Industrials, insurance and realty counters witness demand

(MENAFN- Gulf Times) Local retail investors were seen turning bullish on the Qatar stock exchange (QSE), which otherwise settled lower this week.

Industrials, insurance and realty counters witnessed demand amidst 1.06% decline in the main barometer this week which saw QSE chief executive Rashid bin Ali al-Mansoori say the new listings and initial public offerings have the potential to strongly rebound the bourse.
Domestic and foreign institutions as well as non-Qatari individuals turned net profit takers this week which also al-Mansoori say that certain companies, after they get listed, tend to become lethargic in maintain investors relations.
Islamic stocks were, however, seen extending gains this week which witnessed Iran exploring options to seek listing of its Islamic treasury bills and sovereign bonds on the QSE.
The market was skewed towards decliners this week which witnessed industrials and banking counters together accounted for about 57% of total trading volume.
The banks and financial services and industrials sectors accounted for 28% of the total volume, realty (15%), telecom (12%) transport (7%), consumer goods (6%) and insurance (2%) this week which saw robust expansion in Qatar's industrial production in September on higher output of hydrocarbons and manufacturing,.
The banks and financial services' share in total trade turnover was 42%, industrials (26%), transport (11%), real estate and transport (8% each), consumer goods (7%) and insurance (2%) this week which saw Milaha, a Qatar-based maritime transport and logistics conglomerate, announce the launch of a direct feeder service between Sri Lanka and Bangladesh.
Major gainers included Mesaieed Petrochemical Holding, Gulf International Services, Aamal Company, Mazaya Qatar, Vodafone Qatar, Milaha, Qatari Investors Group, Medicare Group, Ezdan, QIIB and Qatar First Bank this week which witnessed Qatar's heavy industry show buoyancy amidst the economic blockade as the credit off-take by the sector more than doubled.
Domestic funds turned net sellers to the tune of QR11.54mn compared with net buyers of QR15.22mn the previous week.
Non-Qatari funds were net sellers to the extent of QR6.77mn against net buyers of QR23.65mn the week ended November 16.
Non-Qatari individuals turned net sellers to the tune of QR7.72mn compared with net buyers of QR0.08mn the previous week.
However, local retail investors were net buyers to the extent of QR26.03mn against net profit takers of QR38.86mn a week ago.
Total trade volume rose 38% to 37.48mn shares, value by 6% to QR867.64mn and deals by 12% to 14,538.
The consumer goods sector's trade volume more than quadrupled to 2.29mn equities, value soared 39% to QR59.92mn and transactions by 84% to 1,763.
The industrials sector's trade volume more than doubled to 10.67mn stocks, value gained 33% to QR223.52mn and deals by 28% to 3,325.
The banks and financial services sector saw 30% surge in trade volume to 10.64mn shares and 7% in value to QR371.54mn but on 11% fall in transactions to 4,041.
The real estate sector's trade volume expanded 11% to 5.76mn equities, while value was down 3% to QR70.58mn despite 8% increase in deals to 2,442.
The market witnessed 8% jump in the telecom sector's trade volume to 4.63mn stocks and 1% in value to QR57.72mn but on 13% decline in transactions to 1,191.
However, the insurance sector's trade volume plummeted 35% to 0.89mn shares, value by 51% to QR19.23mn and deals by 31% to 432.
The transport sector reported 12% shrinkage in trade volume to 2.6mn equities and 29% in value to QR65.14mn but on 7% increase in transactions to 1,344.

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