Faded hopes of production cut by oil producers has cast its spell on the Qatar Stock Exchange, which on Wednesday reversed five days of gaining streak to shed 147 points and settle below the 9,500 mark.
Domestic institutions turned net profit takers to drag the 20-stock Qatar Index down 1.52% to 9,486.71 points.
Industrials and insurance counters witnessed the maximum selling pressure in the market, where trading turnover and volumes were also on the decline.
The Gulf individual investors’ net selling marginally strengthened in the bourse, which is down 9.04% year-to-date.
However, foreign institutions and local retail investors turned bullish in the market, where real estate and banking stocks together accounted for about 56% of the total trading volume.
Market capitalisation eroded 1.41% or more than QR7bn to QR506.74bn with large, mid and small cap equities melting 1.51%, 1.19% and 0.98%; whereas micro caps were up 0.42%.
The Total Return Index shed 1.52% to 14,795.47 points, All Share Index by 1.4% to 2,529.68 points and Al Rayan Islamic Index by 1.31% to 3,366.1 points.
Industrials stocks plunged 3.17%, insurance (2.61%), banks and financial services (0.96%), realty (0.93%), consumer goods (0.76%) and telecom (0.1%); whereas transport gained 0.51%.
As much as 75% of the traded stocks were in the red with major losers being Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Barwa, Mazaya Qatar, Qatari Investors Group, Qatar Insurance, Vodafone Qatar, Qatar Islamic Bank, Commercial Bank, QIIB, Dlala, Islamic Holding Group, Qatar General and Reinsurance, Salam International Investment and Qatari German Company for Medical Devices.
However, Ooredoo, Nakilat, Gulf Warehousing and United Development Company were seen bucking the trend.
Domestic institutions turned net sellers to the tune of QR30.68mn compared with net buyers of QR1.14mn the previous day.
The GCC (Gulf Cooperation Council) individuals’ net profit booking rose marginally to QR2.57mn against QR2.35mn on February 2.
However, non-Qatari institutions turned net buyers to the extent of QR22.15mn compared with net sellers of QR1.24mn on Tuesday.
Local retail investors were also net buyers the tune of QR7.64mn against net sellers of QR1.1mn the previous day.
Non-Qatari individual investors’ net selling declined to mere QR0.13mn compared to QR6.02mn on February 2.
The GCC institutions’ net buying weakened to QR3.57mn against QR9.58mn on Tuesday.
Total trade volume fell 34% to 5.92mn shares, value by 33% to QR212.33mn and deals by 15% to 4,282.
The market witnessed 64% plunge in the insurance sector’s trade volume to 0.28mn equities and 49% in value to QR12.71mn but on 25% jump in transactions to 184.
The industrials sector’s trade volume plummeted 62% to 0.67mn stocks, value by 51% to QR36.55mn and deals by 40% to 634.
There was 51% shrinkage in the telecom sector’s trade volume to 0.58mn shares, 28% in value to QR23.27mn and 9% in transactions to 681.
The banks and financial services sector’s trade volume tanked 37% to 1.64mn equities, 43% in value to QR67.44mn and 21% in deals to 1,313.
The consumer goods sector reported 32% decline in trade volume to 0.6mn stocks, 5% in value to QR29.8mn and 7% in transactions to 516.
However, the transport sector’s trade volume soared 52% to 0.5mn shares, value by 23% to QR13.31mn and deals by 75% to 339.
The real estate sector saw 15% surge in trade volume to 1.65mn equities and 18% in value to QR29.25mn but on 10% fall in transactions to 615.
In the debt market, there was no trading of treasury bills and government bonds.
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