QSE resumes weekly gaining trend as foreign institutions remain bullish
Qatar Tribune
Satyendra Pathak Doha Qatari stocks resumed gaining trend this week as the Qatar Stock Exchange (QSE) general index went up by 29.16 points, or 0.26 perc...
Satyendra Pathak Doha Qatari stocks resumed gaining trend this week as the Qatar Stock Exchange (QSE) general index went up by 29.16 points, or 0.26 percent, during the last week to close at 11,100.32 points. The week saw QSEâs market capitalisation go up by 0.3 percent to QR639.4 billion as compared to QR637.8 billion at the end of the previous week. The gains were mainly triggered by foreign institutions that remained bullish throughout the week. Foreign institutions closed the week with a net buying of QR144 million against a net buying of QR116 million in the previous week. Foreign retail investors, however, turned bearish and closed the week with net selling of QR21 million against net buying of QR6 million in the previous week. According to an estimate by QNB Financial Services (QNBFS), as of Wednesday closing, foreigners were net buyers of Qatari stocks worth $962 million so far this year.Qatari institutions remained negative with net selling of QR96 million against net selling of QR97 million in the week before. Qatari retail investors also remained bearish with net selling of QR27 million against net selling of QR25 million the week before. Trading value during the week declined by 12.7 percent to QR1,718.8 million against QR1,969.5 million in the previous trading week. Investment Holding Group was the top value traded stock during the week with a total traded value of QR281.4 million.Trading volume gained by 1.8 percent to 796.1 million shares against 782.2 million shares in the previous trading week. Investment Holding Group was also the top volume traded stock during the week with a total traded volume of 215.9 million shares.The number of transactions fell by 4.1 percent to 42,356 against 44,177 transactions in the previous week. Investment Holding Group was the best performing stock for the week with a gain of 8.8 percent. On the other hand, Alkhaleej Takaful Insurance was the worst performing stock with a decline of 2.7 percent.Industries Qatar (IQ), QNB Group (QNB) and Qatar Aluminum Manufacturing Company (Qamco) were the primary contributors to the weekly index gain. IQ and QNB added 12.1 and 11.4 points to the index, respectively. Moreover, Qamco added another 9.7 points to the index.Of the 47 traded companies this week, 24 stocks closed the week higher. While 20 stocks closed in the negative territory, there was no change in the share price of the remaining three stocks.During the week, four of the seven sector indices closed in the positive territory with the industrial sector leading the gainers.The industrial sector gained 0.8 percent, while the banking sector, the insurance sector and the telecom sector also made gains.The week saw QSE announce that Investment Holding Group, Gulf International Services (GIS), Salam International and Vodafone Qatar will replace Mazaya Real Estate Development, Qatar First Bank, Qatar Insurance and Qatar Navigation in the QE Index.In a statement on its website, the QSE said that QE Al Rayan Islamic Index will see the inclusion of Alkhaleej Takaful, Investment Holding Group and Ooredoo, while Mazaya Real Estate Development, Qatar First Bank and Widam Food Company will leave the Index.QLM will join QE All Share Index and QE Insurance Sector Index, the statement said. All these changes will be effective from October 1 this year.In a bourse filing this week, it was announced that Nebras Power Investment Management, a wholly-owned affiliate of Nebras Power and Companhia Energética Integrada (CEI), a prominent Brazilian power investment company, have formed a new energy partnership in Brazil. The newly formed joint venture will provide important support to Brazilian infrastructure by promoting the growth of the energy sector and consolidating the technical and market expertise of two leading companies in the investment and power generation sectors, the statement said.In another bourse filing this week, Masraf Al Rayan announced that the bankâs Extra-Ordinary General Assembly meeting has been postponed to September 28, 2021 due to lack of quorum during the first EGM meeting held on September 8, 2021.The week also saw al khaliji remind its esteemed shareholders that the Extraordinary General Meeting (EGM) will be held electronically on September 12, 2021. In case of no quorum, the meeting will be deferred to September 29, 2021. The EGM will consider and decide on the agenda items shown under the notice. The Shareholder Circular of the proposed merger is available on the bankâs website www.alkhaliji.com. It is worth mentioning that trading in al khaliji shares will be suspended once the EGM passes a resolution approving the agenda items until the effective date of the merger with Masraf Al Rayan. On the effective date, al khaliji shareholders will be issued new Masraf Al Rayan shares.The week also saw Mekdam Holding Group announce that it has signed an agreement with Qatar General Electricity & Water Corporation (Kahramaa) to upgrade its primary substations.The deal is valued at QR13.788 million and the scope of work includes design, supply, procurement, installation, pre-commissioning, commissioning, and testing of the National Control Centre (NCC) Remote Terminal Unit (RTU) upgrade in Kahramaa primary substations.Thus, the total value of contracts awarded to Mekdam Holding Group during the year 2021 has exceeded an amount of QAR 435 million, the company said in the statement on the QSE website.More Related News