Oil uncertainties dampen QSE sentiments as index plunges 167 points

Ahead of the oil grouping’s meeting to discuss the output strategy, the Qatar Stock Exchange saw its key index plunge 167 points and capitalisation erode QR8bn this week, which saw the Qatar Central Bank unveil third financial sector strategy.
The transport and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index plummeted 1.63% this week which saw Qatar register trade surplus of QR19bn in October 2023.
As much as 59% of the traded constituents were in the red in the main market this week which saw Qatar’s real gross domestic product estimated to have grown 1% year-on-year during the second quarter of 2023, mainly on faster expansion in hydrocarbons.
The Gulf institutions were seen increasingly net profit takers in the main bourse this week which saw Edaa reduce the capital of Mazaya Qatar by 13.61%.
The local retail investors were also increasingly net sellers in the main market this week which saw Team Services and Rentals, a subsidiary of Mahhar Holding, secure a three-year contract from a downstream operating company.
The Gulf individuals turned bearish in the main bourse this week which saw a total of 0.22mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.48mn trade across 49 deals.
The Arab institutions were seen net profit takers this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.07mn change hands across 13 transactions.
The Islamic index was seen declining slower than the main barometer this week which saw the industrials and banks together constitute more than 65% of the total trade volume main market.
Market capitalisation was seen eroding QR7.54bn or 1.27% to QR587.49bn on the back of large and midcap segments this week, which saw no trading of sovereign bonds.
Trade volumes and turnover were on the increase both in the main bourse and venture market this week, which saw no trading of treasury bills.
The Total Return Index shed 1.63%, the All Share Index by 1.37% and the All Islamic Index by 1.62% this week which saw Wasata Financial Securities intent to provide market making for as many as 11 constituents.
The transport sector index tanked 3.54%, industrials (3.06%), realty (1.49%), consumer goods and services (0.81%), banks and financial services (0.74%) and insurance (0.13%), while telecom shot up 1.09% this week.
Major losers in the main market included Doha Bank, Milaha, Industries Qatar, Doha Insurance, Qatar General Insurance and Reinsurance, Masraf Al Rayan, Dukhan Bank, Qatari German Medical Devices, Salam International Investment, Mannai Corporation, Qatar Electricity and Water, Qamco, Beema, Mazaya Qatar and Gulf Warehousing. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value this week.
Nevertheless, Mesaieed Petrochemical Holding, Mekdam Holding, Medicare Group, Beema, Qatar Insurance, Meeza, Estithmar Holding, Ooredoo and Vodafone Qatar were among the gainers in the main market this week.
The Gulf institutions’ net selling increased substantially to QR56.09mn compared to QR23.87mn the week ended November 23.
The local retail investors’ net profit booking strengthened noticeably to QR28.07mn against QR34.64mn the previous week.
The Gulf individual investors turned net sellers to the tune of QR12.57mn compared with net buyers of QR0.98mn a week ago.
The Arab institutions were net sellers to the tune of QR0.1mn against no major net exposure the week ended November 23.
The domestic institutions’ net buying weakened drastically to QR9.79mn compared to QR34.64mn the previous week.
The Arab individual investors’ net buying shrank markedly to QR4.29mn against QR8.38mn a week ago.
However, the foreign institutions turned net buyers to the extent of QR77.46mn compared with net sellers of QR5.95mn on November 23.
The foreign retail investors’ net buying expanded perceptibly to QR5.3mn against QR1.62mn the previous week.
The main market witnessed a 4% jump in trade volumes to 693.33mn shares and 16% in value to QR2.37bn but on 6% fall in deals to 69,434 this week.
In the venture market, trade volumes almost quadrupled to 8.83mn equities and value more than doubled to QR8.74mn on 60% surge in transactions to 469.