18/12/2016 05:17 AST
The Qatar Stock Exchange (QSE) index gained 170.18 points, or 1.69%, during the week to close at 10,224.13. Market capitalisation increased by 2.01% to QR551.0bn versus QR540.1bn at the end of the previous week. Of the 44 listed companies, 30 ended the week higher, while 11 fell and three remained unchanged. Qatar First Bank (QFBQ) was the best performing stock for the week with a gain of 7.9% on 7.0mn shares traded. On the other hand, Commercial Bank (CBQK) was the worst performing stock with a decline of 7.1% on 1.8mn shares traded.
QNB Group (QNBK), Ezdan Holding (ERES) and Industries Qatar (IQCD) were the primary contributors to the weekly index gain. QNBK was the biggest contributor, adding 70.2 points to the index. ERES was the second biggest contributor to the gains, adding 35.0 points to the index. Moreover, IQCD contributed 30.4 points to the index. On the other hand, Qatar Insurance Co (QATI) deleted 11.9 points from the index.
Trading value during the week increased by 25.25% to reach QR1.6bn versus QR1.3bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 41.3% of the total trading value. The industrial sector was the second biggest contributor to the overall trading value, accounting for 22.1% of the total. Qatar Islamic Bank (QIBK) was the top value traded stock during the week with total traded value of QR161.8mn.
Trading volume increased by 18.1% to reach 55.0mn shares versus 46.6mn in the prior week. The number of transactions increased by 36.2% to reach 21,845 versus 16,042 in the prior week. The banks and financial services sector led the trading volume, accounting for 33.0%, followed by the real estate sector, which accounted for 26.4% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with total traded volume of 9.8mn shares.
Foreign institutions remained bullish during the week with net buying of QR139.2mn versus net buying of QR162.1mn in the prior week. Qatari institutions remained bearish with net selling of QR3.0mn versus net selling of QR9.8mn the week before. Foreign retail investors turned bearish for the week with net selling of QR20.2mn versus net buying of QR9.2mn in the prior week. Qatari retail investors remained bearish with net selling of QR116.0mn versus net selling of QR161.5mn the week before.
In 2016 year-to-date, foreign institutions bought (on a net basis) $1.8bn worth of Qatari equities.
The index continued with its uptick and gained 1.69% against previous week’s closing; it closed at 10,224.13. It should be noted that the index has reached an intra-week resistance, stemming from the 21SMA on the weekly chart. As a result, we may see corrections on the Index. Support level remains at 9,750 and our expected 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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