The Qatar Stock Exchange (QSE) saw strong profit booking from foreign funds, leading to 130 points plunge in key index this week, which otherwise saw the Ministry of Commerce and Industry unveil the 2024-30 strategy, targeting 3.4% growth in non-hydrocarbon gross domestic product (GDP) and $100bn foreign direct investment.
The real estate and banking counters experienced higher than average selling pressure as the 20-stock Qatar Index shed 1.23% this week which saw the global credit rating agency Standard and Poor’s view Qatar banks as profitable and seen benefitting from strong capitalisation and adequate liquidity.
The local retail investors were seen bearish this week which saw the World Travel & Tourism Council forecasts that travel and tourism share to Qatar GDP may account for 13% in 2034.
The domestic institutions’ substantially weakened net buying had its influence in the main market this week which saw the Qatar Central Bank’s stress results indicate that all Qatari banks have “sufficient cushion” available to withstand liquidity risks.
The Arab institutions turned net sellers, albeit at lower levels, in the main bourse this week which saw a total of 0.09mn AlRayan Bank-sponsored exchange-traded fund QATR worth QR0.19mn trade across 28 deals.
However, the Gulf institutions were seen bullish in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.05mn change hands across six transactions
The Arab retail investors turned net buyers in the main bourse this week which saw container, RORO and livestock movements through Qatar’s ports saw brisk growth in 2024.
The Islamic index was seen declining slower than the other indices in the main market this week, which saw market capitalisation decline QR7.05bn or 1.14% to QR613.81bn on the back of large and midcap segments.
Trade turnover and volumes were on the increase in the main market, while the junior bourse saw lower turnover and volumes this week which saw no trading of treasury bills and sovereign bonds.
The Total Return Index shed 1.23%, the All Share Index by 1.17% and the All Islamic Index by 0.85% this week.
The realty sector index tanked 2.44%, banks and financial services (2.04%), transport (1.06%), industrials (0.84%) and insurance (0.53%); while telecom gained 4.37% and consumer goods and services (0.65%) this week.
As much as 69% of the traded constituents were in the red with major losers being Ezdan, Meeza, United Development Company, Qatar Islamic Bank, Milaha, QNB, Commercial Bank, QIIB, Qatar Oman Investment, Lesha Bank, Baladna, Al Faleh Educational Holding, Gulf International Services, Mesaieed Petrochemical Holding and Estithmar Holding. In the venture market, Techno Q saw its shares depreciate in value this week.
Nevertheless, Zad Holding, Qatar Cinema and Film Distribution, Ooredoo, Qatar National Cement, Qatari Investors Group, Doha Bank, Aamal Company, Qatari Investors Group and Vodafone Qatar were among the gainers in the main market. In the junior bourse, Al Mahhar Holding saw its shares appreciate in value this week.
The foreign institutions’ net selling increased drastically to QR99.17mn against QR18.44mn the week ended January 2.
The Qatari individual investors were net sellers to the tune of QR4.66mn against net buyers of QR1.98mn the previous week.
The Arab funds turned net sellers to the extent of QR0.1mn compared with net buyers of QR0.01mn a week ago.
The domestic institutions’ net buying declined substantially to QR22.53mn against QR66.02mn the week ended January 2.
However, the Gulf funds were net buyers to the tune of QR50.5mn compared with net sellers of QR7.85mn the previous week.
The Arab retail investors turned net buyers to the extent of QR16.57mn against net profit takers of QR18.58mn a week ago.
The foreign individuals were net buyers to the tune of QR12.09mn compared with net sellers of QR15.97mn the week ended January 2.
The Gulf retail investors turned net buyers to the extent of QR2.25mn against net sellers of QR7.17mn the previous week.
The main market saw trade volumes more than double to 642.35mn shares and value more than double to QR1.85bn on more than doubled deals to 69,685 this week.
The venture market saw 49% contraction in trade volumes to 1.8mn equities, 47% in value to QR4.54mn and 4% in transactions to 208.
The real estate and banking counters experienced higher than average selling pressure as the 20-stock Qatar Index shed 1.23% this week
