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Weekly Market Report.


The Qatar Stock Exchange (QSE) index decreased by 185.58 points, or 1.64%, during the week to close at 11,134.81. Market capitalisation fell by 1.6% to QR595.5bn versus QR605.3bn at the end of the previous week. Of the 44 listed companies, four ended the week higher, while 38 fell and only 2 remained unchanged. Qatar Cinema & Film Distribution Co (QCFS) was the best performing stock for the week with a gain of 10.0% on 1,478 shares traded only. On the other hand, Qatar Electricity & Water Co was the worst performing with a decline of 4.9% on 167,746 shares traded.

Industries Qatar (IQCD), Masraf Al Rayan (MARK) and Ooredoo (ORDS) were the primary contributors to the weekly index loss. IQCD was the biggest contributor, deleting 28.4 points from the index. MARK was the second biggest, shedding 27.2 points to the index. Moreover, ORDS erased 26.1 points from the index. On the other hand, Ezdan Holding Group (ERES) added 13.1 points to the index.

Trading value during the week decreased by 62.1% to reach QR808.5mn versus QR2.1bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 29.2% of the total trading value. The industrials sector was the second biggest contributor to the overall trading value, accounting for 25.7% of the total trading value. QNB Group (QNBK) was the top value traded stock during the week with total traded value of QR97.9mn.

Trading volume decreased by 60.3% to reach 19.9mn shares versus 50.0mn in the prior week. The number of transactions declined by 44.1% to reach 15,852 versus 28,360 in the prior week. The banks and financial services sector led the trading volume, accounting for 26.0%, followed by the industrials sector, which accounted for 20.9% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with total traded volume of 2.9mn shares.

Foreign institutions remained bullish during the week with net buying of QR101.4mn versus buying of QR629.9mn in the prior week. Qatari institutions remained bearish with net selling of QR105.1mn versus net selling of QR319.2mn the week before. Foreign retail investors turned bullish for the week with net buying of QR9.4mn versus net selling of QR70.7mn in the prior week. Qatari retail investors remained bearish with net selling of QR5.8mn versus net selling of QR240.0mn the week before.

In 2016 year-to-date, foreign institutions bought (on a net basis) $879mn worth of Qatari equities.

The QSE index turned around, lost 1.64%, and closed at 11,134.81 versus the week before. A weak reversal pattern has been established by the current downtick, which created a bearish candlestick called the Bearish Harami. The unsuccessful attempt to break above the 11,500 creates a resistance around that level; our expected support level remains at 10,500.

Candlestick chart -- A candlestick chart is a price chart that displays the high, low, open, and close for a security. The 'body' of the chart is portion between the open and close price, while the high and low intraday movements form the 'shadow'. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.

Doji candlestick pattern -- A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.

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Publication:Gulf Times (Doha, Qatar)
Date:Aug 27, 2016
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