The Qatar Stock Exchange (QSE) on Wednesday plummeted more than 150 points and its key index settled below 11,300 levels, mirroring the concerns in the global markets as investors await the US inflation data.
The foreign funds were increasingly net profit takers as the 20-stock Qatar Index plunged 1.32% to 11,274.74 points.
A higher than average selling pressure at the banking and telecom counters weakened sentiments in the main market, whose year-to-date gains truncated further to 5.56%.
More than 65% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR9.42bn or 1.45% decrease to QR638.91bn, mainly led by large and midcap segments.
However, the Gulf institutions were increasingly into net buying in the main market, which saw a total of 0.14mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.52mn changed hands across 24 deals.
The domestic institutions were also increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.
The Islamic index declined slower than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index shrank 1.32% and All Share Index by 1.39% and the Al Rayan Islamic Index (Price) by 1% in the main bourse, whose trade turnover and volumes were on the decline.
The banks and financial services sector index tanked 2.04%, telecom (1.89%), transport (0.95%), industrials (0.81%), consumer goods and services (0.29%) and real estate (0.15%); while insurance gained 1.69%.
Major shakers in the main market included QNB, Al Khaleej Takaful, Masraf Al Rayan, Ooredoo, Mannai Corporation, Qatar Islamic Bank, Mekdam Holding, Industries Qatar, Qamco and Milaha.
Nevertheless, Qatar Insurance, Qatar Oman Investment, Dlala, Aamal Company, Doha Insurance and Qatar National Cement were among the gainers in the main market.
The foreign institutions’ net selling increased substantially to QR71.85mn compared to QR20.65mn on January 10.
The Arab institutions’ net buying weakened marginally to QR0.06mn against QR0.12mn the previous day.
However, the Gulf institutions’ net buying grew significantly to QR48.81mn compared to QR35.81mn on Tuesday.
The domestic institutions’ net buying strengthened noticeably to QR18.1mn against QR1.79mn on January 10.
The local retail investors turned net buyers to the tune of QR4.31mn compared with net sellers of QR1.82mn the previous day.
The foreign retail investors were net buyers to the extent of QR0.37mn against net sellers of QR11.41mn on Tuesday.
The Gulf individuals turned net buyers to the tune of QR0.11mn compared with net sellers of QR1.52mn on January 10.
The Arab individuals were net buyers to the extent of QR0.1mn against net profit takers of QR2.34mn the previous day.
The main market saw a 17% shrinkage in trade volume to 175.63mn shares and 8% in value to QR568.45mn but on a 1% rise in deals to 19,203.
