Selling pressure in financials drags QSE 140 points; M-cap erodes QR8bn

The Qatar Stock Exchange on Tuesday plummeted about 140 points, reflecting the global apprehensions ahead of the US Federal Reserve policymaking meeting.
The insurance and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index lost 1.3% to 10,571.91 points.
The market, which was skewed towards movers, however saw its key barometer touch an intraday high of 10,750 points, indicating the strong demand in the first 15 minutes, which could not be maintained thereafter.
The foreign institutions were seen increasingly into net profit booking in the main market, which reported 1.02% losses on a year-to-date basis.
About 56% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR7.97bn or 1.31% erosion to QR589.99bn, mainly led by mid and microcap segments.
The Arab retail investors turned net sellers in the main market, which saw a total of 2,163 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn changed hands across six deals.
The Gulf individual investors were seen bearish, albeit at lower levels, in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining slowly than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index shed 1.3%, Al Rayan Islamic Index (Price) by 0.27% and All Share Index by 1.35% in the main bourse, whose trade turnover and volumes were on the decline.
The insurance sector index plunged 3.8%, banks and financial services (2.35%), consumer goods and services (0.34%), real estate (0.32%) and transport (0.18%); whereas telecom gained 0.92% and industrials (0.06%).
Major shakers in the main market included Qatar Insurance, Al Khaleej Takaful, QNB, Qatar Islamic Bank, Qatari German Medical Devices, Inma Holding, Ezdan and Mazaya Qatar.
Nevertheless, Qatari Investors Group, Doha Insurance, Beema, Medicare Group, United Development Company, Doha Bank, Vodafone Qatar and Milaha were among the gainers in the main market.
The foreign institutions’ net profit booking increased markedly to QR20.95mn compared to QR12.2mn on February 6.
The Arab individual investors turned net sellers to the tune of QR8.34mn against net buyers of QR4.26mn the previous day.
The Gulf retail investors were net profit takers to the extent of QR0.65mn compared with net buyers of QR0.07mn on Monday.