Weekly Market Report

09/02/2014 08:36 AST

The Qatar Exchange (QE) Index gained 36.48 points, or 0.33%, during the trading week, to close at 11,192.21 points. Market capitalisation decreased by 0.41% to reach QR586.9bn as compared to QR589.4bn at the end of the previous week. Of the 42 listed companies, 24 companies ended the week higher while 15 fell and 3 remained unchanged. Gulf International Services (GISS) was the best performing stock with a gain of 9.27% on 1.5mn shares traded. On the other hand, Dlala Brokerage and Investments Holding Company (DBIS) was the worst performing stock with a decline of 6.19% on only 0.3mn shares traded.

During the week, Qatar Electricity & Water Company (QEWS) reported 2013 results. QEWS reported fourth-quarter 2013 bottom-line of QR330mn, down 21% quarter-over-quarter (QoQ) and 28% year-over-year (YoY) versus our estimate of QR371mn. The company generated revenue of QR692mn (-14% QoQ, flattish YoY), which was only 3% shy of our estimate of QR717mn. Direct costs expanded during the quarter, lowering the gross margin to 59.4% vs 61.6% in 3Q2013 and 67.6% in 4Q2012; earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at QR368mn (-18% QoQ, -14% YoY) lowering the EBITDA margin to 53.1% vs 55.4% in 3Q2013 and 61.7% in 4Q2012. We note that 4Q2012 costs were affected by a reversal of QR59.3mn in end-of-service benefits, leading to an adjusted EBITDA margin of 53.2%. Finally, share of profits from joint ventures was QR100mn (-14% QoQ, +122% YoY) which was right in line with our estimate. The company proposed a cash dividend of QR7.50 per share plus a 10% bonus share issue versus our estimate of QR7.50.

Trading value during the week decreased by 1.0% to reach QR2.30bn vs QR2.33bn in the prior week. The Banks & Financial Services sector led the trading value during the week, accounting for 37.2% of the total equity trading value. Trading volume increased by 31.40% to reach 56.1mn shares vs 42.6mn shares in the prior week. The number of transaction fell by 5.9% to reach 22,641 transactions versus 24,068 transactions in the prior week. The Banks & Financial Services sector also led the trading volume, accounting for 27.0% of the total.

Foreign institutions remained bullish for the week with net buying of QR96.0mn vs net buying of QR152.4mn in the prior week. Qatari institutions turned bullish with net buying of QR102.2mn vs net selling of QR49.3mn the week before. Foreign retail investors turned bearish for the week with net selling of QR41.9mn vs net buying of QR17.7mn in the prior week. Qatari retailer investors remained bearish with net selling of QR156.1mn vs QR120.5mn the week before. Thus far in 2014, the QE has witnessed net foreign portfolio investment inflow of $558.5mn vs $1,057mn for the full year of 2013.

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