BY BASHIR YUSUF KAHLOUT
THE visible ease on the Syrian tension reflected positively on Qatar Exchange (QE) last week. As the market nearing the end of third quarter of this year, expectations about disclosures of strong balance sheets by companies seems to have reinforced the confidence of investors.
Similar to the past weeks, there was not much important news about company activities, except the resignation of the Chairman of United Development (UUCD) who has been replaced by Turki Al Khater, and the announcement of Woqod’s intention to disclose its results early on October 9.
There was another declaration by QE administration on changing the benchmark index components during the revision of the half-yearly meetings, where Al Khaliji and Mazaya were replaced by Al Meera and Qatar Insurance Company shares.
Because of the above developments, the benchmark index has risen in the entire week’s sessions, earning a total of 251.1 points over the previous week. All-share index and all sector indices rose during the week and the total capitalisation added about QR11.7bn to reach again to about QR537.4bn.
The general index has risen by 251.1 points or 2.61 percent to reach 9870.9 points. All-share index rose by 52.8 points or 2.38 percent to 2479.9 points.
The index of Telecommunications sector increased by 4.14 percent, followed by the Real Estate sector index, which increased by 3.57 percent, Transport sector by 3.34 percent, the Services and Consumer Goods sector increased by 2.16 percent, banks sector rose to 2.12 percent, Industry by 2.01 percent and the Insurance sector by 1.34 percent.
The benchmark index performance was driven by the rise in the share prices of 37 companies, while Al Mannai Corp (MCCS) share prices remained unchanged.
The Gulf Intemational (GISS) was the top gainer by 6.99 percent, followed by the Medicare (MCGS) 5.71 percent and Islamic Holding (IHGS), which rose by 5.24 percent.
UDCD gained 4.72 percent; Ooredoo rose to 4.62 percent, followed by Electricity and Water (QEWS) which rose by 3.90 percent. Regarding liquidity, it is worth mentioning that the total trading volume has increased by three percent to reach total of QR1.7525bn, and daily trading average rose to QR350.5m compared to QR340.3m in the previous week.
The total share trading of the top six companies amounted to about QR844.9m, an increase by 49.7 percent of the total. Industries Qatar topped as usual with QR246.3m, followed by UDC with QR220.9m. QNB reached QR139.8m, Medicare worth QR96.7m, Qatar Navigation traded up to QR77m and Al Rayyan share rose to QR76m. The market capitalisation increased by QR11.4bn to reach QR537.4bn. The buying spirit was more evident among the institutional investors against the individuals, where Qatari portfolios bought a net of QR18.5m, as non-Qatari institutional investors bought stocks worth QR57.1m. Qatari individuals sold a net worth of QR45.9m, while non-Qataris individuals sold worth QR29.7m.
THE PENINSULA