The Qatar Stock Exchange on Thursday continued to remain under bearish spell for the sixth consecutive session and its key index lost another 25 points as six of the seven sectors were under selling pressure.
Lower buying support from domestic institutions and non-Qatari individuals largely drove the 20-stock Qatar Index down 0.24% to 10,570.41 points although global oil prices largely remained steady.
Gulf institutions turned net profit-takers in the market, whose year-to-date gains were contained at 1.28%.
"The market has lost its upward steam after it recorded a top near 11,100 points and could witness further weaknesses on the coming period," a Kamco technical analysis earlier said, adding the next support level comes at 10,550 points, while below it would trigger 10,350 points.
Islamic stocks were seen declining slower than the main index in the bourse, where local retail investors were increasingly bullish and there was a weakened net selling by foreign institutions.
Trade turnover and volumes shrank in the bourse, where realty, banking and telecom sectors together accounted for more than 83% of the total volumes.
Market capitalisation was down QR0.84mn, or 0.15%, to QR568.05bn.
The Total Return Index shed 0.24% to 17,102.22 points, the All Share Index rose 0.26% to 2,903.6 points and the Al Rayan Islamic Index by 0.2% to 3,983.78 points.
The telecom sector saw its index shrank 1.42%, followed by insurance (0.9%), real estate (0.78%), transport (0.77%), consumer goods (0.66%) and industrials (0.51%), while banks and financial services gained 0.48%.
More than 64% of the stocks were in the red with major losers being Ooredoo, Qatar Insurance, Ezdan, Barwa, United Development Company, Nakilat, Qatar Electricity and Water, Aamal Company, Woqod, Commercial Bank, al khaliji, Alijarah Holding, Qatar Islamic Bank and Ahli Bank.
Nevertheless, QNB, Masraf Al Rayan, Mesaieed Petrochemical Holding, Vodafone Qatar and Mazaya Qatar were among the few gainers.
Domestic institutions’ net buying weakened to QR11.31mn compared to QR21.86mn the previous day.
GCC (Gulf Cooperation Council) institutions turned net sellers to the tune of QR1.59mn against net buyers of QR2.09mn on Wednesday.
Non-Qatari individual investors’ net buying weakened perceptibly to QR1.13mn compared to QR3.25mn on February 1.
However, local retail investors’ net buying strengthened considerably to QR16.36mn against QR9.4mn the previous day.
Non-Qatari institutions’ net selling weakened to QR29.45mn compared to QR36.74mn on Wednesday.
GCC retail investors’ net buying increased to QR2.23mn against QR0.14mn on February 1.
Total trade volume fell 25% to 5.85mn shares, value by 15% to QR191.98mn and deals by 8% to 2,754.
There was a 59% plunge in the consumer goods sector’s trade volume to 0.18mm equities, 52% in value to QR12.91mn and 45% in transactions to 178.
The telecom sector’s trade volume plummeted 48% to 1.23mn stocks, value by 56% to QR16.66mn and deals by 42% to 202.
The transport sector reported a 36% shrinkage in trade volume to 0.36mn shares, 47% in value to QR11.11mn and 11% in transactions to 211.
The real estate sector’s trade volume tanked 28% to 2.12mn equities, value by 19% to QR44.72mn and deals by 18% to 484.
The market witnessed a 22% decline in the industrials sector’s trade volume to 0.38mn stocks, 3% in value to QR21.88mn and 12% in transactions to 430.
The insurance sector’s trade volume shrank 17% to 0.05mn shares, value by 17% to QR3.93mn and deals by 3% to 97.
However, the banks and financial services sector saw a 52% surge in trade volume to 1.52mn equities, 37% in value to QR80.77mn and 26% in transactions to 1,152.
In the debt market, there was no trading of treasury bills and government bonds.
Gulf institutions turned net profit-takers in the market, whose year-to-date gains were contained at 1.28%.
"The market has lost its upward steam after it recorded a top near 11,100 points and could witness further weaknesses on the coming period," a Kamco technical analysis earlier said, adding the next support level comes at 10,550 points, while below it would trigger 10,350 points.
Islamic stocks were seen declining slower than the main index in the bourse, where local retail investors were increasingly bullish and there was a weakened net selling by foreign institutions.
Trade turnover and volumes shrank in the bourse, where realty, banking and telecom sectors together accounted for more than 83% of the total volumes.
Market capitalisation was down QR0.84mn, or 0.15%, to QR568.05bn.
The Total Return Index shed 0.24% to 17,102.22 points, the All Share Index rose 0.26% to 2,903.6 points and the Al Rayan Islamic Index by 0.2% to 3,983.78 points.
The telecom sector saw its index shrank 1.42%, followed by insurance (0.9%), real estate (0.78%), transport (0.77%), consumer goods (0.66%) and industrials (0.51%), while banks and financial services gained 0.48%.
More than 64% of the stocks were in the red with major losers being Ooredoo, Qatar Insurance, Ezdan, Barwa, United Development Company, Nakilat, Qatar Electricity and Water, Aamal Company, Woqod, Commercial Bank, al khaliji, Alijarah Holding, Qatar Islamic Bank and Ahli Bank.
Nevertheless, QNB, Masraf Al Rayan, Mesaieed Petrochemical Holding, Vodafone Qatar and Mazaya Qatar were among the few gainers.
Domestic institutions’ net buying weakened to QR11.31mn compared to QR21.86mn the previous day.
GCC (Gulf Cooperation Council) institutions turned net sellers to the tune of QR1.59mn against net buyers of QR2.09mn on Wednesday.
Non-Qatari individual investors’ net buying weakened perceptibly to QR1.13mn compared to QR3.25mn on February 1.
However, local retail investors’ net buying strengthened considerably to QR16.36mn against QR9.4mn the previous day.
Non-Qatari institutions’ net selling weakened to QR29.45mn compared to QR36.74mn on Wednesday.
GCC retail investors’ net buying increased to QR2.23mn against QR0.14mn on February 1.
Total trade volume fell 25% to 5.85mn shares, value by 15% to QR191.98mn and deals by 8% to 2,754.
There was a 59% plunge in the consumer goods sector’s trade volume to 0.18mm equities, 52% in value to QR12.91mn and 45% in transactions to 178.
The telecom sector’s trade volume plummeted 48% to 1.23mn stocks, value by 56% to QR16.66mn and deals by 42% to 202.
The transport sector reported a 36% shrinkage in trade volume to 0.36mn shares, 47% in value to QR11.11mn and 11% in transactions to 211.
The real estate sector’s trade volume tanked 28% to 2.12mn equities, value by 19% to QR44.72mn and deals by 18% to 484.
The market witnessed a 22% decline in the industrials sector’s trade volume to 0.38mn stocks, 3% in value to QR21.88mn and 12% in transactions to 430.
The insurance sector’s trade volume shrank 17% to 0.05mn shares, value by 17% to QR3.93mn and deals by 3% to 97.
However, the banks and financial services sector saw a 52% surge in trade volume to 1.52mn equities, 37% in value to QR80.77mn and 26% in transactions to 1,152.
In the debt market, there was no trading of treasury bills and government bonds.
