Qatar Stock Exchange continued to be on negative terrain for the second day, albeit at very low levels, despite gains in Islamic stocks.

Selling pressure was seen relatively intense within telecom and banking counters as the 20-stock Qatar Index fell 0.02% or mere two points to 9,738.77 points. The market’s year-to-date losses are seen at 6.62%.

Trade turnover and volumes were on the decline in the bourse, where telecom, banking and realty sectors accounted for about 79% of the total volume.

Micro and midcap equities were at the receiving end in the market, where domestic and Gulf institutions’ buying support weakened and Gulf individual investors turned net sellers in the market.

However, there was a weakened net profit booking by local retail investors and foreign institutions.

Market capitalisation was down QR65mn or 0.12% to QR525.87bn with micro, mid and large cap equities losing 0.63%, 0.23% and 0.1% respectively; even as small caps rose 0.38%.

The Total Return Index was down 0.02% to 15,756.69 points and All Share Index by 0.06% to 2,689.03 points, while Al Rayan Islamic Index rose 0.17% to 3,590.81 points.

Telecom sector saw its index drag 0.52%, banks and financial services (0.25%) and real estate (0.09%); whereas industrials gained 0.3%, insurance (0.18%) and transport (0.06%). The consumer goods index was flat.

More than 54% of the stocks were in the red with major losers being were QNB, Vodafone Qatar, Ooredoo, Gulf International Services, Mesaieed Petrochemical Holding, Barwa, Doha Bank, Qatar First Bank, Widam Food and Qatari Investors Group.

Nevertheless, Industries Qatar, Aamal Company, Nakilat, QIIB, United Development Company, Islamic Holding Group, Salam International Investment and Medicare Group saw their stocks gain.

Domestic institutions’ net buying weakened substantially to QR9.61mn compared to QR64.5mn on Tuesday.

The GCC (Gulf Cooperation Council) institutions’ net buying fell to QR8.12mn against QR12.98mn the previous day.

Non-Qatari individual investors’ net buying weakened to QR2.7mn compared to QR3.16mn on November 22.

However, local retail investors’ net selling declined considerably to QR9.56mn against QR70.61mn on Tuesday.

Non-Qatari institutions’ net profit booking fell to QR10.32mn compared to QR10.99mn the previous day.

The GCC individual investors turned net sellers to the tune of QR0.54mn against net buyers of QR0.93mn on November 22.

Total trade volume fell 30% to 4.67mn shares, value by 33% to QR163.77mn and deals by 8% to 2,802.

There was 44% plunge in the transport sector’s trade volume to 0.19mn equities and 57% in value to QR6.13mn but on 4% rise in transactions to 175.

The industrials sector’s trade volume plummeted 39% to 0.33mn stocks, value by 35% to QR16.91mn and deals by 40% to 313.

The telecom sector reported 38% shrinkage in trade volume to 1.62mn shares, 48% in value to QR17.84mn and 49% in transactions to 331.

The banks and financial services sector’s trade volume tanked 37% to 1.22mn equities, value by 45% to QR73.72mn and deals by 6% to 936.

The real estate sector saw 13% decline in trade volume to 0.83mn stocks and 13% in value to QR17.52mn but on 15% expansion in transactions to 418.

However, the insurance sector’s trade volume more than doubled to 0.07mn shares and value also more than doubled to QR5.35mn on more than doubled deals to 180.

The market witnessed 78% surge in the consumer goods sector’s trade volume to 0.41mn equities, 81% in value to QR26.3mn and 61% in transactions to 449.

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

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