Qatar- Strong buying interests in industrials, insurance boost sentiment

(MENAFN- Gulf Times) The Qatar Stock Exchange witnessed strong buying interests, especially in the industrials and insurance counters, as it settled higher this week, which saw two more entities Milaha and Qatar Islamic Bank suggest up to 100% foreign ownership limit.
The increased net buying by the Gulf funds and a substantial decline in the net selling pressure from the domestic institutions helped the 20-stock Qatar Index settle 0.61% higher at 10,911 points this week, which saw Industries Qatar report net profit of QR1.5bn in the first quarter (Q1) of 2021.
Foreign institutions and local retail investors continued to be net buyers but with lesser intensity this week, which saw the global credit rating agency Moody's affirm Masraf Al Rayan's long and short term issuer ratings at ‘A1/P-1'.
Amidst an overall bullish overhang, decliners outnumbered gainers this week, which saw Ooredoo report QR1.8bn revenues in Q1, 2021.
More than 56% of the traded constituents saw their shares depreciate in value this week, which saw Qatar Electricity and Water Company's Q1, 2021 net profit at QR372mn.
The Gulf individuals and the Arab funds were increasingly net profit takers this week, which saw a total of 92,690 Masraf Al Rayan-sponsored exchange traded fund QATR valued at QR240,739 change hands across 23 transactions.
The foreign individuals were seen bearish in the week, which saw a total of 604,012 Doha Bank-sponsored exchange traded funds QETF worth QR6.48mn trade across 81 deals.
Market capitalisation saw about QR4bn or 0.61% increase to QR630.88bn, mainly on mid and large cap segments this week, which saw Qatar's trade surplus swell 73% year-on-year to QR13.18bn in March 2021.
The industrials index shot up 3.14%, insurance (1.42%) and banks and financial services (0.15%); whereas realty declined 1.52%, consumer goods and services (1.13%), transport (0.58%) and telecom (0.12%) this week, which saw the industrials and consumer goods sectors together account for more than 68% of the total trade volume.
The industrials sector accounted for 45% of the total trade volume, consumer goods and services (24%), banks and financial services (13%), real estate (12%), insurance (3%) and telecom (2%) and transport (1%).
In terms of value, the industrials sector's share stood at 36% of the total, banks and financial services (25%), consumer goods and services (19%), realty (9%), insurance (5%), and transport and telecom (3% each).
Major gainers included Doha Bank, Qamco, Doha Insurance, Industries Qatar, Zad Holding, Qatar National Cement, Gulf International Services, Mesaieed Petrochemical Holding and Al Khaleej Takaful this week.
Nevertheless, Widam Food, Dlala, Investment Holding Group, Qatari German Medical Devices, Mazaya Qatar, Ahlibank Qatar, QIIB, Alijarah Holding, Inma Holding, United Development Company, Vodafone Qatar and Milaha were among the losers.
The Gulf institutions' net buying increased notably to QR33.09mn against QR25.21mn the week ended April 22.
The domestic funds' net selling fell significantly to QR167.61mn compared to QR440.69mn the previous week.
However, the Gulf individuals' net profit booking grew drastically to QR22.6mn against QR4.98mn a week ago.
The foreign funds' net buying decreased considerably to QR136.13mn against QR313.4mn the week ended April 22.
Qatari investors' net buying shrank markedly to QR9.15mn compared to QR56.64mn the previous week.
The Arab individuals' net buying weakened substantially to QR13.18mn against QR51.04mn a week ago.
The Arab funds' net selling strengthened marginally to QR1.35mn compared to QR0.47mn the week ended April 22.
The foreign individuals turned net sellers to the extent of QR0.27mn against net buyers of QR0.31mn the previous week.
Total trade volume declined 21% to 1.28bn shares, value by 14% to QR2.69bn and transactions by 18% to 49,216.
The consumer goods and services sector's trade volume plummeted 52% to 303.45mn equities, value by 32% to QR498.63mn and deals by 29% to 9,128 this week.
The market witnessed a 40% plunge in the telecom sector's trade volume to 21.91mn stocks, 20% in value to QR73.23mn and 26% in transactions to 1,917.
The transport sector's trade volume tanked 29% to 18.73mn shares, value by 22% to QR75.4mn and deals by 1% to 1,938.
The banks and financial services sector saw a 24% shrinkage in trade volume to 163.96mn equities, 32% in value to QR671.82mn and 34% in deals to 13,754.
The real estate sector's trade volume shrank 5% to 156.45mn stocks, value by 23% to QR246.46mn and transactions by 23% 4,782.
However, there was a 15% surge in the industrials sector's trade volume to 570.52mn shares, 31% in value to QR978.3mn and 16% in deals to 14,746.
The insurance's sector's trade volume was flat at 43.11mn equities and value also flat at QR140.6mn, while transactions rose 9% to 2,951.    

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