The Qatar Stock Exchange on Thursday plummeted below 10,100 levels mainly on foreign institutions’ profit booking.
Selling pressure was seen especially at the consumer goods, industrials and telecom counters, which dragged the 20-stock Qatar Index 1.13% to touch a 20-week low of 10,089.86 points.
A persistent decline, albeit with a constant tangent, was visible right from the beginning for about 150 minutes, after which the fall was sharper with the index touching a low of near 10,050 points but only to see some last minute buying support. Overall, the index settled 116 points lower against the previous close.
Small and large cap segments witnessed higher offloading in the bourse, whose year-to-date losses swelled to 3.32%.
Islamic stocks were seen declining relatively slower than the main index as well as other indices in the market, where non-Qatari individual investors were also net sellers.
However, domestic institutions were increasingly net buyers and both Gulf institutions and individuals turned bullish. There was lower net selling by local retail investors.
Trade turnover and volumes grew in the bourse, where banking, real estate and telecom sectors together accounted for more than 85% of the total volumes.
Market capitalisation eroded more than QR7bn, or 1.31%, to QR542.73bn as small, large and midcap stocks shrank 1.74%, 1.16% and 0.94% respectively; while microcaps were up 0.06%.
The Total Return Index shrank 1.13% to 16,920.1 points, the All Share Index by 1.14% to 2,871.97 points and the Al Rayan Islamic Index by 1.12% to 4,045.89 points.
The consumer goods sector’s index plummeted 2.01%, followed by industrials (2%), telecom (1.38%), banks and financial services (0.98%), realty (0.91%) and transport (0.32%); whereas insurance rose 0.18%.
More than 63% of the stocks were in the red with major losers being QNB, Industries Qatar, Aamal Company, Mazaya Qatar, Woqod, Ooredoo, Vodafone Qatar, Qatar First Bank, Zad Holding, Qatar National Cement, Qatari Investors Group, United Development Company, Qatar Electricity and Water, Ezdan, Barwa, Nakilat and Medicare Group.
Nevertheless, Commercial Bank, Gulf Warehousing, Dlala, Qatari German Company for Medical Devices, Mesaieed Petrochemical Holding, Doha Insurance, Al Khaleej Takaful and Qatar Islamic Insurance were among the losers.
Non-Qatari institutions turned net sellers to the tune of QR25.51mn compared with net buyers of QR38.45mn on April 26.
Non-Qatari retail investors were also net sellers to the extent of QR1.83mn against net buyers of QR1.98mn on Wednesday.
However, domestic institutions’ net buying rose considerably to QR21.47mn from QR2.54mn the previous day.
The GCC (Gulf Cooperation Council) funds were net buyers to the tune of QR7.97mn against net sellers of QR10.92mn on April 26.
The GCC individual investors turned net buyers to the extent of QR3.21mn compared with net sellers of QR3.05mn on Wednesday.
Local retail investors’ net profit booking declined substantially to QR5.31mn from QR28.98mn the previous day.
Total trade volumes rose 11% to 9.9mn shares, value by 19% to QR276.68mn and deals by 3% to 3,679.
There was a 95% surge in the real estate sector’s trade volume to 2.99mn equities, 54% in value to QR47.16mn and 21% in transactions to 523.
The industrials sector’s trade volume soared 36% to 0.79mn stocks and value by 22% to QR38.99mn, while deals fell 10% to 852.
The market witnessed a 31% increase in the consumer goods sector’s trade volume to 0.34mm shares, 32% in value to QR25.07mn and 12% in transactions to 368.
Although the banks and financial services sector’s trade volume was rather flat at 3.34mn equities, value expanded 45% to QR127.37mn and deals by 34% to 1,471.
However, the insurance sector’s trade volume plummeted 67% to 0.04mn stocks, value by 66% to QR2.72mn and transactions by 75% to 43.
The transport sector saw a 64% plunge in trade volume to 0.3mn shares, 57% in value to QR8.41mn and 61% in deals to 99.
The telecom sector’s trade volume was down 5% to 2.1mn equities, value by 25% to QR26.95mn and transactions by 4% to 323.
In the debt market, there was no trading of treasury bills and government bonds.
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