Bull run continues unabated as foreign funds lift QSE higher
CONTINUING its gaining trend for the last several weeks, the Qatar Stock Exchange (QSE) general index went up by 12 . 2 points, or 1.11 percent during the last week, to close at 11,663.63 points.
Foreign institutions remained bullish, ending the week with net buying of QR 2 million against net buying of QR32 million in the previous week.
Foreign retail investors also remained bullish to end the week with net buying of QR 0 million against net buying of QR6 million in the previous week.
According to an estimate by QNB Financial Services (QNBFS), as of ednesday closing, foreigners were net buyers of Qatari stocks worth 1,2 .3 million since the start of the current financial year.
Qatari institutions, however, remained negative with net selling of QR3 million against net selling of QR1 5 million in the week before. Qatari retail investors also remained bearish with net selling of QR million against net selling of QR1 5 million the week before.
Despite selling pressure from Qatari institutional and retail investors, market capitalisation went up by 1. 6 percent to QR6 5. billion as compared to QR666.1 billion at the end of the previous week.
Trading value during the week increased by 2 . percent to QR3,123.6 million against QR2, .3 million in the previous
trading week. QNB Group (QNBK) was the top value traded stock during the week with a total traded
value of QR52 . million.
The trading volume went up by 31. percent to 1,251. million shares against .3 million shares in the previous trading week. Gulf International Services (GISS) was the top volume traded stock during the week with a total traded volume of 1 1. million shares.
The number of transactions also increased 2. percent to
0,032 against ,01 in the previous week.
Industries Qatar (IQ), QNB Group (QNBK) and Mesaieed Petrochemical Holding Company (MPHC) were the primary contributors to the weekly index gain. IQ and QNB added .3 and 3 .5 points to the index, respectively. Moreover, MPHC added another 23.1 points to the index.
Qatar German Company for Medical Devices (QGMD) was the best performing stock for the week, with a gain of 10. percent. On the other hand, Qatar Cinema Film Distribution Company (QCFS) was the worst-performing stock with a decline of 2.1 percent.
Of the traded companies, 32 ended the week higher. hile 1 stocks closed lower, there was no change in the share price of the remaining one stock.
The week saw five of the seven sector indices close in the positive territory. The industrial sector, which gained 2. 6 percent on the back of good gains in Qamco, GIS and Industries Qatar, was the best performing sector index for the week.
The banking sector and the real sector also made good gains to lift the index higher.