Recession fears in the US and widening conflict in the Arab region had their repercussions in the Qatar Stock Exchange (QSE) this week which saw the index plummet 78 points and capitalisation melt QR5.78bn.The foreign funds were seen squaring off their position as the 20-stock Qatar Index decline 0.77% this week which saw the Qatar Financial Centre’s purchasing managers’ index reveal that output and new orders grew at solid pace at the start of July 2024 as demand strengthened in Doha's non-energy economy, while finance sector remained ‘bright spot’.The real estate, telecom and transport counters witnessed higher than average selling pressure this week which saw Hamad Port exceed 10mn container handling since it started operations.The Gulf institutions’ strengthened net profit booking had its influence in the main bourse this week which saw Nakilat report net profit of QR829.15mn in the first half (H1) of 2024.The Arab individuals’ higher net selling pressure also had its say in the main market this week, which saw Qatar Electricity and Water Company report net profit of QR680mn in H1-2024.The foreign retail investors were seen increasingly bearish in the main bourse this week which saw Qamco’s H1-2024 net profit at QR236.91mn.The Qatari individuals continued to be net sellers but with lesser intensity in the main market this week which saw the Qatar Insurance undertake restructuring of its UK motor insurance business.The Gulf individuals were seen increasingly into net profit booking in the main bourse this week which saw Ooredoo report net profit of QR1.87bn in January-June 2024.The domestic funds were increasingly net buyers in the main market this week which saw a total of 0.14mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.29mn trade across 36 deals.The Arab funds were seen bullish, albeit at lower levels, in the main bourse this week which saw as many as 0.04mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.36mn change hands across 29 transactions.The Islamic index was seen declining faster than the other indices in the main market this week which saw the banks and industrials sectors together constitute about 58% of the total trade volumes.Market capitalisation eroded 0.99% to QR580.03bn on the back of large and small cap segments this week, which saw no trading of sovereign bonds.Trade turnover and volumes were on the increase in the main market this week which saw no trading of treasury bills.In the case of venture market, trade turnover and volumes were seen on an upward path this week, which saw Estithmar Holding report net profit of QR221.05mn in H1-2024.The Total Return Index declined 0.77%, the All Share Index by 0.83% and the All Islamic Index by 1.12% this week which saw Qatar's hospitality sector report improved room yield and occupancy, especially in five-star and deluxe hotel apartment categories, amidst double digit year-on-year growth in visitors, particularly from the Gulf, Europe and the Americas.The realty sector index tanked 3.99%, telecom (1.33%), transport (1.01%), banks and financial services (0.72%), industrials (0.71%) and consumer goods and services (0.36%); while insurance was up 0.09% this week which saw Barwa report net profit of QR40.8mn in H1-2024.As much as 83% of the traded constituents were in the red with main shakers being Gulf International Services, Inma Holding, Qatar Oman Investment, Al Faleh Educational Holding, Ezdan, Commercial Bank, Masraf Al Rayan, Qatar German Medical Devices, Aamal Company, Mannai Corporation, Baladna, Salam International Investment, Qatar Industrial Manufacturing, Qatari Investors Group and Mesaieed Petrochemical Holding. In the venture market, Techno Q saw its shares depreciate in value this week.Nevertheless, Qatar General Insurance and Reinsurance, Industries Qatar, Woqod, Doha Bank and Qatar Insurance were among the gainers in the main market. In the juniour bourse, Al Mahhar Holding saw its shares appreciate in value this week.The foreign funds were net sellers to the tune of QR68.33mn against net buyers of QR88.05mn the week ended August 1.The Gulf institutions’ net profit booking increased substantially to QR87.3mn compared to QR29.1mn the previous week.The Arab individual investors’ net selling expanded perceptibly to QR19.21mn against QR17.52mn a week ago.The foreign retail investors’ net selling grew noticeably to QR7.34mn compared to QR5.33mn the week ended August 1.However, the domestic funds’ net buying strengthened substantially to QR226.6mn against QR18.97mn the previous week.The Arab institutions turned net buyers to the extent of QR0.37mn compared with net profit takers of QR0.35mn a week ago.The local individuals’ net profit booking declined markedly to QR37.33mn against QR46.5mn the week ended August 1.The Gulf individual investors’ net selling shrank notably to QR6.9mn compared to QR8.22mn the previous week.The main market witnessed a 28% surge in trade volumes to 727.63mn shares, 27% in value to QR1.96bn and 23% in deals to 73,586 this week.In the venture market, trade volumes soared 10% to 5.76mn equities and value by 9% to QR11.72mn, while transactions were down 5% to 408.
August 09, 2024 | 07:00 PM