Domestic funds’ selling pressure drags QSE as index declines 29 points

The domestic institutions’ increased net profit booking on Thursday drove the Qatar Stock Exchange down 29 points despite strong buying interests at the transport counter.
The insurance and telecom sectors notably witnessed higher than average selling pressure, leading the 20-stock Qatar Index to settle 0.25% lower at 11,867.24 points, although it touched an intraday high of 11,936 points.
About 67% of the traded constituents were in the red in the market, whose year-to-date gains truncated to 2.08%.
The foreign individuals were net sellers in the main bourse, whose capitalisation saw QR0.83bn or a 0.12% fall to QR663.43bn, mainly on the back of microcap segments.
The Islamic index was seen declining faster than the other indices in the main market, which saw a total of 0.79mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR2.1mn change hands across 33 deals.
Trade turnover and volumes were on the decline in both the main and venture markets.
The Arab individuals’ weakened net buying had its influence in the main bourse, which saw no trading of sovereign bonds.
However, the foreign funds were seen bullish in the main market, which saw no trading of treasury bills.
The Total Return Index was down 0.25%, the All Share Index by 0.18% and the Al Rayan Islamic Index (Price) by 0.53%.
The insurance sector plunged 3.08%, telecom (1.11%), industrials (0.45%), real estate (0.44%) and banks and financial services (0.18%); while transport gained 1.8% and consumer goods and services (0.45%).
Major shakers in the main market included Qatar Insurance, Aamal Company, Inma Holding, Dlala, Qatar Islamic Insurance, Qatar Islamic Bank, QIIB, Masraf Al Rayan, Qatar Electricity and Water, Qatari Investors Group, Qamco, Ezdan, Mazaya Qatar and Ooredoo.
Nevertheless, Qatar General Insurance and Reinsurance, Estithmar Holding, Nakilat, Milaha and Commercial Bank were among the gainers in the main market.
In the venture market, Mekdam Holding saw its shares appreciate in value.
The domestic institutions’ net selling increased substantially to QR40.29mn compared to QR8.99mn on November 23.
The foreign individual investors turned net sellers to the tune of QR15.63mn against net buyers of QR5.83mn the previous day.
The Arab retail investors’ net buying weakened noticeably to QR2.84mn compared to QR7.84mn on Wednesday.
However, the local retail investors’ net buying expanded drastically to QR26.97mn against QR6.43mn on November 23.
The foreign funds were net buyers to the extent of QR30.53mn compared with net sellers of QR0.79mn the previous day.
The Arab institutions turned net buyers to the tune of QR0.1mn against net profit takers of QR1.07mn on Wednesday.
The Gulf institutions’ net selling decreased noticeably to QR4.4mn compared to QR7.37mn on November 23.
The Gulf individuals’ net profit booking eased perceptibly to QR0.12mn against QR1.87mn the previous day.
Total trade volume in the main market fell 13% to 137.45n shares, value by 9% to QR469.69mn and deals by 11% to 14,986.
The venture market saw a 68% shrinkage in trade volumes to 0.1mn equities, 65% in value to QR0.76mn and 38% in transactions to 71.