Increased net selling by local retail investors and foreign institutions’ bearish outlook led Qatar Stock Exchange to sink below 10,300 levels on Wednesday.
Selling pressure – especially in insurance, telecom, transport and consumer goods – dragged the 20-stock Qatar Index 0.39% to 10,295.96 points.
Opening the day strong, the market reached a high of near 10,340 points within few minutes after which selling pressure ensued for the next 45 minutes to reach a low of 10,280 points. Thereafter, mild buying support drove the index up but overall it settled 40 points lower against the previous close.
The Gulf individual investors’ net profit booking also strengthened the bearish sentiments in the bourse, whose year-to-date losses widened to 1.35%.
Micro and large cap equities witnessed stronger selling in the market, which however saw domestic institutions turn bullish and there was also increased net buying by Gulf institutions. 
Trade turnover and volumes were on the decline in the market, where real estate, telecom and banking sectors together accounted for about 88% of the total volumes.
Market capitalisation eroded about QR2bn or 0.34% to QR554.36bn as micro, large and small cap equities fell 0.95%, 0.41% and 0.04% respectively, while midcaps gained 0.12%.
The Total Return Index shed 0.39% to 17,265.72 points, All Share Index by 0.31% to 2,929.83 points and Al Rayan Islamic Index by 0.39% to 4,143.45 points.
The insurance sector saw its index shrink 1.01%, telecom (0.94%), transport (0.92%), industrials (0.88%) and consumer goods (0.2%); whereas banks and financial services rose 0.08% and realty (0.07%).
More than 57% of the stocks were in the red with major losers being Qatar Electricity and Water, Commercial Bank, Qatar Islamic Bank, QIIB, Industries Qatar, Gulf International Services, Qatar Industrial Manufacturing, Qatar Insurance, Qatar Islamic Insurance, Al Khaleej Takaful, Ooredoo, Vodafone Qatar, United Development Company, Gulf Warehousing and Nakilat.
Nevertheless, QNB, Mazaya Qatar, Barwa, Zad Holding, Islamic Holding Group and Qatari Investors Group were among the gainers.
Local retail investors’ net profit booking increased considerably to QR7.63mn against QR1.22mn the previous day.
Non-Qatari institutions turned net sellers to the tune of QR7.12mn compared with net buyers of QR1.07mn on April 18.
The GCC (Gulf Cooperation Council) retail investors were also net sellers to the extent of QR1.18mn against net buyers of QR0.52mn on Monday.
However, domestic institutions turned net buyers to the tune of QR10.51mn compared with net sellers of QR2.24mn the previous day.
The GCC institutions’ net buying strengthened perceptibly to QR5.81mn against QR4.06mn on April 18.
Non-Qatari individual investors’ net profit booking fell influentially to QR0.42mn compared to QR2.13mn on Tuesday.
Total trade volumes fell 25% to 8mn shares, value by 22% to QR176.65mn and deals by 20% to 2,678.
The banks and financial services sector saw 51% plunge in trade volume to 1.91mn equities, 36% in value to QR60.59mn and 16% in transactions to 965.
The insurance sector’s trade volume plummeted 50% to 0.04mn stocks, value by 55% to QR2.36mn and deals by 6% to 78.
There was 47% shrinkage in the telecom sector’s trade volume to 2.52mn shares, 53% in value to QR25.48mn and 64% in transactions to 232.
The industrials sector’s trade volume tanked 27% to 0.35mn equities, value by 22% to QR21.75mn and deals by 28% to 490.
However, the real estate sector’s trade volume more than doubled to 2.6mn stocks and value also more than doubled to QR43.56mn on 76% jump in transactions to 449.
The transport sector reported 52% surge in trade volume to 0.38mn shares but value fell 18% to QR10.86mn despite 7% higher deals to 257.
The consumer goods sector’s trade volume soared 31% to 0.21mm equities, while value declined 14% to QR12.05mn and transactions by 27% to 207.
In the debt market, there was no trading of treasury bills and government bonds.
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