The global concerns on the collapse of Silicon Valley Bank in the US and the Federal Reserve's hawkish stand on interest rates last week continued to have its dampening effect on the Qatar Stock Exchange, which Sunday plummeted 171 points and its key index closed below 10,600 points.
An across the board selling – particularly in the insurance, real estate and banking counters – led the 20-stock Qatar Index knock off 1.59% to 10,565.41 points.
About 88% of the traded constituents were in the red in the main market, which reported 1.08% year-to-date losses.
The Arab retail investors were seen net profit takers in the main bourse, whose capitalisation saw QR9.04bn or 1.46% decrease to QR609.25bn, mainly on account of midcap segments.
The Gulf individuals were also seen bearish in the main market, which saw a total of 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.16mn changed hands across six deals.
The local retail investors’ weakened net buying had its influence 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 1.59%, All Share Index by 1.44% and Al Rayan Islamic Index (Price) by 1.63% in the main bourse, whose trade turnover and volumes were on the decline.
The insurance sector index tanked 2.66%, realty (1.88%), banks and financial services (1.59%), telecom (1.4%), consumer goods and services (1.27%), industrials (1.14%) and transport (0.81%).
Major shakers in the main market included Dlala, Qatar General Insurance and Reinsurance, Dukhan Bank, Aamal Company, Qatari German Medical Devices, Qatar Islamic Bank, Doha Bank, Lesha Bank, QIIB, Mannai Corporation, Estithmar Holding, Qatar Insurance, QLM, Ezdan, Mazaya Qatar and Nakilat.
Nevertheless, Inma Holding, Beema, Gulf Warehousing, Milaha 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 Arab retail investors turned net sellers to the tune of QR11.63mn compared with net buyers of QR7.17mn on March 9.
The Gulf individual investors were net sellers to the extent of QR0.72mn against net buyers of QR1.42mn last Thursday.
The foreign institutions’ net buying shrank markedly to QR11.72mn compared to QR19.92mn the previous day.
The local retail investors’ net buying weakened perceptibly to QR2.7mn against QR4.63mn on March 9.
The Gulf institutions’ net buying eased marginally to QR2.78mn compared to QR2.88mn last Thursday.
However, the foreign individual investors’ net buying grew notably to QR4.4mn against QR2.51mn the previous day.
The domestic institutions’ net profit booking shrank substantially to QR9.26mn compared to QR38.57mn on March 9.
The Arab institutions had no major net exposure against net buyers to the extent of QR0.03mn last Thursday.
The main market saw 17% contraction in trade volumes to 97.87mn shares, 34% in value to QR252.93mn and 32% in deals to 8,329.
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