The geopolitical uncertainties was seen playing spoilsport in the regional bourses, including the Qatar Stock Exchange (QSE), which saw its key index plummet 333 points and capitalisation erode about QR19bn this week.
More than 90% of the traded constituents were in the red as the 20-stock Qatar Index plunged 3.1% this week which saw Nakilat and Milaha report net profit of QR1.28bn and QR917mn respectively in January-September 2024. An across the board selling dragged the main bourse this week which saw Vodafone Qatar ring in net profit of QR437.09mn in the first nine months (9M) of this year.
The banking and telecom counters witnessed higher than average selling pressure in the main market this week which saw Qamco saw its 9M-2024 net profit at QR427.72mn. The local retail investors continued to be net sellers but with lesser intensity in the main bourse this week which saw Doha Bank report net profit of QR690.4mn in January-September 2024.
The foreign funds also continued to be bearish but with lesser vigour in the main market this week, which saw Aamal Company’s 9M-2024 net profit at QR302.41mn.
The Gulf institutions remained net profit takers but with lesser intensity in the main bourse this week which saw a total of 0.31mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.69mn trade across 65 deals.
The domestic funds’ weakened net buying had its influence in the main market this week which saw as many as 0.02mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.24mn change hands across 19 transactions.
The foreign retail investors were seen net buyers in the main bourse this week which saw the banking, industrials and consumer goods sectors together constitute about 72% of the total trade volumes.
The Islamic index was seen declining slower than the other indices in the main market this week, which saw no trading of sovereign bonds. Market capitalisation eroded QR18.87bn or 2.99% to QR611.57bn on the back of large and midcap segments this week, which saw no trading of treasury bills.
Trade turnover and volumes were on the decrease in the main market this week, which saw a Kamco Invest report that said projects awarded in Qatar grew 57.9% year-on-year to $4.2bn in the third quarter of 2024.
The Total Return Index plunged 3.1%, the All Share Index by 3.03% and the All Islamic Index by 2.82% this week, which saw Qatar’s core inflation rise faster than the general consumer price index in September 2024.
The banks and financial services sector index plummeted 4.18%, telecom (3.66%), transport (2.95%), real estate (2.13%), insurance (1.58%), consumer goods and services (1.23%) and industrials (1.05%) this week which Akber Khan, acting chief executive officer of Al Rayan Investment, view Qatar’s local currency debt market is expected to gain traction.
Major losers in the main market included Alijarah Holding, Ezdan, Qatar Islamic Bank, Gulf Warehousing, Estithmar Holding, QNB, Commercial Bank, QIIB, Lesha Bank, Dlala, Qatar German Medical Devices, Salam International Investment, Widam Food, Baladna, Meeza, Aamal Company, Gulf International Services, Mazaya Qatar, Ooredoo, Vodafone Qatar and Nakilat. In the junior bourse, Techno Q saw its shares depreciate in value this week.
Nevertheless, Beema, Al Meera, Qatar National Cement and Industries Qatar were the gainers in the main bourse. In the venture market, Al Mahhar Holding saw its shares appreciate in value.
The Arab institutions’ net profit booking grew marginally to QR0.57mn compared to QR0.3mn the week ended October 17.
The domestic funds’ net buying decreased substantially to QR207.66mn against QR641.98mn the previous week.
The foreign institutions’ net selling declined considerably to QR121.54mn compared to QR204.82mn a week ago.
The Qatari individuals’ net selling weakened significantly to QR60.39mn against QR266.73mn the week ended October 17.
The Gulf institutions’ net profit booking shrank markedly to QR38.75mn compared to QR62.06mn the previous week.
The Arab individual investors’ net selling eased perceptibly to QR15.34mn against QR18.23mn a week ago.
The foreign individuals turned net buyers to the tune of QR27.34mn compared with net sellers of QR85.71mn the week ended October 17. The Gulf retail investors were net buyers to the extent of QR1.58mn against net profit takers of QR4.04mn the previous week.
The main market witnessed a 29% slump in trade volumes to 638.78mn shares, 33% in value to QR1.64bn and 18% in deals to 59,729 this week. In the venture market, trade volumes grew more than tripled to 7.84mn equities and value almost tripled to QR18.39mn on 64% surge in transactions to 421.
