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Satyendra Pathak
Doha
Qatar's stock market resumed weekly upward momentum by registering an impressive gain of more than 300 points last trading week.
The Qatar Stock Exchange (QSE) main index gained 331.48 points, or 3.36 percent, during the trading week to cross the psychological 10,000-mark and close at 10,193.01 points.
Market capitalisation of the bourse also increased 3.2 percent to QR569.1 billion versus QR551.7 billion at the end of the previous trading week.
The week was also marked by huge rise in trade volume, value and number of transactions.
Trading value during the week increased by 33.8 percent to QR995.9 million versus QR744.3 million in the previous week. The banks and financial services sector led the trading value during the week, accounting for 35.5 percent of the total trading value.
The industrial sector was the second biggest contributor to the overall trading value, accounting for 24 percent of the total trading value.
Qatar National Bank (QNB) was the top value traded stock during the week with total traded value of QR186.3 million.
Trading volume increased by 50.8 percent to reach 31.2 million shares against 20.7 million shares in the previous week.
The real estate sector led the trading volume, accounting for 33.7 percent, followed by the banks and financial services sector which accounted for 25.1 percent of the overall trading volume. Mazaya Qatar was the top volume traded stock during the week with 7.2 million shares.
The number of transactions during the trading week also increased by 60 percent to reach 20,244 against 12,655 in the previous week.
Foreign institutions remained bullish throughout the week with net buying of QR172.1 million against net buying of QR68 million in the previous week.
According to an estimate by QNB Financial Services (QNBFS), foreign institutions bought on net basis Qatari equities worth $1.96 billion since the beginning of this year.
Qatari institutions also turned bullish with net buying of QR2.8 million against net selling of QR32.8 million in the previous week.
Foreign retail investors, however, remained bearish with net selling of QR9.1 million against net selling of QR7.1 million in the previous week.
Qatari retail investors also remained bearish with net selling of QR165.8 million against net selling of QR28.1 million the week before.
Mazaya Qatar Real Estate Development was the best performing stock for the week with a gain of 12.1 percent on 7.2 million shares traded. On the other hand, Dlala Brokerage and Investments Holding was the worst performing stock for the week with a decline of 5.3 percent on 186,333 shares traded.
Industries Qatar (IQ), Qatar Islamic Bank (QIB) and Woqod were the primary contributors to the weekly index gain.
IQ was the biggest contributor to the index's weekly gain, adding 147.9 points to the index. QIB was the second biggest contributor to the mentioned gain, adding 31.1 points to the index. Woqod added 28.8 points to the index.
On the other hand, United Development Company (UDC) erased only 1.1 points off the index.
Of the 45 listed companies, 35 companies ended the week higher. While nine stocks declined, there was no change in the price of the remaining one stock.
The week also 13 listed companies announcing their financial results for the nine-month period of the year. According to an estimate by Mubasher Qatar, the combined profit of these listed companies rose 2.1 percent to QR18.3 billion, compared to QR17.9 billion in the same period of the previous year.
