Expectations built up, amidst next week's US Federal Reserve's decision to cut interest rates, led the Qatar Stock Exchange (QSE) gain as much as 75 points and capitalisation enhance by QR4.83bn this week.
The domestic institutions were seen bullish as the 20-stock Qatar Index gained 0.73% this week which saw the US-based Institute of International Finance view that Doha will have the lowest fiscal breakeven oil price in the Gulf Co-operation Council (GCC) in 2024 and 2025.
The banks and financial services sector witnessed higher than average demand this week which saw the Arab Monetary Fund heap praise on Qatar for the strong capital adequacy in its banking sector.
The Gulf funds were seen net buyers in the main market this week which saw Doha Bank and Mitsubishi UFJ Financial Group successfully close their first Green Repo scheme in the Middle East and North Africa region.
The Arab individuals turned bullish in the main bourse this week which saw Qatar register an 8% year-on-year rise in building permits issued in August 2024, signalling a rosy picture of the construction sector.
The foreign retail investors were seen net buyers in the main bourse this week, which saw Moody's, an international credit rating agency, say the profitability of Islamic banks in the Gulf Co-operation Council (GCC) will remain stronger over the next 12-18 months.
The Qatari individuals’ substantially weakened net profit booking had its influence 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 32 deals.
The Gulf retail investors’ lower net selling had its say in the main bourse this week which saw as many as 0.03mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.35mn change hands across 29 transactions.
However, the foreign institutions were seen bearish in the main market this week which saw the banks and industrials sectors together constitute about 57% of the total trade volumes.
The Islamic index was seen declining vis-à-vis gains in the other indices in the main bourse this week, which saw no trading of sovereign bonds.
Market capitalisation added 0.81% to QR602bn on the back of midcap segments this week, which saw no trading of treasury bills.
Trade turnover and volumes were on the increase in the main market this week, which saw QNB shareholders approve buying back a percentage of the bank’s shares for a value up to QR2.9bn.
The Total Return Index rose 0.88% and the All Share Index by 1%, while the All Islamic Index was down 0.1% this week, which saw Qatar Islamic Bank successfully issue a $750mn sukuk with a profit rate of 4.485% and tenure of five years.
The banks and financial services sector index shot up 2.36% and consumer goods and services 0.3%; whereas telecom index declined 1.39%, insurance (0.55%), transport (0.44%), industrials (0.41%) and real estate (0.23%) this week which saw Vodafone Qatar sign a five-year partnership agreement with Microsoft.
Major gainers in the main market included Doha Bank, QNB, Vodafone Qatar, Commercial Bank, Aamal Company, Qatar Islamic Bank, Masraf Al Rayan, Lesha Bank, Qatar National Cement, Qatari Investors Group and Estithmar Holding this week which saw Nakilat approve a 7% interim cash dividend for shareholders.
Nevertheless, QLM, Widam Food, Meeza, Dlala, Qatar Electricity and Water (QEWC), Dukhan Bank, Qatar Oman Investment, Qatar German Medical Devices, Salam International Investment, Medicare Group, Gulf International Services, Ooredoo and Milaha were among the losers in the main bourse. In the venture market, both Al Mahhar Holding and Techno Q saw their shares depreciate in value this week which saw QEWC approve 25% interim dividend.
The domestic funds turned net buyers to the tune of QR51.69mn compared with net sellers of QR0.04mn the week ended September 5.
The Gulf institutions were net buyers to the extent of QR50.75mn against net profit takers of QR8.36mn the previous week.
The Arab individual investors turned net buyers to the tune of QR11.93mn compared with net sellers of QR7.2mn a week ago.
The foreign retail investors were net buyers to the extent of QR9.79mn against net sellers of QR14.64mn the week ended September 5.
The local individuals’ net selling decreased substantially to QR25.97mn compared to QR49.88mn the previous week.
The Gulf individual investors’ net profit booking eased perceptibly to QR0.88mn against QR2.59mn a week ago.
However, the foreign funds were net sellers to the tune of QR97.31mn compared with net buyers of QR82.72mn the week ended September 5.
The Arab institutions had no major net exposure for the second consecutive week.
The main market witnessed a 5% fall in trade volumes to 609.91mn shares but on 3% jump in value to QR1.63bn and 3% in deals to 63,118 this week.
In the venture market, trade volumes tanked 69% to 1.62mn equities, value by 68% to QR3.83mn and transactions by 53% to 188.
The domestic institutions were seen bullish as the 20-stock Qatar Index gained 0.73% this week
