Doha, Qatar: GCC equity markets reported growth for the second consecutive month during July 2023 in line with the growth in most other global equity markets. The aggregate MSCI GCC index was up 3.3 percent during the month reflecting positive performance in all the GCC equity markets in July 2023.
According to GCC markets monthly report by Kamco Invest, Qatar was the best performing market during the month registering a gain of 8.8 percent followed by Dubai and Kuwait benchmarks with monthly gains of 7 percent and 3.2 percent respectively.
Qatar Stock Exchange (QSE) witnessed the best monthly returns in the GCC during July 2023 with the QE 20 index gaining 8.8 percent during the month. Notably, these gains came after five consecutive months of declines this year. The Qatar All Share Index witnessed a gain of 8.4 percent during the month indicating investor interest across the market segments. With the gains in July 2023 the YTD-2023 growth for the QE 20 index reached 2.6 percent while the Qatar All Share Index registered a higher growth 6.7 percent at the end of July, 2023.
The sector performance chart also reflected solid gains with all the sectors in the green. The industrials index topped during the month with a gain of 11.7 percent closely followed by banks and financials services and real estate indices with gains of 10.1 percent and 8.4 percent respectively.
The report noted that the gains for industrial index was mainly led by the shares of Industries Qatar which was up 18.7 percent followed by 14 percent gain in shares of Gulf International Services. Most of the constituents in the banks and financial services sector witnessed gains with shares of Qatar Islamic Bank up by 19.4 percent followed by Doha Bank with a gain of 12. 4 percent. In the real estate sector shares of Mazaya Real Estate Development gained 11.6 percent during the month.
In first half (H1), 2023 earning releases, QNB reported net profit of QR7.6bn in the H1, 2023 up from QR7bn in H1, 2022, driven by higher net interest income. Qatar Islamic Bank (QIB) posted a net profit of QR1.95bn for H1, 2023, representing a growth of 7.7 percent over the same period in 2022. The banks’s income from financing and investing activities registered a growth of 26.3 percent to reach QR4.75bn for the first half of 2023 compared to QR3.76bn for the same period of 2022.
Similarly, the Commercial Bank of Qatar reported a net profit of QR1.55bn for H1, 2023 compared to a net profit of QR1.43bn in H1, 2022 up by 8.5 percent.
The monthly stock performance chart was topped with Widam Food Company with a gain of 34. 4 percent followed by the Qatar Oman for Investment and Qatar Islamic Bank with gains of 24.7 percent and 19.4 percent respectively. On the decliners side, Qatar General and Reinsurance topped with a decline of 12.3 percent followed by Zad Holding and Dlala Brokerage and Investment Holding with declines of 2.9 percent and 2.7 percent respectively, the report added.
In terms of the trading activity, the report further stated that the total volume of shares traded during the month increased by 20.7 percent to 4.1 billion shares. Value traded also increased by 7.5 percent to reach QR9.9bn during July, 2023.
Mazaya Real Estate Development topped the monthly volume traded chart with 517.1 million traded shares followed by Qatar Alu-minum Manufacturing Company and Salam Inter-national Investment at 394.6 million shares and 287.1 million shares, respectively.
On the value traded chart, Qatar National Bank topped with QR1.11bn worth of trades during the month followed by Industries Qatar and Masraf Al Rayan at QR683m and QR651.4m respectively.
