Qatar Stock Exchange on Tuesday witnessed heavy selloff, particularly in large and midcap equities, leading the key index plunge 237 points, its largest single-day loss this year, and capitalisation eroded QR11bn.

An across the board selling – particularly in the realty, telecom and banking counters – knocked off 2.16% in the 20-stock Qatar Index to 10,702.12 points as the regional fund managers reportedly strategising to pare their exposure in the Qatari stocks.

Foreign institutions turned bearish and there was weakened buying support from non-Qatari individual investors in the market, whose year-to-date gains were curtailed at 2.54%.

Islamic stocks were however seen declining slower than the main index as well as the other indices in the bourse, local and Gulf retail investors turned bullish and there was a substantial weakening of net selling by domestic institutions.

Trade turnover and volumes rose in the market, where banking, real estate and industrials sectors together accounted for more than 70% of the total volumes.

Market capitalisation eroded 1.85% to QR577.68bn as large, mid and microcap equities melted 2.1%, 1.64% and 0.31% respectively; while small caps were up 0.14%.

The Total Return Index plummeted 2.16% to 17,455.27 points, All Share Index by 1.9% to 2,966.12 points and Al Rayan Islamic Index by 1.8% to 4,125.16 points.

The real estate sector saw its index plunge 2.9%, telecom (2.51%), banks and financial services (2.34%), industrials (1.46%), insurance (0.73%), consumer goods (0.42%) and transport (0.09%).

More than 64% of the stocks were in the red with major losers being Ooredoo, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Masraf Al Rayan, Qatari Investors Group, Qatar Electricity and Water, Mesaieed Petrochemical Holding, Qatar Insurance, Ezdan, Mazaya Qatar, Barwa and Widam Food.

Nevertheless, Qatar General Insurance and Reinsurance, Qatar First Bank, Alijarah Holding, Gulf International Services, Al Khaleej Takaful, Vodafone Qatar, Nakilat and Islamic Holding Group were among the gainers.

Non-Qatari institutions turned net sellers to the tune of QR1.82mn compared with net buyers of QR104.49mn the previous day.

Non-Qatari individual investors’ net buying weakened considerably to QR14.93mn against QR57.51mn on Monday.

However, local retail investors turned net buyers to the extent of QR15.56mn compared with net sellers of QR59.28mn on February 27.

Domestic institutions’ net selling declined substantially to QR11.91mn against QR62.42mn the previous day.

The GCC (Gulf Cooperation Council) institutions’ net selling also fell perceptibly to QR18.36mn compared to QR38.16mn on Monday.

The GCC retail investors turned net buyers to the tune of QR1.61mn against net profit takers of QR2.13mn on February 27.

Total trade volume rose 4% to 15.87mn shares, value by 18% to QR700.87mn and deals by 26% to 6,712.

The real estate sector’s trade volume more than doubled to 3.55mn equities, value soared 54% to QR78.63mn and transactions by 37% to 1,049.

There was 41% surge in the transport sector’s trade volume to 0.62 stocks, 41% in value to QR20.77mn and 37% in deals to 393.

The consumer goods sector’s trade volume was up 1% to 0.85mm shares but value more than doubled to QR70.69mn on 25% higher transactions to 775.

However, the insurance sector’s trade volume plummeted 24% to 1.59mn equities and value by 15% to QR84.57mn, while deals expanded 71% to 240.

The telecom sector saw 19% plunge in trade volume to 1.7mn stocks but on 37% jump in value to QR53.37mn and more than doubled transactions to 358.

The industrials sector’s trade volume tanked 14% to 2.87mn shares, whereas value shot up 42% to QR170.77mn and deals by 3% to 1,756.

The banks and financial services sector reported 1% decline in trade volume to 4.7mn equities and 4% in value to QR222.06mn but on 30% increase in transactions to 2,141.

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