Apprehensions on the US Federal Reserve's moves to hike reference benchmark rates and its decision to effect 50 basis points increase weighed heavily in the Qatar Stock Exchange, which saw its index plummet 512 points and capitalisation erode QR24bn this week.
The banks and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index plunged 4.46% this week which otherwise saw the Ministry of Finance outline QR77bn budget surplus in the first nine months of this year.
The Gulf institutions were seen increasingly into net profit booking this week which saw the Qatar Central Bank increased the key rates by 50 basis points, in line with the US Fed.
About 77% of the traded constituents in the main market were in the red this week which saw the country’s food inflation ease month-on-month despite increase in the general consumer price index inflation in November this year.
The foreign individuals were seen net sellers in the market this week which saw Hamad and Al Ruwais ports receive as many as 109 and 76 vessels between November 18 and December 10, indicating the brisk business for the maritime industry and the related sectors.
The local retail investors’ weakened net buying interests had its influence in the market this week which saw Qatar register year-on-year slowdown in the building permits issued this November.
The Islamic index was seen declining slower than the other indices this week which saw a total of 1.41mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR3.55mn trade across 71 deals.
Trade turnover and volumes were on the increase in both the main and venture markets this week, which saw as many as 0.04mn Doha Bank-sponsored QETF valued at QR0.49mn change hands across 37 transactions.
Market capitalisation was seen eroding QR23.73bn or 3.69% to QR619.29bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute about 63% of the total trade volume in the main market.
The Total Return Index plummeted 4.46%, All Share Index by 3.95% and All Islamic Index by 3.36% this week, which saw no trading of sovereign bonds.
The banks and financial services sector index tanked 5.32%, industrials (4.57%), real estate (2.76%), telecom (1.65%) and transport (0.51%); while consumer goods and services gained 1.19% and insurance (0.23%) this week, which saw no trading of treasury bills.
Major losers in the main market included Qatar Islamic Bank, Qatar General Insurance and Reinsurance, Commercial Bank, Industries Qatar, QNB, Qatari German Medical Devices, QIIB, Masraf Al Rayan, Mannai Corporation, Baladna, Gulf International Services, Estithmar Holding, Qatar Islamic Insurance, Mazaya Qatar, Ooredoo and Barwa. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value this week.
Nevertheless, Gulf Warehousing, Woqod, Doha Insurance, Qatar Electricity and Water and Milaha were among those gained in the main market this week.
The Gulf institutions’ net profit booking increased drastically to QR44.9mn compared to QR27.7mn the week ended December 8.
The foreign individuals turned net sellers to the tune of QR4.86mn against net buyers of QR10.88mn the previous week.
Local retail investors’ net buying declined perceptibly to QR115.44mn compared to QR139.52mn a week ago.
However, the Arab individuals were net buyers to the extent of QR19.6mn against net sellers of QR3.43mn the week ended December 8.
The Gulf retail investors’ net buying expanded noticeably to QR1.33mn compared to QR1.16mn the previous week.
The Arab institutions’ net buying strengthened marginally to QR0.03mn against QR0.02mn a week ago.
The foreign funds’ net selling shrank substantially to QR83.64mn compared to QR108.02mn the week ended December 8.
The domestic funds’ net profit booking eased markedly to QR3.01mn against QR12.43mn the previous week.
Total trade volume in the main market rose 12% to 548.85mn shares, value by 19% to QR2.32bn and deals by 17% to 80,571.
The venture market saw a 26% surge in trade volumes to 0.59mn equities, 32% in value to QR4.37mn and 9% in transactions to 299.