Selling pressure in transport, consumer goods and banks drags QSE 46 points

The Qatar Stock Exchange Tuesday fell more than 46 points, mainly on the back of selling pressure in the transport, consumer goods and banking sectors.

The domestic institutions were increasingly net sellers as the 20-stock Qatar Index lost 0.46% to 9,952.49 points, amidst thin trade in view of the impending Eid al-Fitr holidays.

“A close below 9,585 points would deepen the bearish tone and lead to 9,000 points,” a Kamco technical analysis had said.

The market, which was skewed towards decliners, saw its index touch an intraday high of 10,027 points.

The local retail investors’ weakened net buying had its influence in the main market, whose year-to-date losses widened to 6.82%.

The Gulf individual investors were seen lowering their net buying in the main bourse, whose capitalisation was down QR0.85bn or 0.15% to QR578.08bn, mainly on account of microcap segments.

The Gulf institutions continued to be net buyers but with lesser vigour in the main market, which saw a total of 0.07mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.37mn changed hands across 17 deals.

The foreign individuals were seen net buyers 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 shed 0.46%, the All Share Index by 0.35% and the Al Rayan Islamic Index (Price) by 0.65% in the main bourse, whose trade turnover and volumes were on the increase.

The transport sector index tanked 1.14%, consumer goods and services (0.99%), banks and financial services (0.64%) and industrials (0.02%); while telecom gained 1.81%, insurance ()1.21%) and real estate (0.43%).

More than 55% of the traded constituents in the main market were in the red with major losers being Widam Food, Beema, QIIB, Zad Holding, Milaha, Qatar Islamic Bank, Masraf Al Rayan, Inma Holding, Alijarah Holding and Vodafone Qatar. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.

Nevertheless, Qatar General Insurance and Reinsurance, Qatar Industrial Manufacturing, Ooredoo, Lesha Bank, Commercial Bank, Dukhan Bank, Dlala, Baladna and United Development Company were among the movers in the main market.

The domestic institutions’ net selling increased markedly to QR4.81mn compared to QR2.71mn on April 17.

The Arab institutions turned net sellers to the tune of QR0.02mn against net buyers of QR0.03mn the previous day.

The local retail investors’ net buying decreased substantially to QR4.5mn compared to QR9.82mn on Monday.

The Gulf institutions’ net buying weakened perceptibly to QR4.35mn against QR7.76mn on April 17.

The Gulf retail investors’ net buying shrank marginally to QR0.32mn compared to QR0.88mn the previous day.

However, the foreign individuals were net buyers to the extent of QR2.4mn against net sellers of QR0.47mn on Monday.

The foreign institutions’ net selling decreased considerably to QR2.39mn compared to QR10.3mn on April 17.

The Arab individuals’ net profit booking eased marginally to QR4.35mn against QR5.02mn the previous day.

In the main market, trade volumes rose 9% to 96.69mn shares, value by 10% to QR310.64mn and deals by 2% to 13,477.