Santhosh V. Perumal
Islamic equities defied the overall bearish trend on the Qatar Stock Exchange, which lost about 47 points in its key barometer this week. The Gulf funds turned bearish and foreign funds were increasingly net sellers this week which saw the global credit rating agency Moody’s view that the Industries Qatar’s (IQ) substantial cash and minimal debt give IQ the financial flexibility to consolidate ownership in its joint ventures. The telecom, banking, consumer goods and transport counters witnessed higher-than-average profit booking as the 20-stock Qatar Index fell 0.47% this week which saw Ahlibank Qatar’s $500mn bond issue oversubscribe more than three times. Trading volume and value were on the increase this week which saw Barwa signs pact with Ashghal to develop eight schools under the first phase of public private partnership. The Gulf individuals were seen increasingly net sellers this week which saw Doha Bank’s insurance subsidiary DBAC rebranded as Sharq Insurance. However, domestic funds and non-Qatari individuals were seen bullish on the market this week which saw 1.33mn Masraf Al Rayan sponsored exchange traded funds QATR valued at QR3.02mn trade across 51 transactions. Local and Arab retail investors turned net buyers this week which saw a total of 30,131 Doha Bank sponsored QETF valued at QR292,367 change hands across 11 deals. Market capitalisation saw more than QR1bn or 0.19% jump to QR573.26bn, mainly on microcap segments this week which saw more than 55% of the traded constituents extend gains to investors. The Total Return Index shed 0.47% and the All Share Index by 0.71%, while Al Rayan Islamic Index rose 0.43% this week which saw four of the seven sectors experience selling pressure. The telecom index plunged 2.64%, banks and financial services (1.51%), consumer goods and services (1.31%) and transport (1.15%); while real estate soared 3.57%, industrials (1.12%) and insurance (0.2%) this week which saw container movement through Hamad, Doha and Ruwais ports grew about 4% year-on-year in August 2020. Major losers included Inma Holding, Qatari Investors Group, Ooredoo, Doha Bank, Nakilat, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Al Khaliji, Medicare Group, Woqod, Al Meera, Qatar Electricity and Water, Mazaya Qatar and Vodafone Qatar this week which saw Qatar’s automobile sector witness strong momentum in July 2020. Nevertheless, Salam International Investment, Ezdan, Qamco, Ahlibank Qatar.