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The Group Securities: Weekly Report on QSE Performance,
28 May-01 June 2017
The decision of the general assembly of Ezdan to quite QSE
continued to cast its shadow on QSE performance for the second
week in raw. The company's stock price declined to the level of
QR 10.85 before rebounding to 11.44 by the end of the week.
Adding much pressure to the dwindling prices was the relapse of
oil prices which slid again to the level of 49 dollars per
barrel. Investors remarkably steeped up their net sales, except
for Qatari portfolio investors who bought net worth QR214.4
million. As result, general index dropped by 121 point to the
level of 9940 points, down below the support barrier at the
level of 10,000 points for the second time. The Group reviews
QSE performance in this week with illustrative charts combined
with corporate business news, and a list of the affecting
economic factors.
Corporate News:
1-- QIIB has announced the launch of the operations of
Umnia Bank in Morocco, which is the result of a partnership
between QIIB and Crédit immobilizer et hotelier (CIH) and
Moroccan Deposit and Management Fund. The Bank's operational
works began through its branches in Casablanca and Rabat, where
Umnia is considered as the first bank of its kind to obtain the
necessary approval of the Central Bank of Morocco to promote its
products in the Kingdom of Morocco. Umnia Bank has formulated an
operational strategy that focuses on expanding in various cities
in the Kingdom of Morocco and offers innovative and different
banking bank products including everyday banking solutions,
finance and investments as well as deposits and savings.
Economic Developments
1-- Moody's Investors Service has today downgraded the
Government of Qatar's long-term issuer and senior unsecured debt
ratings to Aa3 from Aa2 and changed the outlook to stable from
negative. The key drivers for the rating downgrade are a
weakening of Qatar's external position and uncertainty over the
sustainability of the country's growth model beyond the next few
years.
2-- Qatar's trade balance registered a surplus of QR9.8 billion
in April 2017, an impressive 105 percent increase from 2016.
When compared with the March figure, the trade balance shows a
decreased of nearly QR0.03 billion or 0.3 percent.
3-- Banks Consolidated Balance Sheet of
April has been released showing a rise in total assets /
liabilities by QR 25.6 billion to QR 1308.1 billion and a rise
of QR 40.5 billion in total domestic public debt, including
bonds, to reach QR 464.4 billion. The private sector credit rose
QR 0.1 billion to stand at QR 439.1 billion.
5-- Last week,
Dow Jones index gained 126 points to reach the level of 21206
points. US Dollar exchange rate increased to the level of 110.40
yen, and $ 1.13 per Euro. Gold price increased by 15 dollars to
the level of $ 1281 per ounce.
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