US Rate Hike Pause Lifts QSE Sentiments As Index Gains 80 Points Islamic Equities Outperform

(MENAFN- Gulf Times) The softening of the tightening bias in the US rate scenario had its reflection on the Qatar stock exchange (QSE), whose key index gained as much as 80 points this week.

The foreign institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.81% higher this week which saw United Development Company receive bid from the Qatar Investment Authority to buy 40% of its stake in Qatar Cool.
"The Fed's statement following the announcement indicates a softening of the tightening bias...Markets were seeking clarity about rate cuts next year and the FOMC (Federal Open Market Committee) did not disappoint, as it signalled a potential Fed pivot," said Vijay Valecha, chief investment officer, Century Financial.
The industrials, transport and real estate counters witnessed higher than average demand this week which saw Al Faleh Educational Holding received approval from the Qatar Financial Market Authority to shift its trading to the main market.
The foreign individuals were increasingly bullish this week which saw global credit rating agency Moody's affirm Commercial Bank's rating of“A2/Prime-1” with“stable” outlook.
The Arab retail investors turned net buyers this week which saw QIIN ink pact with Mastercard to develop digital channels for international remittances.
As much as 64% of the traded constituents extended gains to investors in the main market this week which saw N-KOM rebrand as Qatar Shipyard Technology Solutions.
The domestic institutions continued to be net buyers but with lesser intensity in the main bourse this week which saw Qatar report a double-digit year-on-year growth in the building permits issued in November 2023.
The Gulf institutions were increasingly into net profit booking in the main market this week which saw contracts worth more than QR1 signed until last November through cooperation with eight international companies and efforts underway to enhance the success of this initiative and support the private sector.
The local retail investors turned bearish in the main bourse this week which saw a total of 0.09mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0 trade across 30 deals.
The Gulf individuals were seen increasingly net selling in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0 change hands across eight transactions.
The Islamic index outperformed the other indices in the main bourse this week which saw the industrials and banks together constitute more than 58% of the total trade volume.
Market capitalisation was seen adding QR0 or 0.16% to QR578 on the back of microcap segments this week, which saw no trading of sovereign bonds.
Trade volumes and turnover were on the increase both in the main bourse and venture market this week, which saw no trading of treasury bills.
The Total Return Index rose 0.81%, the All Share Index by 0.27% and the All Islamic Index by 1.59% this week.
The industrials sector index zoomed 1.94%, transport (1.36%) and realty (1.07%), while consumer goods and services declined 1.45%, telecom (0.63%), banks and financial services (0.27%) and insurance (0.23%) this week.
Major gainers in the main market included Beema, Ahlibank Qatar, Milaha, Qatar National Cement, Dukhan Bank, Qatar Islamic Bank, QIIB, Alijarah Holding, Widam Food, Industries Qatar, Salam International Investment, Gulf International Services, Aamal Company, Mesaieed Petrochemical Holding, Qamco and Ezdan. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.
Nevertheless, Qatar General Insurance and Reinsurance, QNB, Zad Holding, Mekdam Holding, Woqod, Qatari German Medical Devices, Qatar Industrial Manufacturing and Nakilat were among the losers in the main market. In the junior bourse, Mahhar Holding saw its shares depreciate in value this week.
The foreign funds' net buying increased substantially to QR105 compared to QR30 the week ended December 7.
The foreign individual investors' net buying expanded drastically to QR28 against QR9 the previous week.
The Arab individuals turned net buyers to the tune of QR8 compared with net sellers of QR0 a week ago.
However, the Gulf institutions' net selling increased perceptibly to QR149 against QR143 the week ended December 7.
The local retail investors were net profit takers to the extent of QR3 compared with net buyers QR40 the previous week.
The Gulf individual investors' net selling strengthened marginally to QR0 against QR0 a week ago.
The domestic institutions' net buying weakened significantly to QR11 compared to QR63 the week ended December 7.
The Arab institutions had no major net exposure against net buyers to tune of QR0 the previous week.
The main market witnessed a 26% surge in trade volumes to 753 shares, 43% in value to QR2 and deals by 15% to 76,689 this week.
In the venture market, trade volumes shot up 32% to 1.86mn equities, value by 23% to QR1 and transactions by 78% to 251.

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