Reflecting global concerns over the US Federal Reserve's combative stand on rates, the Qatar Stock Exchange on Thursday saw its key index tank 193 points and capitalisation erode QR8bn.
The domestic institutions were seen increasingly into net selling as the 20-stock Qatar Index fell 1.81% to 10,471.97 points, although it touched an intraday high of 10,665 points.
The market, which was skewed towards shakers, reflected the caution among investors as the Fed, which generally noted that upside risks to the inflation outlook remained a key factor shaping the policy outlook," and that interest rates would need to move higher and stay elevated "until inflation is clearly on a path to 2%."
The foreign institutions’ weakened net selling had its influence on the main market, which reported year-to-date losses of 1.96%.
More than 57% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR7.82bn or 1.28% decline to QR603.63bn, mainly on account of midcap segments.
However, the Arab individuals were seen net buyers in the main market, which saw a total of 0.09mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.23mn changed hands across eight deals.
The local retail investors were increasingly into net buying in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining faster than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index shrank 1.35% and the All Share Index by 1.29% and the Al Rayan Islamic Index (Price) by 1.59% in the main bourse, whose trade turnover and volumes were on the rise.
The banks and financial services sector index plunged 2.56%, transport (0.82%), real estate (0.72%), consumer goods and services (0.33%) and telecom (0.18%); while insurance shot up 5.25% and industrials (0.23%).
Major losers in the main market included being Qatar Islamic Bank, QLM, Estithmar Holding, Baladna, Dlala, QNB, Doha Bank, Inma Holding, Nakilat and Gulf Warehousing.
Nevertheless, Qatar Insurance, Qatar General Insurance and Reinsurance, Mannai Corporation, Zad Holding, Aamal Company, Lesha Bank and Qatar Oman Investment were among the gainers in the main market.
In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.
The domestic institutions’ net selling increased substantially to QR31.79mn compared to QR7.98mn on February 22.
The foreign institutions’ net buying weakened considerably to QR2.62mn against QR12.35mn the previous day.
However, the Arab individual investors turned net buyers to the tune of QR13.74mn compared with net sellers of QR8.96mn on Wednesday.
The local individual investors’ net buying expanded noticeably to QR9.77mn against QR5.42mn on February 22.
The foreign individuals were net buyers to the extent of QR4.45mn compared with sellers of QR0.2mn the previous day.
The Gulf institutions turned net buyers to the tune of QR1.15mn against net profit takers of QR0.53mn on Wednesday.
The Arab institutions were net buyers to the extent of QR0.09mn compared with no major net exposure on February 22.
The Gulf retail investors’ net profit booking eased marginally to QR0.02mn against QR0.13mn the previous day.
The main market saw a 7% jump in trade volumes to 123.85mn shares, 27% in value to QR445.64mn and 21% in deals to 14,097.
