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Satyendra Pathak
Doha
Qatari stocks resumed weekly gain on hopes that coronavirus outbreak may be close to reaching its peak and top oil producers would agree to cut output to stabilise the energy market.
The Qatar Stock Exchange (QSE) Index rose by 531.46 points, or 6.28 percent during the week, to close at 8,989.78 points.
Market capitalisation rose by more than $30 billion, or 6.36 percent, to reach QR508.6 billion as compared to QR478.2 billion at the end of the previous week.
Trading value during the week increased by 3.8 percent to reach QR1.386 billion against QR1.336 billion in the previous week.
The banks and financial services sector led the trading value during the week, accounting for 30.7 percent of the total trading value. The Industrial sector was the second biggest contributor to the overall trading value, accounting for 29.29 percent of the total trading value.
Qatar National Bank (QNB) was the top value traded stock during the week with a total traded value of QR155.8 million.
Trading volume increased by 57.6 percent to reach 790.1 million shares against 501.4 million shares in the previous week.
The industrial sector led the trading volume, accounting for 31.8 percent, followed by banks and financial services sector comprising 27.9 percent of the overall trading volume. Ezdan Holding was the top volume traded stock during the week with total traded volume of 148.9 million shares.
The number of transactions also rose by 22.6 percent to reach 46,793 transactions against 38,178 transactions in the previous week.
Foreign institutions ended the week with net buying of QR170 million against net buying of QR28 million in the previous week.
Qatari institutions remained negative with net selling of QR18 million against net selling of QR17 million in the week before.
Foreign retail investors turned negative with net selling of QR9 million against net buying of QR12 million in the previous week.
Qatari retail investors also remained bearish with net selling of QR143 million against net selling of QR22.7 million in the previous week.
Qatar German Medical Devices was the best performing stock for the week, with a gain of 39.6 percent. On the other hand, Aamal Company was the worst performing stock with a decline of 1.9 percent.
Mesaieed Petrochemical Holding Company (MPHC), Qatar National Bank (QNB) and Qatar Islamic Bank (QIB) were the primary contributors to the weekly index gain.
MPHC was the biggest contributor to the index’s weekly increase, adding 72.4 points to the index.
QNB was the second biggest contributor to the mentioned gain, tacking on 71.9 points to the index. Moreover, QIB contributed 53.9 points to the index.
Of the 47 listed companies, 45 companies ended the week higher, while two stocks fell.
The week also saw all sector indices close in the positive territory with good gains. The industrial sector, which gained 9.68 percent, was the best performing sector index for the week.
The telecom sector gained 7.24 percent to become the second best performing sector index for the week.
The banks and financial sector, which gained 5.41 percent, played a vital role in lifting the main index higher. Rest of the sector indices also gained around 5 percent for the week.
“Signs that the number of new daily coronavirus cases is plateauing is driving expectations that social distancing measures will be lifted soon in parts of the world,” a stock market market analyst said.
“A jump in oil prices amid expectations of an output cut at today’s OPEC meeting is also playing its part in lifting stock markets,” the analyst said.
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10/04/2020
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