27/11/2016 07:52 AST
The Qatar Stock Exchange (QSE) index dipped by 60.05 points, or 0.61%, during the week to close at 9,714.93. Market capitalisation decreased by 0.65% to QR524.9bn versus QR528.3bn at the end of the previous week. Of the 44 listed companies, 15 ended the week higher, while 24 fell and five remained unchanged. Medicare (MCGS) was the best performing stock for the week with a gain of 8.2% on 583,397 shares traded. On the other hand, Gulf Warehousing Co (GWCS) was the worst performing stock with a decline of 8.2% on 300,645 shares traded.
Ezdan Holding Group (ERES), QNB Group (QNBK) and Qatar Insurance Co (QATI) were the primary contributors to the weekly index loss. ERES was the biggest contributor, deleting 21.9 points from the index. QNBK was the second biggest contributor to the loss, shedding 18.1 points from the index. Moreover, QATI erased 10.3 points from the index. On the other hand, Commercial Bank of Qatar (CBQK) added 7.0 points to the index.
Trading value during the week decreased by 36.0% to reach QR801.4mn versus QR1.2bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 46.4% of the total trading value. The telecoms sector was the second biggest contributor to the overall trading value, accounting for 13.0% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR206.2mn.
Trading volume decreased by 40.1% to reach 24.8mn shares versus 41.5mn in the prior week. The number of transactions dropped by 29.6% to reach 13,136 versus 18,651 in the prior week. The telecoms sector led the trading volume, accounting for 34.1%, followed by the banks and financial services sector, which accounted for 29.8% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with total traded volume of 8.1mn shares.
Foreign institutions turned bullish during the week with net buying of QR17.6mn versus selling of QR7.5mn in the prior week. Qatari institutions turned bullish with net buying of QR85.8mn versus net selling of QR22.6mn the week before. Foreign retail investors remained bullish for the week with net buying of QR15.2mn versus net buying of QR40.1mn in the prior week. Qatari retail investors remained bearish with net selling of QR119.4mn versus net selling of QR10.0mn the week before.
In 2016 year-to-date, foreign institutions bought (on a net basis) $1.9bn worth of Qatari equities.
The index dropped by 0.61% and closed below our 9,750 support level (the index closed at 9,714.93). That said, the index could wobble around our mentioned support. Otherwise
our next expected support is around the 9,000 points; resistance at the 11,500 level.
Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.
Doji candlestick pattern – A Doji candlestick is formed when a security’s open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.
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