A strong start in the beginning of the week helped the Qatar Stock Exchange (QSE) sustain its bullish spell for the entire five trading sessions.
Foreign institutions were increasingly net buyers as the 20-stock Qatar Index gained 0.8% this week which saw Qatar’s industrial production expand 4.2% year-on-year in June, 2023.
The transport, insurance and banking counters witnessed higher than average demand in the main market this week which saw Aamal Company acquire MMS (Maintenance and Management Solutions) for QR22mn from Al Faisal Holding.
The Gulf institutions were seen bullish in the main bourse this week which saw QSE announcement that Dukhan Bank will replace Vodafone Qatar in the 20-stock main barometer.
The foreign retail investors were increasingly net buyers in the main market this week which saw commercial banks in Qatar register a 2.9% year-on-year growth in assets this July.
About 49% of the traded constituents extended gains this week which saw a Boston Consulting Group study that Qatar’s financial wealth is projected to reach $388bn by 207.
The Arab individuals were net buyers in the main bourse this week which saw global credit rating agency Standard & Poor’s view that Qatar's private sector credit growth is slated to ease significantly but higher interest rates would support profitability.
The Islamic index underperformed the other indices this week which saw a total of 0.12mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.27mn trade across 19 deals.
However, the local individuals were increasingly bearish in the main market this week which saw as many as 0.08mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.8mn change hands across 38 transactions.
Market capitalisation rose QR2.31bn or 0.38% to QR605.29bn on the back of small and microcap segments this week which saw the industrials and banks together constitute more than 63% of the total trade volume in the main market.
The Total Return Index added 0.8%, the All Islamic Index by 0.18% and the All Share Index by 0.76% this week, which saw no trading of sovereign bonds.
The transport sector index shot up 4.15%, insurance (1.9%), banks and financial services (0.81%) and industrials (0.52%); while telecom declined 2.57% and real estate (0.57%). The consumer goods and services sector traded a flat path this week which saw no trading of treasury bills.
Major gainers in the main bourse included Al Khaleej Takaful, Meeza, Gulf International Services, Masraf Al Rayan, Milaha, Commercial Bank, Industries Qatar, Estithmar Holding, Qatar Insurance and Nakilat. In the venture market, Mahhar Holding saw its shares appreciate in value this week which saw Qatar witness 5% jump month-on-month in building permits issued in July 2023.
Nevertheless, Qatar General Insurance and Reinsurance, Inma Holding, Qamco, Doha Bank, Dukhan Bank, Dlala, Medicare Group, Salam International Investment, Mesaieed Petrochemical Holding, Ooredoo and Vodafone Qatar were among the loses in the main bourse. In the venture market, both Al Faleh Educational Holding saw its shares depreciate in value this week which saw global index MSCI contemplate to enhance issuer interaction with listed firms on environment, social and governance.
The foreign funds’ net buying increased substantially to QR50.42mn compared to QR8.18mn the week ended September 7.
The Gulf institutions turned net buyer to the tune of QR19.91mn against net sellers of QR70.88mn a week ago.
The foreign individuals’ net buying expanded noticeably to QR17.67mn compared to QR5.77mn the previous week.
The Arab individuals were net buyers to the extent of QR5.32mn against net profit takers of QR11.09mn the week ended September 7.
However, the local individuals’ net selling expanded significantly to QR74.28mn compared to QR5.06mn a week ago.
The domestic institutions were net sellers to the tune of QR11.46mn against net buyers of QR68.91mn the previous week.
The Gulf individuals turned net sellers to the extent of QR7.18mn compared with net buyers of QR4.17mn the week ended September 7.
The Arab funds were net profit takers to the tune of QR0.4mn against no major net exposure the previous week.
The main market witnessed a 24% surge in trade volumes to 1.27bn shares, 41% in value to QR3.58bn and 7% in deals to 103,630 this week.
In the venture market, trade volumes tanked 40% to 3.16mn equities, value by 43% to QR6.22mn and transactions by 56% to 428.