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Satyendra Pathak
Doha
Even though the traded volumes were shallow, the performance of local stocks in the last five trading days were slightly positive as the Qatar Stock Exchange (QSE) benchmark index inched up yet another week.
The QSE 20 benchmark index gained 48.49 points, or 0.47 percent, during the week to close at 10,438.45 points on Thursday.
"We support the idea that the index needs a strong move above the 10,650 level to be on the healthy side of the chart. Main support remains at 10,000 and the expected resistance level at the 11,500 level," QNB Financial Services said in its weekly report.
The week witnessed announcement of third quarter results by major banking names like Commercial Bank of Qatar (CBQ), Qatar Islamic Bank (QIB) and Doha Bank. While these banks reported decline in profit, stock prices of Doha Bank and QIB remained stable as the results were on the expected lines.
A net loss of QR1.04 million in the third quarter by CBQ reflected on its stock price which went down 5.37 percent at the close of the week.
The all share banks and financial services index, which gained 1.53 percent, was the best performing index on the bourse. Foreign institutions remained bullish during the week with net buying of QR283.7 million against net buying of QR181.8 million in the prior week.
Foreign retail investors, however, turned bearish for the week with net selling of QR3.2 million against net buying of QR5.4 million in the prior week.
Qatari institutional and retail investors also remained bearish throughout the week. While Qatari institutions sold shares worth QR191.5 million against the net selling of QR134.3 million the week before, Qatari retail investors sold shares worth QR89.0 million against net selling of QR53 million the week before.
According to an estimate, the worth of Qatari equities bought by foreign institutions in 2016 year-to-date (YTD) reached 1.8 billion at the end of trade last week.
Market capitalisation of the bourse inched up by 0.8 percent to QR562.6 billion compared with market capitalisation of QR558.1 billion at the end of the previous week.
Qatar Cinema & Film Distribution Company (QCFS) was the best performing stock for the week with a gain of 8.4 percent on 9,510 shares traded only.
On the other hand, Medicare was the worst performing stock with a decline of 8.7 percent on 923,567 shares traded.
Trading value during the week increased by 8.3 percent to reach QR901.8 million against QR832.7 million in the prior week.
The banks and financial Services sector led the trading value during the week, accounting for 37.4 percent of the total trading value.
The industrial sector was the second biggest contributor to the overall trading value, accounting for 19.4 percent of the total trading value.
The consumer goods and services sector ranked third, accounting for 14.52 percent.
Qatari Investors Group was the top value traded stock during the week with total traded value of QR101.5 million. Trading volume at the bourse decreased by 4.9 percent to reach 22.7 million shares against 23.9 million shares in the prior week.
The number of transactions reached 12,835 transactions at the end of the week, an increase of 19.4 percent against 10,751 transactions in the previous week.
The banks and financial services sector led the trading volume, accounting for 33 percent, followed by telecom sector, which accounted for 20.8 percent of the overall trading volume. The real estate sector ranked third, accounting for 17.14 percent.
Vodafone Qatar was the top volume traded stock during the week with total traded volume of 4.4 million shares.
The banks and financial services sector also led trading number of tranactions during the week , accounting for 35.4 percent of the total number of tranactions, followed by industrials sector, which accounted for 17.69 percent.
Of the 44 listed companies, 14 companies ended the week higher, while 30 fell.
