By Santhosh V Perumal/Business Reporter

 

Severe profit-booking – especially in the telecom and industrials – yesterday dragged the Qatar Stock Exchange to a huge 277 points to settle below the 13,500 mark, after two days of a bullish spell.

Foreign institutions hurriedly squared off their position, leading the 20-stock Qatar Index (based on price data) to knock off 2.01% to 13,498.86 points.

Large, small and mid caps largely came under selling pressure in the market, which is, however, up 30.05% year-to-date.

The index that tracks Shariah-principled stock was seen melting slower than the other indices in the bourse, where trading volume was largely skewed towards realty, banking and transport stocks.

The Total Return Index shed 2.01% to 20,133.42 points, the All Share Index by 1.77% to 3,414.04 points and the Al Rayan Islamic Index by 1.58% to 4,523.15 points.

Market capitalisation eroded 1.82%, or about QR14bn, to QR728.27bn with large, small, mid and micro cap equities melting 2.23%, 1.52%, 1.28% and 0.77% respectively.

Telecom stocks deflated 3.03%, followed by industrials (2.39%), bank and financial services (1.89%), insurance (1.16%), transport (1.08%), realty (0.81%), and consumer goods (0.48%).

About 79% of the stocks were in the red with major losers being Industries Qatar, QNB, Ooredoo, Qatar Islamic Bank, Alijarah Holding, Dlala, Qatari Investors Group, Qatar Insurance, Ezdan, Mazaya Qatar and Nakilat.

However, Barwa, Doha Insurance, Widam Food, Al Khaleej Takaful and Islamic Holding Group were seen bucking the trend.

Ezdan continued to be the most active in terms of volume and value.

Foreign institutions turned net sellers to the tune of QR101.8mn against net buyers of QR70.04mn on Wednesday.

However, domestic institutions turned net buyers to the extent of QR137.44mn compared with net sellers of QR6.41mn the previous day.

Qatari retail investors’ net profit-booking fell to QR31.15mn against QR48.8mn on Wednesday.

Non-Qatari individual investors’ net selling sunk to QR4.6mn compared to QR15.02mn the previous day.

Total trade volume shrank 28% to 18.76mn shares, while value was up 9% to QR1.05bn and transactions by 8% to 9,699.

The consumer goods sector saw its trade volume plummet 59% to 0.99mn equities, value by 31% to QR47.07mn and deals by 34% to 443.

The market witnessed a 49% plunge in the real estate sector’s trade volume to 7.85mn stocks, 36% in value to QR225.44mn and 26% in transactions to 2,301.

The transport sector’s trade volume tanked 19% to 1.62mn shares, value by 23% to QR85.23mn and deals by 1% to 608.

However, the banks and financial services sector’s trade volume surged 45% to 5.1mn equities, value by 54% to QR386.57mn and transactions by 49% to 3,280.

There was a 36% expansion in the industrials sector’s trade volume to 1.7mn stocks; 83% in value to QR229.12mn and 33% in deals to 2,320.

The telecom sector saw its trade volume rise 16% to 1.18mn shares; value by 75% to QR51.09mn and transactions by 31% to 555.

The insurance sector’s trade volume was up 7% to 0.32mn equities but value was down 7% to QR20.67mn. Deals shrank 24% to 192.

In the debt market, there was no trading of treasury bills and government bonds.