73% and the All Islamic Index by 1.54% this week, which saw no trading of sovereign bonds.The real estate sector index tanked 2.26%, banks and financial services (2.21%), telecom (1.98%), transport (1.36%), insurance (1.22%), industrials (1.09%) and consumer goods and services (0.57%) this week which saw no trading of treasury bills.Major losers in the main bourse included Qatar National Cement, Qatar Oman Investment, Lesha Bank, Baladna, United Development Company, Commercial Bank, QNB, Dlala, Mekdam Holding, Industries Qatar, Ooredoo and Milaha. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their equities depreciate in value this week which saw Qatar’s real economic growth (year-n-year) at 2.7% during the first quarter of 2023.Nevertheless, Gulf International Services, Meeza, Qamco, Estithmar Holding, Qatari Investors Group, Qatari German Medical Devices and Salam International Investment were among the gainers in the main bourse this week.The foreign funds’ net selling increased substantially to QR310.59mn compared to QR36.15mn the week ended August 24.The Gulf individuals turned net sellers to the tune of QR1.44mn against net buyers of QR0.07mn the previous week.The Arab funds turned net profit takers to the extent of QR0.02mn compared with net buyers of QR0.08mn a week ago.The Gulf institutions’ net buying declined noticeably to QR33.67mn against QR47.62mn the week ended August 24.However, the local individuals were net buyers to the tune of QR133.87mn compared with net sellers of QR73.04mn the previous week.The domestic institutions’ net buying strengthened markedly to QR81.33mn against QR63.5mn a week ago.The Arab retail investors’ net buying expanded drastically to QR44.35mn compared to QR2.38mn the week ended August 24.The foreign individuals were net buyers to the extent of QR18.82mn against net profit takers of QR4.46mn the previous week.The main market witnessed a 37% jump in trade volumes to 1.05bn shares, 45% in value to QR2.84bn and 3% in deals to 88,561 this week.In the venture market, trade volumes tanked 24% to 3.89mn equities, value by 30% to QR8.51mn and transactions by 9% to 823.