28/02/2015 05:14 AST
A string of robust corporate results notwithstanding, the Qatar Stock Exchange closed the week in the negative trajectory with its key index losing 51 points and capitalisation melting more than QR2bn.
Although the market witnessed sporadic buying interests in the first two days, profit booking in the remaining three days finally rested the 20-stock Qatar Index 0.41% lower during the week that saw Al Khaliji get approval from shareholders to raise as much as $2.5bn through debt capital markets.
In comparison, Muscat plunged 1.19% and Kuwait 0.59%; while Bahrain surged 1.01%, Abu Dhabi (0.37%), Dubai (0.18%) and Saudi Arabia (0.14%) during the week.
Qatari bourse has so far (year-to-date) made 1.3% gains against 11.76% in Saudi Arabia, 3.47% in Abu Dhabi, 3.41% in Muscat, 3.38% in Bahrain, 2.4% in Dubai and 1.01% in Kuwait.
Selling pressure, especially in the consumer goods and real estate stocks, was instrumental in dragging the Qatari bourse during the week that saw Nebras Power — a joint venture among Qatar Electricity and Water, Qatar Petroleum International and Qatar Holding — is planning to invest in the broader Middle East, Southeast Asia, Africa and Europe.
However, Islamic stocks stole the limelight as its index was seen gaining amidst an overall bearish overhang in the market, where realty, telecom and banking stocks dominate the trading ring in terms of volumes during the week.
Domestic institutions were seen intense in net selling, non-Qatari retail investors turned net profit takers and Qatari individual investors continued to be net sellers but with lesser intensity during the week that witnessed the banking and industrial sectors report improvement in their net earnings in 2014; even as insurance witnessed contraction.
Consumer goods stocks plummeted 3.53%, realty (1.81%) and transport (0.12%); whereas telecom gained 1.14%, insurance (0.46%), industrials (0.35%) and banks and financial services (0.35%) during the week.
The 20-stock Total Return Index was down 0.08% and All Share Index (comprising wider constituents) by 0.18%; while Al Rayan Islamic Index rose 0.76% during the week.
Of the 43 stocks, 19 gained, while 23 declined and one was unchanged. Eight of the 12 banks and financial services, four each of the eight consumer goods and the nine industrials, three of the five insurers, and two each of the four real estate and the three transport stocks closed lower during the week.
Major losers included Qatar Islamic Bank, International Islamic, Masraf Al Rayan, Alijarah Holding, Dlala, Salam International Investment, Woqod, Widam Food, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Insurance, Al Khaleej Takaful, Ezdan and Mazaya Qatar during the week.
However, QNB, Industries Qatar, Commercial Bank, Islamic Holding Group, Qatari Investors Group, Doha Insurance, Barwa, United Development Company and Vodafone Qatar bucked the trend.
Market capitalisation eroded 0.33% to QR675.34bn with mid and large cap equities falling 0.52% and 0.42%; while micro and small caps gained 0.74% and 0.11% respectively during the week that saw Vodafone Qatar and Barwa dominate the trading ring in terms of both volume and value.
Micro, mid and small cap scrips have gained year-to-date 8.75%, 5.45% and 2.37% respectively; whereas large caps slumped 1.66%.
Domestic institutions’ net selling strengthened to QR41.81mn compared to QR14.39mn the week ended February 19.
Local retail investors turned net profit booking fell to QR32.95mn against QR57.56mn the previous week.
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