The Qatar Stock Exchange Tuesday witnessed strong buying in the banking counter, even as it settled marginally lower, yet reported gains in capitalisation.
The telecom, transport and insurance counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 25 points or 0.21% lower at 11,827.93 points, but regained from an intraday low of 11,689 points.
"The selling pressure remains, and the index is now near the strong support level at 11,750 points, knowing that a break below it would most likely lead to a deep bearish move to 11,386 points and maybe lower to 10,500 points," a Kamco technical analysis note said.
The Gulf and domestic institutions were increasingly bearish in the market, whose year-to-date gains truncated to 1.74%.
The foreign institutions were seen net profit takers in the main bourse, whose capitalisation nevertheless saw QR0.8bn or 0.12% jump to QR661.38bn, mainly on the back of microcap segments.
The Islamic index was seen declining faster than the main index in the market, which saw a total of 1mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR2.7mn changed hands across 53 deals.
Trade turnover and volumes were on the decline in the main market; whereas it rose in the case of venture market.
The Gulf retail investors turned net sellers in the main bourse, which saw no trading of sovereign bonds.
The foreign individuals’ weakened net buying had its influence in the main market, which saw no trading of treasury bills.
The Total Return Index was down 0.21%, All Share Index by 0.01% and Al Rayan Islamic Index (Price) by 0.27%.
The telecom sector index tanked 2.67%, transport (0.85%) and insurance (0.63%); while consumer goods and services gained 0.74%, banks and financial services (0.2%), real estate (0.07%) and industrials (0.03%).
About 48% of the traded constituents were in the red in the main market and included Ooredoo, Gulf Warehousing, Al Khaleej Takaful, Dlala, Qatari German Medical Devices, Qatar Islamic Bank, Estithmar Holding and Nakilat.
Nevertheless, Inma Holding, Qatar Electricity and Water, Baladna, Mesaieed Petrochemical Holding, QNB and Ezdan were among the gainers in the main market. In the venture market, Mekdam Holding saw its shares appreciate in value.
The Gulf institutions’ net selling increased noticeably to QR12.37mn compared to QR9.17mn on November 21.
The domestic institutions’ net profit booking grew markedly to QR11.8mn against QR2.42mn the previous day.
The foreign funds turned net sellers to the tune of QR7.2mn compared with net buyers of QR15.79mn on Monday.
The Gulf individuals were net sellers to the extent of QR1.07mn against net buyers of QR5.09mn on November 21.
The foreign individual investors’ net buying shrank perceptibly to QR4.2mn compared to QR5.36mn the previous day.
The Arab institutions’ net buying weakened marginally to QR0.02mn against QR0.06mn on Monday.
However, the local retail investors turned net buyers to the tune of QR22.23mn compared with net sellers of QR16.75mn on November 21.
The Arab retail investors’ net buying strengthened noticeably to QR5.99mn against QR2.04mn the previous day.
Total trade volume in the main market fell 12% to 111.24mn shares and value by 17% to QR409.96mn, while deals were marginally up 0.4% to 15,499.
The venture market saw an 80% surge in trade volumes to 0.27mn equities and value by 87% to QR2.04mn on more than doubled transactions to 117.
