The fears of global contagion of Silicon Valley Bank continued its toll in the global bourses, including the Qatar Stock Exchange, which on Tuesday plunged 192 points and capitalisation eroded in excess of QR11bn.
An across the board selling, especially in real estate and telecom, dragged the 20-stock Qatar Index 1.85% to 10,216.03 points.
The market, which was skewed towards decliners, however touched an intraday high of 10,395 points.
The foreign institutions were increasingly squaring off their position in the main market, whose year-to-date losses widened further to 4.35%.
The Arab retail investors turned net profit takers in the main bourse, whose capitalisation saw QR11.49bn or 1.92% erosion to QR588.07bn, mainly on account of mid and large cap segments.
More than 80% of the traded constituents were in the red in the main market, which saw a total of 0.23mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.73mn changed hands across 24 deals.
The Gulf institutions continued to be net sellers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining slower than the main barometer of the main market, which saw no trading of treasury bills.
The Total Return Index shrank 1.61%, All Share Index by 1.65% and Al Rayan Islamic Index (Price) by 1.71% in the main bourse, whose trade turnover fell amidst higher volumes.
The realty index plummeted 3.05%, telecom (2.13%), banks and financial services (1.76%), insurance (1.59%), transport (1.37%) and consumer goods and services (0.74%).
Major shakers in the main market included Al Meera, Inma Holding, Gulf International Services, Nakilat, Estithmar Holding, Qatar Islamic Bank, QNB, Masraf Al Rayan, Lesha Bank, Qatari German Medical Devices, Widam Food, Industries Qatar, Qamco, Qatar Insurance, Ezdan and United Development Company. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
Nevertheless, Doha Insurance, Aamal Company, Milaha, Woqod and Qatar Industrial Manufacturing were among the gainers in the main market.
The foreign institutions’ net selling increased substantially to QR53.23mn compared to QR11.18mn on March 13.
The Arab retail investors were net sellers to the tune of QR13.46mn against net buyers of QR4.03mn on Monday.
However, the domestic funds’ net buying expanded significantly to QR65.19mn compared to QR36.14mn the previous day.
The foreign retail investors turned net buyers to the extent of QR5.16mn against net sellers of QR1.02mn on March 13.
The Gulf individual investors were net buyers to the tune of QR1.55mn compared with net sellers of QR2.26mn on Monday.
The Arab institutions were also net buyers to the tune of QR0.01mn against no major net exposure the previous day.
The local retail investors’ net selling weakened drastically to QR4.18mn compared to QR21.99mn on March 13.
The Gulf institutions’ net profit booking shrank perceptibly to QR1.05mn against QR4.17mn on Monday.
The main market saw a 16% fall in trade volumes to 112.48mn shares and less than 1% in value to QR443.73mn but on 11% growth in deals to 16,807.
