Satyendra Pathak Doha Continuing its bull run for the second week in a row, Qatari stocks made impressive gains adding QR24.4 billion to investors' wealth over the week. Market capitalisation increased by 5.1 percent to QR502.2 billion against QR477.7 billion at the end of the previous trading week. The Qatar Stock Exchange (QSE) index gained 505.19 points or 5.9 percent during the trading week to close at 9,135.86 points. Trading value during the week increased by 76.2 percent to reach QR1.52 billion against QR866.1 million in the previous week. The banks and financial services sector led the trading value during the week, accounting for 38.9 percent of the total trading value. The industrial sector was the second biggest contributor accounting for 21.7 percent of the total trading value. Masraf Al Rayan was the top value traded stock during the week with total traded value of QR153.9 million. Trading volume increased by 65.6 percent to reach 62.6 million shares against 37.8 million shares in the previous week. The banks and financial services sector led the trading volume, accounting for 31.8 percent followed by the industrial sector accounting for 26.4 percent of the overall trading volume. Qatar First Bank was the top volume traded stock during the week with 6.9 million shares. The number of transactions increased by 64.6 percent to reach 25,698 against 15,610 in the previous week. The banks and financial services sector led the number of transactions during week, accounting for 33.36 percent of the total number. It was followed by industrial sector, which accounted for 22.98 percent. The real estate sector ranked third, accounting for 18.67 percent. Foreign institutions remained bullish with net buying of QR144.2 million against net buying of QR10.3 million in the previous week. Foreign retail investors, however, turned bearish with net selling of QR9 million against net buying of QR11.3 million in the previous week. Qatari institutions remained bearish with
net selling of QR58.9 million against net selling of QR17.4 million in the week before. Qatari retail investors also remained bearish with net selling of QR76.1 million against net selling of QR3.9 million the week before. According to an estimate by QNB Financial Services (QNBFS), foreign institutions bought Qatari equities worth $31 million on a net basis since the beginning of 2018. Qatar Insurance Company was the best performing stock for the week with a gain of 14.1 percent on 335,100 shares traded. On the other hand, Ahli Bank was the worst performing stock for the week with a decline of 21.2 percent on 23,600 shares traded. Industries Qatar, Masraf Al Rayan and Qatar National Bank were the primary contributors to the weekly index gains. Industries Qatar was the biggest contributor to the index's weekly gain, adding 104.4 points to the index. Masraf Al Rayan was the second biggest contributor to the mentioned gains, adding 97.7 points to the index. Qatar National Bank added 61.3 points to the index. Al-Meera Consumer Goods, however, shed a marginal 3.1 points off the index. The week saw all the seven sector indices make substantial gains. The insurance sector, which gained 10.55 percent, was the best performer among all the sector indices. The real estate sector and the industrial sector, which gained 7.92 percent and 5.8 percent respectively, also played vital roles in lifting the index. Of the 45 listed companies, 33 ended the week higher. While 11 stocks declined, the price of one stock remained unchanged. "Given the upward trend, the QSE main index targets to reach resistance at 9400 and 9600 points," Ahmed Maher, financial analyst at Namaa Economic Consultancy, told Mubasher Qatar. If the bourse sees profittaking after the consecutive hikes, he said, the main index is forecast to find support at 8,600 and 8,800 points.
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