QSE sees Shakers outnumbering Movers M-Cap adds QR4.68bn

(MENAFN- Gulf Times) Earnings expectations and interim dividend announcements lifted sentiment on the Qatar Stock Exchange (QSE), which closed the week higher even as influencers outnumbered influencers.
The telecoms and banking sectors saw higher-than-average demand as Qatar’s 20-company index rose 0.64% this week, prompting the International Monetary Fund to say the World Cup had accelerated Qatar’s diversification into sectors beyond hydrocarbons and that the newly created infrastructure could be used to forge a new path of diversification into sectors beyond oil and gas, leading to further economic growth.
The rally among Arabs played a key role in improving the overall sentiment on the main bourse this week, with Doha Bank reporting a net profit of 432.33 million riyals in the first half of 2024.
Weakening net profits of domestic institutions weighed on the main market this week, with Vodafone Qatar reporting a net profit of QR293.17 million in the first half of 2024.
Foreign institutions continued to be net buyers, but with less intensity, on the main exchange this week, in which Aamal Company’s net profit for the first half of 2024 stood at QR188.36 million.
However, local retail investors were increasingly pessimistic this week on the main market, where Commercial Bank closed on a $500 million syndicated loan.
Gulf funds have seen an increase in net profits on the main exchange this week, with United Development Company reporting a net profit of QR145 million in the first half of 2004.
Gulf retail investors also became an increasing net seller on the main market this week, with a total of 10 transactions amounting to QR0.01 million of the QR0.03 million Masraf Al Rayan-sponsored exchange-traded fund.
Foreign investors increasingly took net profits from the main exchange this week, with QR0.09 million worth of Doha Bank-sponsored ETFs changing hands in nine transactions.
The Islamic index posted slower gains this week than other indices on the main market, which together accounted for about 52% of trading volume in the banking and consumer goods sectors.
Market capitalisation rose by QR4.68 billion, or 0.81%, to QR584.94 billion this week, driven by mid- and small-cap segments that saw no trading in government bonds.
This week, the main market where Treasury bills were not traded saw a decline in turnover and trading volume.
In the venture capital market, trading volumes and turnovers followed a slippery path this week, leading to Baladna posting a net profit of QR100.42 million in the first half of 2004.
This week, the Total Return Index rose by 0.69%, the All Share Index by 0.83% and the All Islamic Index by 0.24%, bringing Gulf Warehousing’s net profit for the first half of 2024 to QR100.35 million.
The telecom sector index rose by 1.73%, banks and financial services (1.59%), insurance (0.33%), industry (0.17%) and transport (0.02%); while the real estate sector fell by 1.67% and consumer goods and services by 0.34% this week, leading Lesha Bank to announce a net profit of QR54.13 million in the first half of 2024.
Key players on the main exchange included QLM, Baladna, QNB, Ooredoo, QIIB, Inma Holding, Qatar Industrial Manufacturing, Industries Qatar and Milaha. In the venture capital market, shares of Al Mahhar Holding gained this week, leading global rating agency Capital Intelligence (CI) to affirm Qatar’s long-term (LT) currency rating and LT currency rating at ‘AA’.
However, Ezdan, Doha Bank, Qatari Investors Group, Medicare Group, Woqod, Widam Food, Mesaieed Petrochemical Holding, Qamco, Mazaya Qatar and Nakilat were among the losers on the main market. On the junior exchange, Techno Q shares fell this week, leading CI to forecast that Qatar’s short- and medium-term growth prospects remain “relatively favourable”, with real gross domestic product set to grow by an average of 3.3% between 2024 and 2026.
Arab retail investors saw net buyers increase by QR8.47 million, while net profit stood at QR12.68 million in the week ending July 18.
Net sales of domestic funds fell significantly to QR40.71 million compared to QR70.73 million in the previous week.
However, net profit of local individuals rose significantly to QR56.17 million from QR35.41 million a week earlier.
Net sales of Gulf institutions rose slightly to QR29.27 million from QR28.74 million in the week ending July 18.
Net profit of foreign retail investors increased slightly to QR11.97 million compared to QR11.51 million in the previous week.
Net sales by Gulf individuals fell significantly to QR6.08 million compared to QR2.66 million a week earlier.
Net purchases by foreign institutions declined significantly to QR135.74 million from QR161.75 million in the week ending 18 July.
Arab institutions recorded no significant net exposure compared to net gains of QR0.02 million in the previous week.
The main market saw trading volume fall by 33% to 545.53 million shares, value down 29% to QR1.45 billion and the number of transactions down 26% to 58,573 this week.
In the venture capital market, trading volume fell by 54% to 3 million shares, value by 54% to 5.91 million Qatari riyals and the number of deals by 38% to 312.

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