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Satyendra Pathak
Doha
Qatar’s stock market continued its unabated rally in the second week of 2021, buoyed by solid gains in oil prices and full restoration of ties with neighbouring countries.
The Qatar Stock Exchange (QSE) general index gained 2.21 percent during the second week of January, closing at 10,913.83 points.
Market capitalisation increased by 1.5 percent to reach QR628.2 billion as compared to QR618.7 billion at the end of the previous week.
The week, which saw the listing of QLM Medical and Life Insurance Company (QLM) on Wednesday, was abuzz with trading activities.
The QLM shares were in high demand as 38.6 million shares exchanged hands with a trading value of QR141.786 million on the first day of trading alone. The share price reached its day-high of QR3.967 per share before closing at QR3.9 per share. The share price increase of almost 24 percent compared to the IPO price of QR3.15 represented a remarkable first-day trading performance.
Trading value during the week increased by 49.6 percent to reach QR2.92 billion against QR1.95 billion in the previous trading week on the back of heavy trading in QLM shares in the last two trading session of the week.
QNB Group (QNB) was the top value traded stock during the week with a total traded value of QR385.6 million.
QNB, the largest financial institution in the Middle East and Africa (MEA) region, on Tuesday announced that its annual net profit for 2020 reached QR12 billion ($3.3 billion), a decrease of 16 percent compared to the previous year.
The Group’s operating income increased by 1 percent compared to last year despite the impact of COVID-19 and the decline in oil prices.
This reflects QNB Group’s success in maintaining growth across the range of revenue sources, the bank said in a statement.
Trading volume witnessed an increase of 18.1 percent to reach 1.071 billion shares against 907.1 million shares in the previous trading week. Investment Holding Group (IGRD) was the top volume traded stock during the week with total traded volume of 125.5 million shares.
The number of transactions also increased by 48.9 percent to reach 57,869 against 38,865 in the previous week.
Milaha was the best performing stock for the week, with a gain of 8.8 percent. On the other hand, Ezdan Holding was the worst-performing stock with a decline of 5.9 percent.
Industries Qatar, Ooredoo and Milaha were the primary contributors to the weekly index gains. Industries Qatar was the biggest contributor to the index’s weekly
increase, adding 103.6 points to the index. Ooredoo contributed 30.7 points to the index, while Milaha tacked on 27.9 points.
Of the 48 listed companies, 30 companies ended the week higher. While 15 stocks fell, there was no change in the share prices of the remaining three stocks.
The unabated bull run can be attributed to the buying interest of both foreign and Qatari institutional investors as they remained bullish throughout the week.
Foreign institutional investors alone accounted for more than 30 percent of the total buy during the week.
The week saw all the seven sector indices close in the positive territory.
The All Share Telecoms Index, which witnessed a gain of 7.29 percent after its main component Ooredoo surged 8.53 percent during the week, was the best performing sector index for the day.
While the transportation sector gained 6.59 percent to be the second-best performer, the industrial sector and the insurance sector gained more than 3 percent to lift the main index higher during the week.
Doha
Qatar’s stock market continued its unabated rally in the second week of 2021, buoyed by solid gains in oil prices and full restoration of ties with neighbouring countries.
The Qatar Stock Exchange (QSE) general index gained 2.21 percent during the second week of January, closing at 10,913.83 points.
Market capitalisation increased by 1.5 percent to reach QR628.2 billion as compared to QR618.7 billion at the end of the previous week.
The week, which saw the listing of QLM Medical and Life Insurance Company (QLM) on Wednesday, was abuzz with trading activities.
The QLM shares were in high demand as 38.6 million shares exchanged hands with a trading value of QR141.786 million on the first day of trading alone. The share price reached its day-high of QR3.967 per share before closing at QR3.9 per share. The share price increase of almost 24 percent compared to the IPO price of QR3.15 represented a remarkable first-day trading performance.
Trading value during the week increased by 49.6 percent to reach QR2.92 billion against QR1.95 billion in the previous trading week on the back of heavy trading in QLM shares in the last two trading session of the week.
QNB Group (QNB) was the top value traded stock during the week with a total traded value of QR385.6 million.
QNB, the largest financial institution in the Middle East and Africa (MEA) region, on Tuesday announced that its annual net profit for 2020 reached QR12 billion ($3.3 billion), a decrease of 16 percent compared to the previous year.
The Group’s operating income increased by 1 percent compared to last year despite the impact of COVID-19 and the decline in oil prices.
This reflects QNB Group’s success in maintaining growth across the range of revenue sources, the bank said in a statement.
Trading volume witnessed an increase of 18.1 percent to reach 1.071 billion shares against 907.1 million shares in the previous trading week. Investment Holding Group (IGRD) was the top volume traded stock during the week with total traded volume of 125.5 million shares.
The number of transactions also increased by 48.9 percent to reach 57,869 against 38,865 in the previous week.
Milaha was the best performing stock for the week, with a gain of 8.8 percent. On the other hand, Ezdan Holding was the worst-performing stock with a decline of 5.9 percent.
Industries Qatar, Ooredoo and Milaha were the primary contributors to the weekly index gains. Industries Qatar was the biggest contributor to the index’s weekly
increase, adding 103.6 points to the index. Ooredoo contributed 30.7 points to the index, while Milaha tacked on 27.9 points.
Of the 48 listed companies, 30 companies ended the week higher. While 15 stocks fell, there was no change in the share prices of the remaining three stocks.
The unabated bull run can be attributed to the buying interest of both foreign and Qatari institutional investors as they remained bullish throughout the week.
Foreign institutional investors alone accounted for more than 30 percent of the total buy during the week.
The week saw all the seven sector indices close in the positive territory.
The All Share Telecoms Index, which witnessed a gain of 7.29 percent after its main component Ooredoo surged 8.53 percent during the week, was the best performing sector index for the day.
While the transportation sector gained 6.59 percent to be the second-best performer, the industrial sector and the insurance sector gained more than 3 percent to lift the main index higher during the week.
