QSE kicks off 2019 weekly trade with a bang, gains over 300 pts Jan 11, 2019 0 507 12345 Satyendra Pathak Doha Last year’s rally has shown no signs of slowing down in 2019 as the record run in Qatari stocks appears to be gaining momentum. Qatar’s stock market hit its highest level in nearly two years on Thursday as financial stocks boosted the market ahead of corporate earnings and dividend announcements next week.The Qatar Stock Exchange (QSE) main index rose 127 points, or 1.2 percent, on Thursday to hit its highest level since March 2017 as 14 of its 20 stocks in the main benchmark index gained.The index was boosted by financial shares, with Industries Qatar adding 2.9 percent and Qatar Islamic Bank increasing 1.3 percent. Bellwether Qatar National Bank (QNB) rose 0.8 percent to push the index higher on the day to close the first full trading week of 2019 on a positive note.Having emerged as the best performing stock market in the region with gain of over 20 percent in 2018, Thursday’s impressive rise helped QSE kick off weekly trade with a bang in the New Year. The Qatar Stock Exchange (QSE) main index gained 307.87 points, or 2.97 percent, during the first trading week of 2019 to close at 10,658.22 points. Crossing the QR600 billion mark, the week saw market capitalisation of the bourse rise by 3.43 percent to QR611.5 billion against QR591.2 billion at the end of the previous trading week. Achieving the much-needed liquidity, the week witnessed a large increase in trading value, volume and number of transactions. Trading value during the week increased by 121.8 percent to QR1.47 billion against QR663.3 million in the previous week. The banks and financial services sector led the trading value during the week, accounting for 34.1 percent of the total trading value. The industrial sector was the second biggest contributor to the overall trading value, accounting for 28.6 percent of the total. QNB was the top value traded stock during the week with total traded value of QR241.2 million.Trading volume increased by 139.2 percent to reach 71.8 million shares against 30 million shares in the previous week. The number of transactions increased by 70.3 percent to 38,073 against 22,355 in the previous week. The industrials sector led the trading volume, accounting for 33.7 percent, followed by the banks and financial services sector which accounted for 26.6 percent of the overall trading volume. Qatar First Bank (QFB) was the top volume traded stock during the week with 12.5 million shares.Continuing buying spree of Qatari stocks worth $2.5 billion in 2018, foreign institutions remained bullish with net buying of QR217.8 million against net buying of QR92.6 million in the previous week. Foreign retail investors, however, turned bearish with net selling of QR12.9 million against net buying of QR5.2 million in the previous week.According to an estimate by QNB Financial Services (QNBFS), foreign institutions have bought Qatari equities $31.3 million on net basis since the start of trading in 2019.Qatari institutions turned positive with net buying of QR16.2 million against net selling of QR48.7 million in the previous week. Qatari retail investors remained bearish with net selling of QR221.1 million against net selling of QR49.2 million in the previous week. Qatar German Company for Medical Devices was the best performing stock for the week with a gain of 25.3 percent on a trading volume of 2.1 million shares. On the other hand, Ooredoo was the worst performing stock for the week with a decline of 1.8 percent on 566,673 shares traded.Industries Qatar (IQ), Qatar Islamic Bank (QIB) and QNB were the primary contributors to the weekly index gain. IQ was the biggest contributor to the index’s weekly gain, adding 109 points to the index. QIB was the second biggest contributor to the gain, tacking on 37.7 points to the index. Moreover, QNB contributed 34.5 points to the index. On the other hand, Ooredoo (ORDS) deleted 8.3 points from the index.Of the 46 listed companies, 36 companies ended the week higher. While nine stocks declined, there was no change in the share price of the remaining one stock. 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