The proposed delisting of Ezdan Holding Group, a MSCI constituent, cast its negative spell on the Qatar Stock Exchange, which otherwise saw gainers outnumber decliners.
Local retail investors and foreign institutions turned net sellers, which led the 20-stock Qatar Index to shed 0.27% for the third consecutive day to 10,060.52 points as global oil prices were on a slippery path with initial indications from Vienna meet on extended production cut.
The initial steep decline to about 9,970 points saw reversal in the in subsequent trading for the next 30 minutes, thereby leading the index touch 10,050 points. Thereafter, slower net selling ensued for the most part of the session but only to see some last minute buying pressure. However, the index settled 27 points lower against the previous close.
Small and midcap stocks saw stronger selling in the bourse, which also saw increased net selling by Gulf institutions as well as non-Qatari and Gulf individual investors.
Islamic stocks fell faster than the other indices in the market, which however saw domestic institutions turn bullish.
Trade turnover and volumes were on the increase in the bourse, where banking, real estate and telecom sectors together accounted for about 89% of the total volumes.
Market capitalisation gained about QR2bn, or 0.3%, to QR540.86bn mainly on 1.63% surge in large cap equities; even as small, mid and microcaps fell 0.67%, 0.37%, and 0.08% respectively.
The Total Return Index shed 0.27% to 16,870.9 points, the All Share Index by 0.09% to 2,853.81 points and the Al Rayan Islamic Index by 0.36% to 4,012.33 points.
The realty index plummeted 6.48%, followed by consumer goods and telecom (0.42% each); whereas banks and financial services gained 1.93%, insurance 1.07%, transport 0.88% and industrials rose 0.59%.
Major losers included Ezdan, Medicare Group, Gulf Warehousing, Ooredoo, Qatar Islamic Insurance, Doha Insurance, Al Khaleej Takaful, Gulf International Services, Mesaieed Petrochemical Holding and Alijarah Holding.
Nevertheless, more than 57% of the stock extended gains with major movers being QNB, Commercial Bank, Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, Qatar First Bank, Qatar Insurance, Industries Qatar, Barwa, Qatar Electricity and Water, Mazaya Qatar, Nakilat and Milaha.
Local retail investors turned net sellers to the tune of QR84.18mn against net buyers of QR6.76mn the previous day.
Non-Qatari retail investors’ net profit-booking increased considerably to QR16.54mn compared to QR4.39mn on Wednesday.
Non-Qatari institutions turned net sellers to the extent of QR15.59mn against net buyers of QR12.63mn on May 24.
The GCC (Gulf Cooperation Council) funds’ net selling increased to QR11.72mn compared to QR3.34mn the previous day.
The GCC retail investors’ net profit-booking rose marginally to QR0.92mn against QR0.43mn on Wednesday.
However, domestic institutions turned net buyers to the tune of QR128.91mn compared with net sellers of QR11.23mn on May 24.
Total trade volumes rose 73% to 14.03mn shares, value by 89% to QR382.98mn and deals by 54% to 4,383.
The industrials sector’s trade volume more than doubled to 0.66mn equities and value more than tripled to QR49.3mn on more-than-doubled transactions to 612.
The banks and financial services sector’s trade volume more than doubled to 7.65mn stocks and value also more than doubled to QR187.8mn on a 28% jump in deals to 1,913.
The market witnessed a 71% surge in the real estate sector’s trade volume to 2.64mn shares and 13% in value to QR49.65mn on more-than-doubled transactions to 697.
The transport sector’s trade volume soared 57% to 0.58mn equities and value by 26% to QR26mn on more-than-tripled deals to 328.
The insurance sector saw a 40% expansion in trade volume to 0.14mn stocks and 51% in value to QR9.61mn but on a 3% fall in transactions to 76.
The consumer goods sector’s trade volume grew 11% to 0.21mn shares, value by 11% to QR14.44mn and deals by 29% to 264.
There was an 11% increase in the telecom sector’s trade volume to 2.15mn equities to more than double value to QR46.19mn on a 39% rise in transactions to 493.
In the debt market, there was no trading of treasury bills and government bonds.
