The Qatar Stock Exchange on Wednesday continued to drift southwards with its key index plunging 154 points and capitalisation eroding QR11bn, reflecting the global apprehensions of a hike in the US Fed rates next week and its leverage in fuelling global economic slowdown.
The Gulf funds were increasingly net profit takers as the 20-stock Qatar Index declined 1.33% to 11,463.07 points, although it touched an intraday high of 11,671 points.
The banking counter witnessed higher than average selling pressure in the main market, whose year-to-date losses further widened to 1.4%.
The domestic institutions turned net sellers in the main bourse, whose capitalisation saw QR10.5bn or 1.61% erosion to QR641.23n, mainly on large cap segments.
About 63% of the traded constituents were in the red in the main bourse, which saw a total of 1.41mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR3.68mn changed hands across 68 deals.
The Islamic index was seen declining slower than the other indices in the main market, which saw no trading of sovereign bonds.
Trade turnover and volumes were on the increase in the venture market, while it was on the decline in the main market, which saw no trading of treasury bills.
The Total Return Index shrank 1.33%, All Share Index by 1.62% and Al Rayan Islamic Index (Price) by 0.31%.
The banks and financial sector index tanked 2.84%, consumer goods and services (0.95%), real estate (0.7%), transport (0.5%) and industrials (0.5%); while telecom gained 3.13% and insurance (1.88%).
Major shakers in the main market included Doha Insurance, Zad Holding, QNB, Commercial Bank, Qatar Industrial Manufacturing, QIIB, Industries Qatar and Estithmar Holding. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
Nevertheless, Ooredoo, Qatar Insurance, Aamal Company, QLM, Qatar Electricity and Water and Medicare Group were among the gainers in the main market. In the junior bourse, Mekdam Holding saw its shares appreciate in value.
The Gulf institutions’ net profit booking expanded perceptibly to QR11.27mn compared to QR9.46mn on December 6.
The Arab retail investors’ net selling also grew markedly to QR4.72mn against QR3.17mn the previous day.
The domestic funds turned net sellers to the tune of QR3.2mn compared with net buyers of QR20.29mn on Tuesday.
The Gulf individuals were net sellers to the extent of QR0.05mn against net buyers of QR3.06mn on December 6.
The foreign individuals’ net buying shrank noticeably to QR2.4mn compared to QR7.44mn the previous day.
However, the local retail investors’ net buying zoomed considerably to QR48.99mn against QR33.96mn on Tuesday.
The foreign institutions’ net profit booking weakened substantially to QR32.15mn compared to QR52.21mn on December 6.
The Arab institutions had no major net exposure against net buyers to the tune of QR0.1mn the previous day.
Total trade volume in the main market was down 7% 86.83mn shares, while value was up 19% to QR451.27mn amidst 2% fall in deals to 14,083.
Trade volumes were seen growing more than 11-fold to 0.23mn equities, value by about 10-fold to QR1.54mn on more than nine-fold jump in transactions to 132.
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