Telecom sector make robust gains on overall bullish momentum

(MENAFN - Gulf Times) The telecom sector made robust gains on the Qatar Stock Exchange, which sustained the overall bullish momentum this week. Foreign institutions were seen increasingly into net buying as the 20-stock Qatar Index settled 0.17% higher this week which saw HE Ali bin Ahmed al-Kuwari, Minister of Commerce and Industry and the acting Minister of Finance, highlight Qatar’s prudent approach in the global debt markets. Five of the seven sectors were under buying spotlight this week which saw Qatar National Cement bag QR281.4mn contract from the Ministry of Municipality and Environment. The domestic institutions’ weakened net selling also had its influence in aiding the positive sentiments this week which saw a total of 266,267 Masraf Al Rayan sponsored exchange traded fund QATR valued at QR655,415 change hands across 34 transactions. The Gulf institutions continued to be net buyers but with lesser intensity this week which saw a total of 1,157 Doha bank-sponsored QETF valued at QR12,126 trade across four deals. Market capitalisation saw QR90mn or 0.14% increase to QR624.77bn, mainly on small and microcap segments this week which saw the industrials, real estate and consumer goods and services sectors together constituted more than 72% of the total trade volume. The telecom sector index soared 7.05%, banks and financial services (0.66%), insurance (0.56%) and transport (0.02%); while realty declined 2.18%, consumer goods and services (1.03%) and industrials (0.83%) this week which about 65% of the traded constituents being in the red. Major gainers included Ooredoo, Doha Bank, Doha Insurance, Ahlibank Qatar, QNB, Qatar Insurance, Mesaieed Petrochemical Holding and Gulf Warehousing this week which saw no trading of sovereign bonds. The shakers included Qatar Cinema and Film, Qatari German Medical Devices, Ezdan, Alijarah Holding, QLM, QIIB, Dlala, Qatar Oman Investment, Widam, Baladna, Qatar National Cement, Industries Qatar, Gulf International Services, Qamco, Mazaya Qatar and Qatar Industrial Manufacturing this week which saw no trading of treasury bills. The overall trade turnover and volumes were on the decline this week which saw the industrials sector accounted for 30% of the total trade volume; real estate (23%), consumer goods and services (19%), banks and financial services (16%), telecom (6%), insurance (3%) and transport (2%) this week which saw the Qatar Central Bank governor Sheikh Abdulla bin Saoud al-Thani reiterate the country’s stand on the fixed exchange parity with the dollar. In terms of value, the banks and financial services sector’s share was 30% of the total, industrials (26%), real estate (14%), consumer goods and services (12%), telecom (11%), insurance (4%) and transport (3%) this week. The foreign funds’ net buying rose considerably to QR77.29mn compared to QR40.51mn the week ended June 17. The domestic funds’ net selling declined substantially to QR36.6mn against QR103.7mn the previous week. However, Qatari individuals were net sellers to the tune of QR26.54mn compared with net buyers of QR19.89mn a week ago. The Arab individuals’ net selling grew noticeably to QR13.46mn against QR2.36mn the week ended June 17. Foreign individuals turned net sellers to the extent of QR13.35mn compared with net buyers of QR9.25mn the previous week. The Gulf individuals were net profit takers to the tune of QR4.55mn against net buyers of QR4mn a week ago. The Arab funds were net sellers to the tune of QR0.01mn compared with no major next exposure the week ended June 17. The Gulf institutions’ net buying eased markedly to QR17.23mn against QR32.41mn the previous week. Total trade volume fell 20% to 587.19mn shares, value by 33% to QR1.55bn and transactions by 4% to 42,937. There was 46% plunge in the transport sector’s trade volume to 12.17mn equities, 55% in value to QR42.72mn and 31% in deals to 1,640. The industrials sector’s trade volume plummeted 34% to 177.53mn stocks, value by 57% to QR399.74mn and transactions by 29% 9,609. The banks and financial services sector saw 27% shrinkage in trade volume to 95.87mn shares, 29% in value to QR472.36mn and 9% in deals to 12,339. The consumer goods and services sector’s trade volume shrank 14% to 113.77mn equities, value by 19% to QR188.01mn and transactions by 6% to 4,843. The real estate sector reported 1% fall in trade volume to 132.65mn stocks but on 4% growth in value to QR214.28mn and 21% in deals to 5,793. However, the insurance’s sector’s trade volume soared 41% to 17.36mn shares, value by 24% to QR63.65mn and transactions by 10% to 1,384. The market witnessed 26% surge in the telecom sector’s trade volume to 37.84mn equities, 42% in value to QR168.22mn and 89% in deals to 7,329.    MENAFN26062021000067011011ID1102348402