Satyendra Pathak
Doha
Continuing its gaining trend for the second week in a row, the Qatar Stock Exchange (QSE) index advanced 333.43 points, or 2.6 percent, during the week to close at 13,028.70 points.
The week saw QSE’s market capitalisation increase 2.9 percent to reach QR726 billion compared with QR705.3 billion at the end of the previous trading week.
Foreign institutions remained bullish, closing the week with net buying of QR233.2 million against net buying of QR153.7 million in the previous week. Foreign retail investors, however, closed the week with a net selling of QR18 million against net selling of QR17.1 million in the previous week.
According to an estimate by QNB Financial Services (QNBFS), foreign institutions are net buyers of Qatari stocks worth $4.04 billion since the start of this financial year.
Qatari institutions remained bearish with a net selling of QR88.1 million against net selling of QR101.8 million in the week before. Qatari retail investors also remained bearish with a net selling of QR127.2 million against net selling of QR34.9 million the week before.
The traded value during the week declined 12.1 percent to QR2,534.5 million from QR2,882 million in the previous trading week. QNB Group (QNB) was the top-value traded stock during the week with a total traded value of QR300.1 million.
Traded volume moved down by 1.9 percent to 899.5 million shares compared to 916.5 million shares in the previous trading week. The number of transactions dipped 15.2 percent to 76,882 against 90,714 in the previous week. Qatar Aluminum Manufacturing (Qamco) was the top volume traded stock during the week with a total traded volume of 161.2 million shares.
Industries Qatar, QNB Group and Qatar Islamic Bank were the primary contributors to the weekly index rise. While Industries Qatar and QNB Group added 85.86 and 61.77 points to the index, respectively, QIB added another 40.43 points.
Of the 45 traded companies, 35 closed the week higher. While nine firms ended lower, there was no change in the stock price of the remaining one stock. Lesha Bank, formerly known as Qatar First Bank (QFB), was the best-performing stock for the week with a gain of 13.2 percent. On the other hand, Doha Insurance was the worst-performing stock for the week, going down by 3.6 percent.
The week saw all the seven sector indices close in the positive territory. The industrial sector, which gained 4.13 percent, was the best performing sector for the week.
The banking and financial sector index jumped more than 2.5 percent to lift the main index higher.
On the performance of the stock market this week, Alaa Al Sheikhly, a financial analyst, attributed the positive movement to the rise in oil prices in global markets and the upcoming announcement of third-quarter results by listed firms.
Al Sheikhly told QNA that the initiative of the Qatar Investment Authority continues to have an impact on the stock exchange. He pointed out that the industrial sector will be one of the biggest beneficiaries in the coming period as a result of the rise in oil and gas prices.