Qatari stocks resume upward weekly trend, climb 85 points
Market capitalisation up 0.9% to QR568.5 bn against QR563.4 bn in previous trading week
QATAR’S stock market resumed upward momentum this week as foreign investors regained buying interest in blue chip companies.
The Qatar Stock Exchange (QSE) index increased 85.59 points, or 0.84 percent, during the week to close at 10,2 4.5 points.
Foreign institutions ended the week with net buying of QR200.9 million against net selling of QR .4 million in the previous week.
According to an estimate by QNB Financial Services (QNBFS), foreign institutions have bought Qatari equities worth 1.3 billion on net basis since the start of this year.
Despite selling pressure from Qatari institutions, foreign and local investors, market capitalisation increased by 0.9 percent to QR5 8.5 billion against QR5 3.4 billion in previous trading week.
Qatari institutions turned bearish with net selling of QR158.2 million against net buying of QR9 .4 million in the week before.
Trading volume during the week increased by 30. percent to reach 433. million shares against 332.2 million shares in the previous week.
The banks and financial services sector led the trading volume, accounting for 38. percent, followed by the real estate sector, which accounted for 19. percent of the overall trading volume. Qatar First Bank (QFB) was the top volume traded stock during the week with 110.8 million shares traded.
Trading value decreased by 14.9 percent during the week to QR8 8.3 million against QR1.03 billion in the previous week. The banks and financial services sector led the trading value during the week, accounting for 4 percent of the total trading value.
The industrial sector was the second biggest contributor to the overall trading value, accounting for 15.9 percent of the total. QNB was the top value traded stock during the week with total traded value of QR1 2.2 million.
The number of transactions also declined by 0. percent to 22,521 against 22, 4 in the previous week.
f the 4 listed companies, 2 companies ended the week higher. While 1 declined, there was no change in the share prices of the remaining three stocks.
Qatar Cinema Film Distribution Company was the best performing stock for the week with a gain of 9.1 percent on a trading volume of 110 shares traded.
n the other hand, Qatar German Company for Medical Devices was the worst performing stock for the week with a decline of 14.5 percent on 41.9 million shares traded.
Masraf Al Rayan, QNB and Qatar Electricity and Water Company (QEWC) were the primary contributors to the weekly index gain. Masraf Al Rayan was the biggest contributor to the index’s weekly increase, adding 28. points to the index.
QNB was the second biggest contributor to the mentioned gain, contributing 22.8 points to the index. Moreover, QEWC tacked on 14.4 points to the index.The week saw baking sector leading gainers with an increase of 1.3 percent during the week.