The regional geopolitical uncertainties and Israel’s rejection of ceasefire had their lingering effect on the Qatar Stock Exchange (QSE) with its key index dropping as much as 89 points and capitalisation melting about QR9bn this week.
The foreign institutions were increasingly net profit takers as the 20-stock Qatar Index shed 0.88% this week which saw Industries Qatar (IQ) report net profit of QR4.7bn in 2023.
The domestic funds were seen net sellers this week which saw the Qatar Financial Centre's purchasing managers’ index find that Doha's non-energy private sector began 2024 on a strong note with improving business conditions.
The Arab institutions were bearish, albeit at lower levels in main market this week which saw Dukhan Bank register net profit of QR1.3bn in 2023.
More than 80% of the traded constituents were in the red in the main bourse this week which saw QIIB’s 2023 net profit at QR1.16bn.
The local retail investors’ weakened net buying interests had its influence in the main market this week which saw Milaha record net profit of QR1.03bn in 2023.
The transport, consumer goods and industrials counters witnessed higher than average selling pressure in the main bourse this week which saw Qamco report net profit of QR446.01mn in 2023.
However, the foreign funds were seen increasingly net buyers in the main market this week which saw a total of 0.05mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.11mn trade across 19 deals.
The Arab individuals were increasingly bullish in the main bourse 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 Islamic index was seen declining slower than the other indices in the main market this week which saw the banks and industrials together constitute about 64% of the total trade volumes.
Market capitalisation eroded QR8.62bn or 1.47% to QR576.97bn on the back of large and midcap segments this week, which saw no trading of sovereign bonds and treasury bills.
Trade volumes and turnover were on the decline in both the main bourse and juniour market this week, which saw Ezdan seek withdrawal of its credit rating from Standard and Poor’s.
The Total Return Index shed 0.88%, the All Share Index by 1.18% and the All Islamic Index by 0.1% this week, which saw United Development Company register net profit of QR402mn in 2023.
The transport sector index plummeted 4.08%, industrials (2.18%), consumer goods and services (1.35%), insurance (0.67%), telecom (0.64%), real estate (0.51%) and banks and financial services (0.46%) this week which saw Milaha and the Qatar Research, Development and Innovation (Council) enter into a strategic tie-up to offer grant $1mn each to five companies that address sustainability challenges in the maritime industry.
Major losers in the main market included Ahlibank Qatar, Widam Food, Milaha, Gulf Warehousing, Doha Bank, Commercial Bank, QNB, Lesha Bank, Alijarah Holding, Medicare Group, IQ, Qatar National Cement, Qatar Industrial Manufacturing, Aamal Company, Gulf International Services, Mazaya Qatar, Vodafone Qatar and Nakilat this week which saw Meeza report net profit of QR60.22mn in 2023.
Nevertheless, Qatar Islamic Insurance, Qatar Islamic Bank, Inma Holding, Masraf Al Rayan, QIIB, Mesaieed Petrochemical Holding and Ezdan were among the gainers in the main bourse. In the venture market, Mahhar Holding saw its shares appreciate in value this week which saw a top official of QSE say the Qatar Derivatives Market is expected to be launched this year.
The Gulf institutions’ net selling increased drastically to QR143.25mn compared to QR44.18mn the week ended January February 1.
The domestic institutions turned net sellers to the tune of QR31.58mn against net buyers of QR30.02mn the previous week.
The Arab institutions were net profit takers to the extent of QR0.26mn compared with no major net exposure a week ago.
The Qatari individuals’ net buying declined substantially to QR5.59mn against QR26.97mn the week ended February 1.
However, the foreign funds’ net buying strengthened significantly to QR115.88mn compared to QR36.04mn the previous week.
The Arab individual investors’ net buying expanded considerably to QR25.91mn against QR12.62mn a week ago.
The foreign individuals’ net buying grew noticeably to QR23.74mn compared to QR10.31mn the week ended February 1.
The Gulf individual investors’ net buying rose perceptibly to QR3.98mn against QR0.3mn the previous week.
The main market witnessed a 9% contraction in trade volumes to 616.76mn shares and 11% in value to QR1.95bn but on almost flat deals at 76,340 this week.
In the venture market, trade volumes tanked 14% to 0.93mn equities, value by 15% to QR1.29mn and transactions by 13% to 118.