QSE resumes weekly gaining trend as foreign funds turn bullish

QATARI stocks resumed weekly gaining trend as the Qatar Stock Exchange (QSE) index edged up by 25.83 points, or 0.3 percent, during the week to close at 10,256.05 points.

The week saw QSE’s market capitalisation increase 0.3 percent to QR590.2 billion from QR588.2 billion at the end of the previous trading week.

The traded value during the week rose 39.5 percent to QR2,801.6 million from QR2,008.4 million in the previous trading week. QNB Group was the top-value traded stock during the week with a total traded value of QR348.9 million.

Traded volume climbed 38.6 percent to 891.9 million shares compared with 643.7 million in the previous trading week. Mesaieed Petrochemical Holding (MPHC) was the top volume traded stock during the week with a total traded volume of 123.4 percent shares.

The number of transactions also increased 14.9 percent to 76,283 against 66,407 in the percent week.

Foreign institutions turned bullish, closing the week with net buying of QR162.5 million against net selling of QR50.1 percent in the previous week. Qatari institutions turned bearish with net selling of QR27 million against net buying of QR22.5 million the week before.

Foreign retail investors closed the week with net selling of QR15.6 million against net buying of QR8.2 million in the previous week. Qatari retail investors recorded net selling of QR119.9 million against net buying of QR19.4 million the week before.

As of Thursday’s closing, global foreign institutions were net buyers by $144.1 million, while GCC institutions were net sellers of Qatari stocks by $147.4 million.

Of the 52 traded companies, 23 closed the week higher, while 29 closed lower. Meeza was the best-performing stock for the week, rising 10.6 percent. Qatar Electricity & Water Company was the worst-performing stock for the week, declining 7.3 percent.

Nakilat, Mesaieed Petrochemical Holding (MPHC), and Masraf Al Rayan were the main contributors to the weekly index gain. Nakilat and MPHC added 26.52 and 17.97 points to the index, respectively. Further, Masraf Al Rayan contributed another 15.25 points.