Strong buying in transport and telecom counters notwithstanding, Qatar Stock Exchange fell 44 points on Wednesday.
Although local retail investors were increasingly net buyers, the 20-stock Qatar Index shrank 0.52% to hit another multi-year low of 8,427.77 points and market capitalisation erode 0.51% to QR458.36bn.
Islamic equities were seen gaining vis-à-vis declines in the main index and other indices in the bourse, whose year-to-date losses were at 19.25%.
Opening strong near 8,550 points, the market was then gripped by profit booking pressure for the next 30 minutes, dragging the index to little over 8,400 points. Thereafter, sustained mild buying interests drove the market up for the next 15 minutes but only to see gradual declining for the rest of the session. Thus the index settled 44 points lower.
Trade turnover and volumes were on the increase in the market, where banking and telecom sectors together accounted for more than 80% of the total volumes.
The Total Return Index fell 0.52% to 14,132.87 points and All Share Index by 0.48% to 2,398.73 points, while Al Rayan Islamic Index was up 0.06% to 3,391.57 points.
The transport and telecom indices rose 0.84% and 0.73% respectively; whereas insurance declined 0.96%, industrials (0.88%), realty (0.66%), banks and financial services (0.48%) and consumer goods (0.33%).
Major gainers included Qatar First Bank, Masraf Al Rayan, Medicare Group, Qatari Investors Group, Vodafone Qatar, Ooredoo, Milaha and Gulf Warehousing; while QNB, Qatar Islamic Bank, Qatar Electricity and Water, Aamal Company, Qatar Insurance, Ezdan and Barwa were among the losers.
Local retail investors’ net buying strengthened perceptibly to QR26.07mn compared to QR18.33mn on September 12.
Non-Qatari institutions’ net profit booking weakened further to QR14.76mn against QR18.64mn the previous day.
The GCC (Gulf Cooperation Council) retail investors’ net selling declined considerably to QR1.22mn compared to QR6.09mn on Tuesday.
Non-Qatari individual investors’ net selling also shrank but marginally to QR0.41mn against QR0.91mn on September 12.
However, domestic institutions turned net sellers to the extent of QR2.13mn compared with net buyers of QR12.12mn the previous day.
The GCC institutions’ net profit booking increased substantially to QR7.55mn against QR4.81mn on Tuesday.
Total trade volumes rose 31% to 11.9mn shares and value by less than 1% to QR206.38mn, while deals were down 2% to 3,151.
The banks and financial services sector’s trade volume more than doubled to 5.6mn equities and value grew 4% to QR99.15mn but on 11% decline in transactions to 1,029.
There was 53% surge in the real estate sector’s trade volume to 0.9mn stocks, 25% in value to QR13.44mn and 14% in deals to 428.
The industrials sector’s trade volume soared 34% to 0.91mn shares, whereas value shrank 6% to QR24.9mn despite 1% increase in transactions to 619.
However, the insurance sector reported 53% plunge in trade volume to 0.09mn equities, 52% in value to QR5.54mn and 53% in deals to 76.
The consumer goods sector’s trade volume plummeted 32% to 0.13mn stocks, while value expanded 11% to QR8.59mn and transactions by 43% to 277.
The transport sector saw 29% shrinkage in trade volume to 0.32mn shares and 10% in value to QR12.36mn but on 3% jump in deals to 381.
The telecom sector’s trade volume tanked 11% to 3.94mn equities; whereas value rose 5% to QR42.4mn despite 4% fall in transactions to 341.
In the debt market, there was no trading of treasury bills and government bonds.