Mirroring the global concerns on weak Chinese growth, the Qatar Stock Exchange (QSE) on Tuesday saw more than 230 points fall in key index and capitalisation erode as much as QR13bn.
A higher than average selling pressure at the insurance and banking counters led the 20-stock Qatar Index to plummet 2.17% to 10,606.7 points although it touched an intraday high of 10,839 points.
About 83% of the traded constituents were in the red in the main market, which reported year-to-date losses of 0.7%.
The foreign institutions were increasingly into net selling in the main bourse, whose capitalisation saw QR12.52bn or 2.04% decrease to QR601.81bn, mainly led by large and midcap segments.
The Arab retail investors were seen net profit takers in the main market, which saw a total of 0.24mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.08mn changed hands across 44 deals.
The Arab institutions’ weakened net buying had its marginal influence on the main bourse, which saw no trading of sovereign bonds.
The Islamic index declined slower than the main barometer in the main market, which saw no trading of treasury bills.
The Total Return Index tanked 2.17%, the All Share Index by 2.04% and the Al Rayan Islamic Index (Price) by 1.76% in the main bourse, whose trade turnover volumes were on the increase.
The insurance sector index plummeted 2.97%, banks and financial services (2.54%), industrials (2.06%), real estate (1.82%), transport (1.23%) and consumer goods and services (0.14%); while telecom was up 0.01%.
Major shakers in the main market included Qatar General Insurance and Reinsurance, Inma Holding, Al Khaleej Takaful, Beema, Salam International Investment, QNB, Qatar Islamic Bank, QIIB, Masraf Al Rayan, Lesha Bank, Dlala, Baladna, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Insurance, QLM, Barwa, Mazaya Qatar and Nakilat.
In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
Nevertheless, Al Meera, Qatar National Cement, Qamco, Aamal Company and Medicare Group were among the gainers in the main market.
The foreign funds’ net selling increased significantly to QR45.78mn compared to QR32.66mn the previous day.
The Arab individuals were net profit takers to the tune of QR12.58mn against net buyers of QR8.35mn on January 16.
The Arab institutions’ net buying declined marginally to QR0.15mn compared to QR0.22mn on Monday.
However, the local retail investors’ net buying grew considerably to QR42.97mn against QR19.67mn the previous day.
The domestic institutions’ net buying expanded marginally to QR24.85mn compared to QR24.66mn on January 16.
The foreign retail investors turned net buyers to the extent of QR7.03mn against net sellers of QR0.18mn on Monday.
The Gulf individuals’ net buying strengthened marginally to QR0.07mn compared to QR0.01mn the previous day.
The Gulf institutions’ net selling weakened markedly to QR16.73mn against QR20.08mn on January 16.
The main market saw a 13% jump in trade volumes to 175.12mn shares, 19% in value to QR669.25mn and 18% in deals to 23,193.