Global Growth Concerns Play Spoilsport Index Tanks 563 Po…

(MENAFN- Gulf Times)

Concerns over global growth over apprehensions of weaker oil demand and China’s new Covid-19 restrictions have played spoilsports in global stock exchanges, including the Qatar Stock Exchange, which has seen its key index plunge 563 points and its market capitalization erode over QR 31 billion.
A sell-off across the board, notably in banks and transport, sent Qatar’s 20-stock index down 4.1% this week, which saw Qatar Industries give its subsidiary Qatar Fertilizer the go-ahead to establish the largest blue ammonia plant in the world at an estimated cost of over $1 billion.
Foreign institutions were seen as net profit takers this week, which helped Vodafone Qatar secure Qatar’s first Central Bank license for electronic payment services.
Over 89% of constituents traded were in the red this week which saw Estithmar Holding unveil its Katara Hills hotel project.
Gulf institutions turned bearish this week, which saw Qatar record a 78% year-on-year jump in its trade surplus in July 2022.
Net purchases by national institutions have weakened considerably this week, which has seen Qatar’s producer price index climb by more than 50% year-on-year in July 2022.
Net purchases by Arab individuals also declined noticeably this week, with a total of 0.08 million Masraf Al Rayan-sponsored QATR-sponsored exchange-traded funds worth 0.24 million QR traded across 33 trades.
However, local retail investors turned net buyers this week, which saw as many as 0.24 million Doha Bank-sponsored QETFs valued at QR 3.16 million change hands in 162 transactions.
Overall trading turnover and volumes were down in the main market this week, which saw the industrial and banking sectors together make up more than 64% of total trading volume.
Market capitalization eroded by more than QR 31 billion or 4.12% to QR 733.18 billion, mostly in the large and mid cap segments this week, which saw no sovereign bond trading .
In the case of the venture capital market, trade and turnover were down this week, which saw no treasury bill trading in the main market.
The Total Return Index fell by 4.1%, the All Share Index by 3.97% and the All Islamic Index by 3.46% this week, helping Qatar’s maritime sector record strong performance in August 2022.
The banking and financial services sector index fell by 4.82%, transport (4.68%), industry (3.47%), real estate (2.89%), insurance (1.76%), consumer goods and services (1.6%) and telecom (0.13%) this week.
The main losers in the main market were Ezdan, Milaha, Qatar Islamic Bank, QNB, Mesaieed Petrochemical Holding, Qatar Industries, Commercial Bank, Qatar First Bank, Qatar National Cement, Qatar Industrial Manufacturing, Gulf International Services, Qatar Electricity and Water, Estithmar Holding. , Barwa, Mazaya Qatar, Nakilat and Gulf Warehousing. In the venture capital market, Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate.
Nevertheless, Qatari German Medical Devices, Zad Holding, Ahlibank Qatar, Ooredoo and Al Meera Consumer Goods were among the main market winners this week.
Foreign funds became net sellers at QR 32.37 million against net buyers of QR 43.71 million in the week ended August 25.
Gulf establishments were net sellers of QR 24.65 million compared to net buyers of QR 7.65 million the previous week.
Net purchases by national institutions decreased significantly to QR 6.57 million from QR 106.79 million a week ago.
Net purchases by Arab individuals weakened significantly to QR 16.63 million from QR 21.84 million in the week ended August 25.
However, local retail investors became net buyers at QR 26.35 million compared to net sellers of QR 163.46 million in the previous week.
Foreign individuals were net buyers at QR 8.16 million compared to net sellers of QR 13.34 million a week ago.
Arab Institutions net profit bookings decreased significantly to QR 0.7 million from QR 2.79 million in the week ended August 25.
Total trading volume in the main market increased by 3% to 8,640.92 million shares, value by 24% to 3.67 billion QR and trades by 17% to 94,975.
In the venture capital market, trading volume decreased by 30% to 0.88 million shares, value by 26% to 6.23 million QR and transactions by 20% to 346.


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