The Qatar Exchange (QE) Index increased by 32.82 points, or 0.38%, during the week, to close at 8,757.59 points. Market capitalisation increased by 0.07% to reach QR475.7 billion as compared to QR475.4 billion at the end of the previous week. Of the 42 listed companies, 16 companies ended the week higher, 24 fell and 2 remained unchanged. Mazaya Qatar Real Estate Dev. (MRDS) was the best performing stock with a gain of 10.18% and is now up 9.18% year-to-date (YTD). The stock benefitted from its maiden proposed dividend of QR0.60 per share. Qatar German Co. for Medical Devices (QGMD) was the top decliner, down 7.69%; the stock is down 10.69% YTD.
The listed Qatari banking sector has posted a 7.1% year-over-year (YoY) growth in net profit for the year 2012. The eight listed banks on the QE reported a combined net income of QR16.1 billion (bn) in 2012 vs. QR15.0bn in 2011. QNB Group (QNBK), followed by Commercial Bank of Qatar (CBQK) and Masraf Al Rayan (MARK), were the primary drivers of YoY earnings growth, while Qatar Islamic Bank (QIBK) was the main laggard with its net income dropping by 9.1%.
Read more: http://www.gulfbase.com/news/qnb-weekly-market-report/228840
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