09/08/2014 09:24 AST
The Qatar Stock Exchange garnered a huge 199 points during the week that saw an Emiri decree allowing higher 49% foreign ownership limit in the listed companies.
Foreign institutions reportedly net bought QR143mn worth of stocks, which helped lift the market during the week which saw a report that the banks and financial services sector witnessed marginal erosion in their net profitability during the first half of this year.
Overall, the market witnessed bullish momentum with the key index touching a high of near-13,200 levels before settling at a tad below 13,100 mark during the week that featured Qatar Insurance Company ink pact with Ogier Fiduciary Services’ Performance and Reward Management team for creating a share plan which helps motivate, retain and incentivise QIC employees by enhancing their benefits package.
Although local and non-Qatar retail investors as well as domestic institutions were into profit booking mode, the 20-stock Qatar Index reported 1.55% gains during the week.
In comparison, Saudi Arabia rose 3.31%, Muscat (1.88%), Bahrain (1.52%) and Kuwait (0.78%; whereas Dubai and Abu Dhabi fell 2.57% and 2.05% respectively during the week.
The QSE has reported 25.98% gains year-to-date (YTD) against Dubai (40.51%), Saudi Arabia (23.63%), Bahrain (19.63%), Abu Dhabi (14.8%) and Muscat (7.34%); while Kuwait shrank 4.81%.
An across the board buying — notably in the real estate, consumer goods, transport and insurance stocks, led to an overall bullish overhang during the week, which saw the insurance and transport sectors seen going through their troughs in terms of profitability during the first six months of this year.
Realty stocks surged more than 5%, consumer goods by about 5%m transport by more than 4% and insurance by more than 2% during the week.
More than 88% of the traded companies extended gains during the week where trading volumes expanded more than seven-fold.
The 20-stock Total Return Index gained 1.55%, All Share Index (comprising wider constituents) by 1.56% and Al Rayan Islamic Index by 4.25% during the week.
Of the 43 stocks, 38 appreciated, while only five declined during the week that witnessed investors’ stronger buying in micro, small and mid cap stocks.
10 of the 12 banks and financial services; all of the eight consumer goods; seven of the nine industrials; all of the five insurers; three each of the four real estate and the three transport; and all of the two telecom stocks settle higher during the week.
Major gainers included Mazaya Qatar, Islamic Holding Group, Qatari Investors Group, Qatar Islamic Bank, Doha Bank, Dlala, Salam International Investment, Widam Food, Al Meera, Mannai Corporation, Gulf International Services, Doha Insurance, United Development Company (UDC), Barwa, Nakilat and Milaha.
However, Industries Qatar, Commercial Bank, al khaliji and Ezdan bucked the trend during the week.
Mazaya Qatar, UDC and Barwa were the most active in terms of both volume and value during the week.
Trading volumes surged and was largely skewed towards realty, banks, consumer goods and industrials, which together accounted for more than 87% of the overall volumes during the week.
Market capitalisation expanded 0.77% ore more than QR5bn to QR695.56bn with micro, small and mid cap equities seen gaining 5.96%, 3.07%, 2.66% respectively during the week.
Micro, small, mid and large micro cap stocks have gained YTD 42.44%, 35.05%, 25.79% and 16.85% respectively.
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