The Qatar Stock Exchange continued to be under bearish spell for the second day on Thursday, mainly owing to increased selling pressure from foreign funds.
Led by telecom equities, the 20-stock Qatar Index settled 0.54% lower at 8,825.7 points. The Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR saw 0.43% and 1.51% declines respectively.
Gulf individuals’ bearish outlook and domestic institutions’ substantially weakened buying interests also played their part in the market, which is however up 3.55% year-to-date.
Notwithstanding the bullish grip of Gulf institutions and non-Qatari individuals, QSE market capitalisation declined 0.41% to QR485.44bn.
The market witnessed a total of 0.67mn QATR valued at QR15.85 across 384 transactions and a total of 0.01mn QETF valued at QR1.15mn across 27 deals.
Trade turnover and volumes were on the increase in the market, where banking sector alone accounted for about 54% of the total volume.
The Total Return Index fell 0.18% to 15,502.91 points, the All Share Index by 0.05% to 2,280.87 points, the Al Rayan Islamic Index by 0.18% to 3,655.6 points and the Al Rayan Islamic Index (Price) by 0.58%.
The telecom index shrank 1.97%, followed by consumer goods (0.25%) and banks and financial services (0.15%); while realty gained 0.77%, insurance (0.4%), industrials (0.07%) and transport (0.02%).
About 61% of the stocks were in the red with major losers being Ooredoo, Vodafone Qatar, United Development Company, Barwa, Commercial Bank, Gulf Warehousing, Milaha, Ahli Bank, Masraf Al Rayan, Mannai Corporation, Qatar Electricity and Water, Qatari Investors Group and Mesaieed Petrochemical Holding.
Nevertheless, Qatar First Bank, Industries Qatar, Gulf International Services, Qatar Insurance, Ezdan, Nakilat and Dlala were among the gainers.
Gulf individuals turned net sellers to the tune of QR7.79mn compared with net buyers of QR0.18mn on March 21.
Non-Qatari institutions’ net profit-booking increased influentially to QR6.36mn against QR0.29mn on Wednesday.
Domestic funds’ net buying weakened substantially to QR5.31mn compared to QR17.77mn the previous day.
However, Gulf institutions turned buyers to the extent of QR13.41mn against net sellers of QR4.32mn on March 21.
Non-Qatari individuals were net buyers to the tune of QR0.37mn compared with net sellers of QR7.5mn on Wednesday.
Local retail investors’ net profit-booking weakened marginally to QR4.96mn against QR5.82mn the previous day.
Total trade volume grew 67% to 15.7mn shares and value by 20% to QR264.03mn, while transactions were down 1% to 4,180.
The banks and financial services sector’s trade volume more than quadrupled to 8.4mn equities, value soared 79% to QR119.14mn and deals by 36% to 1,456.
The consumer goods sector’s trade volume more than doubled to 0.72mn stocks, while value fell 6% to QR18.82mn and transactions by 15% to 330.
The insurance sector reported a 59% surge in trade volume to 0.51mn shares and 66% in value to QR20.21mn but on a 36% decline in deals to 197.
The real estate sector’s trade volume shot up 27% to 1.76mn equities, value by 13% to QR24.74mn and transactions by 23% to 703.
However, the market witnessed a 30% plunge in the industrials sector’s trade volume to 1.97mn stocks, 22% in value to QR46.78mn and 25% in deals to 721.
The telecom sector’s trade volume tanked 20% to 1.45mn shares, value by 13% to QR18.38mn and transactions by 27% to 314.
Although the transport sector’s trade volume was flat at 0.9mn equities, there was 15% shrinkage in value to QR15.96mn and 12% deals to 399.
In the debt market, there was no trading of treasury bills and sovereign bonds.