By Santhosh V. Perumal
Business Reporter
Qatar Stock Exchange was on Wednesday gripped by strong profit booking, especially in the blue-chip real estate and banking stocks, and its key index plunged 180 points to settle below the 12,300 mark.
Increased net selling by domestic institutions and Gulf Cooperation Council (GCC) retail investors led the 20-stock Qatar Index knock off 1.45% to 12,228.83 points.
However, foreign institutions’ buying interests was seen strengthening in the bourse, which reported 0.46% losses year-to-date.
Large and mid cap equities experienced heavy sell off in the market, where trading was largely skewed towards realty and banking sectors, whose stocks together accounted for more than 78% of the overall volume.
Market capitalisation eroded 1.42% or more than QR9bn to QR649.41bn with large, mid, micro and small cap equities melting 1.45%, 0.97%, 0.86% and 0.6% respectively.
The Total Return Index shed 1.45% to 19,004.24 points, All Share Index by 1.41% to 3,259.39 points and Al Rayan Islamic Index by 1.44% to 4,651.92 points.
Realty stocks plunged 2.14%, banks and financial services (1.83%), consumer goods (1.3%), insurance (0.88%), industrials (0.8%) and telecom (0.72%); even as transport was up 0.1%.
About 84% of the stock were in the red with major losers being Ezdan, QNB, Qatar Islamic Bank, QIIB, Alijarah Holding, Commercial Bank, Doha Bank, Industries Qatar, Islamic Holding Group, Aamal Company, Qatar Insurance, Mazaya Qatar and Vodafone Qatar; whereas Milaha notably bucked the trend.
Domestic institutions’ net profit booking strengthened to QR96.57mn compared to QR44.34mn on May 26.
The GCC individual investors’ net selling also strengthened to QR22.14mn against QR4.55mn on Tuesday.
Non-Qatari individual investors’ net selling rose to QR9.6mn compared to QR3.64mn the previous day.
However, non-Qatari institutions’ net buying strengthened to QR162.74mn against QR120.21mn on May 26.
Local retail investors’ net profit booking declined to QR21.81mn compared to QR44.34mn on Tuesday.
The GCC institutions’ net selling weakened to QR12.8mn against QR24.15mn the previous day.
Total trade volume rose 71% to 23.7mn shares, value by 57% to QR841.9mn and deals by 27% to 7,862.
The transport sector’s trade volume almost tripled to 0.71mn equities and value also almost tripled to QR30.03mn on 7% jump transactions to 236.
The insurance sector’s trade volume more than doubled to 0.91mn stocks and value almost tripled to QR85.23mn on 49% expansion in deals to 536.
The telecom sector’s trade volume more than doubled to 0.99mn shares, value rose 45% to QR18.92mn and transactions by 29% to 316.
There was 87% surge in the real estate sector’s trade volume to 14.12mn equities, 67% in value to QR333.12mn and 42% in deals to 2,836.
The banks and financial services sector’s trade volume soared 49% to 4.39mn stocks, value by 52% to QR258.69mn and transactions by 47% to 2,318.
The market witnessed 22% expansion in the industrials sector’s trade volume to 1.71mn shares and 6% in value to QR92.07mn but on 13% fall in deals to 1,195.
The consumer goods sector’s trade volume was up 4% to 0.86mn equities, while value was down 2% to QR23.83mn. Transactions rose 1% to 423.
In the debt market, there was no trading of treasury bills and government bonds.
