Profit booking drags QSE by 284 points as index settles below 11,000 points

The Qatar Stock Exchange (QSE) on Thursday tanked more than 284 points and its key index settled below 11,000 points, on an across-the-board selling, particularly in the banking, insurance and real estate sectors.
The foreign funds were increasingly into net profit booking as the 20-stock Qatar Index plummeted 2.52% to 10,990.21 points, largely defying the regional sentiments. The market touched an intraday high of 11,292 points.
More than 91% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 2.89%.
The Gulf institutions’ weakened net buying had its influence on the main bourse, whose capitalisation saw QR17.71bn or 2.77% decrease to QR621.2bn, mainly led by large cap segments.
However, the local retail investors were increasingly net buyers in the main market, which saw a total of 0.2mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.97mn changed hands across 52 deals.
The Arab retail investors were also increasingly bullish 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 tanked 2.52%, the All Share Index by 2.64% and the Al Rayan Islamic Index (Price) by 2.23% in the main bourse, whose trade turnover grew amidst lower volumes.
The banks and financial services sector index plummeted 3.38%, insurance (2.7%), real estate (2.66%), telecom (2.29%), transport (1.94%), industrials (1.73%) and consumer goods and services (0.68%).
Major shakers in the main market included Qatar General Insurance and Reinsurance, QLM, QNB, United Development Company, Qatar Islamic Bank, Masraf Al Rayan, Lesha Bank, Mannai Corporation, Baladna, Industries Qatar, Mesaieed Petrochemical Holding, Estithmar Holding, Ezdan, Ooredoo, Gulf Warehousing and Nakilat.
Nevertheless, Zad Holding, Dlala, and Qatar Electricity and Water were the gainers in the main market.
The foreign institutions’ net selling increased substantially to QR99.28mn compared to QR71.85mn on January 11.
The Gulf institutions’ net buying declined significantly to QR35.44mn against QR48.81mn the previous day.
The domestic institutions’ net buying eased perceptibly to QR16.2mn compared to QR18.1mn on Wednesday.
However, the local retail investors’ net buying expanded considerably to QR37.29mn against QR4.31mn on January 11.
The Arab individuals’ net buying shot up noticeably to QR5.55mn compared to QR0.1mn the previous day.
The foreign retail investors’ net buying strengthened markedly to QR2.68mn against QR0.37mn on Wednesday.
The Gulf individuals’ net buying expanded notably to QR2.05mn compared to QR0.11mn on January 11.
The Arab institutions’ net buying grew marginally to QR0.07mn against QR0.06mn the previous day.
The main market saw a 24% shrinkage in trade volume to 134.11mn shares but on a 6% jump in value to QR605.15mn and 28% in deals to 24,561.