Investors gain QR12 bn in one week as foreign institutions turn bullish
QATARI stocks resumed weekly upward trend as the Qatar Stock Exchange (QSE) index gained 1.81 percent during the week to close at 10,290.20 points.
Market capitalisation increased more than QR12 billion, or 2.1 percent, to QR591.5 billion compared to QR579.1 billion at the end of the previous week.
Both individual and foreign institutional investors remained bullish throughout the week and accounted for more than 28 percent of total buy.
Trading value during the week increased by 0.5 percent to reach QR2.32 billion against QR2.3 billion in the previous trading week. Qatar Gas Transport Company (Nakilat) was the top value traded stock during the week with a total traded value of QR475 million.
Trading volume increased by 6.1 percent to reach 1.042 billion shares against 982.1 million shares in the previous trading week. Ezdan Holding was the top volume traded stock during the week with a total traded volume of 165.2 million shares.
The number of transactions also increased 8.4 percent to reach 54,325 against 50,122 in the previous week.
Industries Qatar (IQ) was the best performing stock for the week with a gain of 8.3 percent. On the other hand, Widam was the worst-performing stock with a decline of 5.7 percent.
Widam Food Company (Widam) suffered a loss of over 5 percent on Thursday, its worst decline during the week, as the company announced that its agreement with the government of Qatar for subsidising Australian fresh and chilled meat that commenced on December 29, 2015 and ending on December 31, 2020 will not be renewed.
Industries Qatar (IQ), Qatar Islamic Bank (QIB) and Commercial Bank of Qatar (CBQ) were the primary contributors to the weekly index gains.
IQ was the largest contributor to the index’s weekly increase, adding 98.9 points to the index.
QIB was the second biggest contributor to the mentioned gains, tacking on 22 points to the index. The bank gained positive momentum during the week after Moody’s Investors Service (Moody’s) reconfirmed the long-term deposit rating of QIB at A1 with a stable outlook.
Moody’s said in its credit opinion report that QIB remains Qatar’s second-largest bank and the largest Islamic bank in the country with a market share of around 10.5 percent of Qatar’s banking system assets and a consolidated asset base of QR170 billion.
Moreover, CBQ contributed another 12.1 points to the overall index.
Of the 47 listed companies, 37 companies ended the week higher. While nine stocks declined, there was no change in the share price of the remaining one stock.
The week saw five out of the seven sector indices close in the positive territory. The industrial sector, which gained 4.82 percent, was the best performing sector index for the week.
The real estate sector and the transport sector gained over 2 percent each to support the main index.
In other important announcements during the week by listed companies, Dlala Brokerage and Investment Holding said that its subsidiary Dlala Real Estate has contracted to buy a residential building in Al Arkiay of Lusil City to sell fully furnished residential flats that will be finished by October 2022.
The week also saw Qatar Navigation Company (Milaha) announce the resignation of Sulaiman Haidar Sulaiman Al Haidar as member of the board of directors.
According to the company’s articles of association, Sheikh Suhaim bin Khaled bin Hamad Al Thani was elected as a reserve member of the board in the previous round (20182020) and his nomination has been accepted by board members as a successor to Sulaiman Haidar Sulaiman Al Haidar.