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Bull run continues as QSE rises for 2nd week in a row

Bull run continues as QSE rises for 2nd week in a row

Satyendra Pathak
Doha
Bull run continues unabated in Qatar’s stock market as stocks gained for the second week in a row.
With stocks making gains for the third consecutive trading session on Thursday, the Qatar Stock Exchange (QSE) main index inched up by 46 points, or 0.44 percent, during the trading week to close at 10,613.32 points.
Market capitalisation of the bourse rose by 0.2 percent to QR582.9 billion against QR582 billion in the previous trading week as foreign institutions remained bullish throughout the week.
Foreign institutions remained bullish with net buying of QR57.1 million against net buying of QR73.9 million in the previous week.
According to an estimate by QNB Financial Services (QNBFS), foreign institutions have bought Qatari equities worth $1.25 billion on net basis since the beginning of 2019.
Foreign retail investors, however, remained bearish with net selling of QR26.3 million against net selling of QR13.3 million in the previous week.
While Qatari institutions turned bearish with net selling of QR26.3 million against net buying of QR5.3 million in the week before, Qatari retail investors remained bearish with net selling of QR27.9 million against net selling of QR66 million the week before.
Trading volume during the week increased by 10.3 percent to reach 300.9 million shares against 272.7 million shares in the previous week.
The banks and financial services sector led the trading volume, accounting for 28.9 percent, followed by the Real Estate sector which accounted for 22.8 percent of the overall trading volume. Ezdan Holding was the top volume traded stock during the week with 36.1 million shares.
The number of transactions also rose by 1.6 percent to 27,103 against 26,680 in the previous week.
Trading value during the week, however, decreased by 0.5 percent to QR0.88 billion against QR0.88 billion in the previous week. The banks and financial services sector led the trading value during the week, accounting for 39.8 percent of the total trading value. The industrial sector was the second biggest contributor to the overall trading value, accounting for 17.8 percent of the total.
Qatar National Bank (QNB) was the top value traded stock during the week with total traded value of QR170.2 million.
Medicare was the best performing stock for the week with a gain of 14.5 percent on a trading volume of 9.5 million shares. On the other hand, Qatar National Cement was the worst performing stock for the week with a decline of 4.7 percent on 1.6 million shares traded.
Qatar Insurance Company, Ooredoo and Medicare were the primary contributors to the weekly index gain. Qatar Insurance Company was the biggest contributor to the index’s weekly increase, adding 16.9 points to the index. Ooredoo was the second biggest contributor to the mentioned gain, contributing 12.4 points to the index. Moreover, Medicare tacked on 10.9 points to the index.
Of the 46 listed companies, 25 companies ended the week higher. While 17 declined, there was no change in the share prices of the remaining four stocks.

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