The local retail investors turned net profit takers as the 20-stock Qatar Index shed 0.66% to 10,502.4 points, although global rate fears fizzled out after the Federal Reserve indicated “significant decline in inflation” in the US.
The market, which was skewed towards shakers, however saw its key barometer touch an intraday high of 10,612 points, indicating the strong demand in the first 60 minutes of the opening.
The domestic funds’ weakened net buying was seen in the main market, which reported 1.67% losses on a year-to-date basis.
More than 60% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR3.17bn or 0.53% erosion to QR595.82bn, mainly led by midcap segments.
The foreign institutions continued to be net sellers but with lesser intensity in the main market, which saw a total of 400 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR976 changed hands across one deal.
However, the Gulf institutions were increasingly net buyers, in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining slowly than the key index in the main market, which saw no trading of treasury bills.
The Total Return Index shed 0.66%, the Al Rayan Islamic Index (Price) by 0.64% and the All Share Index by 0.6% in the main bourse, whose trade turnover and volumes were on the decline.
The consumer goods and services sector index contracted 1.39%, banks and financial services (1.14%), insurance (0.38%) and real estate (0.15%); while telecom gained 0.87%, transport (0.5%) and industrials (0.21%).
Major shakers in the main market included Beema, Baladna, Doha Bank, Qatari Investors Group, Gulf Warehousing, Qatar Islamic Bank, Commercial Bank, Mesaieed Petrochemical Holding, Al Khaleej Takaful and Ezdan.
Nevertheless, QLM, Gulf International Services, Qatar Industrial Manufacturing, Ooredoo, Widam Food, Mekdam Holding, Industries Qatar, United Development Company and Nakilat were among the gainers in the main market.
The Qatari individuals turned net sellers to the tune of QR12.08mn compared with net buyers of QR13.48mn on February 7.
The domestic funds’ net buying weakened marginally to QR0.01mn against QR0.43mn the previous day.
However, the Gulf institutions’ net buying increased substantially to QR22.43mn compared to QR12.68mn on Tuesday.
The foreign individuals’ net buying strengthened perceptibly to QR5.45mn against QR3.14mn on February 7.
The Arab individuals were net buyers to the extent of QR1.55mn compared with net sellers of QR8.34mn the previous day.
The Gulf retail investors turned net buyers to the tune of QR0.47mn against net profit takers of QR0.65mn on Tuesday.
The Arab institutions’ net buying expanded marginally to QR0.45mn compared to QR0.23mn on February 7.
The foreign institutions’ net profit booking eased perceptibly to QR18.28mn against QR20.95mn the previous day.
The main market saw a 9% contraction in trade volumes to 112.59mn shares, 5% in value to QR420.57mn and 12% in deals to 14,037.