The telecom and banking counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.64% this week
The telecom and banking counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.64% this week which saw the International Monetary Fund say that the World Cup has accelerated Qatar’s economic diversification into non-hydrocarbon sectors and the newly created infrastructure can be leveraged to chart a new path for diversification in sectors beyond the oil and gas industries for further economic growth.
The bullish grip of the Arab individuals was instrumental in lifting the overall mood in the main bourse this week which saw Doha Bank report QR432.33mn net profit in the first half (H1) of 2024.
The domestic institutions’ weakened net profit booking had its influence in the main market this week, which saw Vodafone Qatar ring in net profit of QR293.17mn in H1-2024.
The foreign institutions continued to be net buyers but with lesser intensity in the main bourse this week which saw Aamal Company’s H1-2024 net profit at QR188.36mn.
However, the local retail investors were increasingly bearish in the main market this week which saw Commercial Bank closes $500mn syndicated loan facility.
The Gulf funds were seen increasingly into net profit booking in the main bourse this week which saw United Development Company register net profit of QR145mn in H1-204.
The Gulf retail investors were also seen increasingly net sellers in the main market this week which saw a total of 0.01mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.03mn trade across 10 deals.
The foreign individuals were increasingly net profit takers in the main bourse this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.09mn change hands across nine transactions.
The Islamic index was seen gaining slower than the other indices in the main market this week which saw the banks and consumer goods sectors together constitute about 52% of the total trade volumes.
Market capitalisation gained QR4.68bn or 0.81% to QR584.94bn on the back of mid and small cap segments this week, which saw no trading of sovereign bonds.
Trade turnover and volumes were on the decline in the main market this week which saw no trading of treasury bills.
In the case of venture market, trade turnover and volumes were on a slippery path this week, which saw Baladna report net profit of QR100.42mn in H1-204.
The Total Return Index rose 0.69%, the All Share Index by 0.83% and the All Islamic Index by 0.24% this week which saw Gulf Warehousing’s net profit at QR100.35mn in H1-2024.
The telecom sector index shot up 1.73%, banks and financial services (1.59%), insurance (0.33%), industrials (0.17%) and transport (0.02%); while real estate declined 1.67% and consumer goods and services 0.34% this week which saw Lesha Bank announce net profit of QR54.13mn in H1-2024.
Major shakers in the main bourse included QLM, Baladna, QNB, Ooredoo, QIIB, Inma Holding, Qatar Industrial Manufacturing, Industries Qatar and Milaha. In the venture market, Al Mahhar Holding saw its shares appreciate in value this week which saw global credit rating agency Capital Intelligence (CI) affirm Qatar’s long-term (LT) foreign currency rating and LT local currency rating at ‘AA’.
Nevertheless, Ezdan, Doha Bank, Qatari Investors Group, Medicare Group, Woqod, Widam Food, Mesaieed Petrochemical Holding, Qamco, Mazaya Qatar and Nakilat were among the losers in the main market. In the junior bourse, Techno Q saw its shares depreciate in value this week which saw CI forecast that Qatar’s short-to-medium-term growth outlook remains “relatively favourable” with real gross domestic product slated to grow by an average of 3.3% in 2024-26.
The Arab retail investors turned net buyers to the tune of QR8.47mn against net profit takers of QR12.68mn the week ended July 18.
The domestic funds’ net selling declined significantly to QR40.71mn compared to QR70.73mn the previous week.
However, the local individuals’ net profit booking grew substantially to QR56.17mn against QR35.41mn a week ago.
The Gulf institutions’ net selling expanded marginally to QR29.27mn compared to QR28.74mn the week ended July 18.
The foreign retail investors’ net profit booking grew marginally to QR11.97mn against QR11.51mn the previous week.
The Gulf individuals’ net selling shrank strengthened markedly to QR6.08mn compared to QR2.66mn a week ago.
The foreign institutions’ net buying decreased noticeably to QR135.74mn against QR161.75mn the week ended July 18.
The Arab institutions had no major net exposure compared with net profit takers of QR0.02mn the previous week.
The main market witnessed a 33% plunge in trade volumes to 545.53mn shares, 29% in value to QR1.45bn and 26% in deals to 58,573 this week.
In the venture market, trade volumes tanked 54% to 3mn equities, value by 54% to QR5.91mn and transactions by 38% to 312.
