QNB Report

The Qatar Stock Exchange (QSE) climbed up 36.77 points or 0.3% to close at 10,644.73.

Market capitalisation increased 0.5% to QR636.7bn from QR633.7bn at the end of the previous trading week. Of the 53 traded companies, 26 ended the week higher, 24 ended lower and 3 remained unchanged. Baladna (BLDN) was the best performing stock for the week, rising 9.9%. Meanwhile, Widam (WDAM) was the worst performing stock for the week, declining by 15.4%.

QNB Group (QNBK), Qatar Fuel/Woqod (QFLS) and Ooredoo (ORDS) were the main contributors to the weekly index gains. They contributed 15.06, 11.23 and 11.08 points to the index, respectively.

Traded value during the week dropped 35.4% to QR2,594.6mn from QR4,015.1mn in the prior trading week. ORDS was the top value traded stock during the week with total traded value of QR467.9mn.

Traded volume rose 8.8% to 815.9mn shares compared with 749.7mn shares in the prior trading week. The number of transactions climbed 55.7% to 154,665 vs. 99,358 in the prior week.

BLDN was the top volume traded stock during the week with total traded volume of 190.8mn shares.

The QSE index closed slightly up by 0.35% from the week before at 10,644.7 points. Despite the index is still in a testing phase against the 11,000 level, the sharp drop below the mentioned level forces us to restate our support to around the 10,200 level. 

The recent short-term action suggests possible continuation of this correction towards the mentioned support. That said, we are still optimistic of this correction, from a technical perspective, against the start of the new uptrend. The 11,000 level is expected to be our first resistance.