Dr Federico Sturzenegger, an economist and former president of Argentina Central Bank recently told Gulf Times that the US inflation is far from being resolved, hence “forcing the Fed to keep interest rates high for some time”.
The Gulf retail investors were increasingly net sellers in the main market, whose year-to-date losses widened to 6.02%.
About 75% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.26bn or 0.55% to QR588.8bn with small and microcap segments losing the most.
The foreign institutions’ weakened net buying had its influence on the main market, whose index had touched an intraday high of 10,107 points.
The Islamic index was seen declining faster than the other indices in the main bourse, which saw as many as 5,050 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.01mn trade across two deals.
The local retail investors continued to be net sellers but with lesser intensity in the main market, which saw no trading of sovereign bonds.
The Arab and foreign local retail investors also continued to be bearish but with lesser vigour in the main bourse, which saw no trading of treasury bills.
The Total Return Index shed 0.81%, the All Share Index by 0.66% and the Al Rayan Islamic Index (Price) by 0.99% in the main bourse, whose trade turnover and volumes were on the decline.
The telecom sector index tanked 1.37%, industrials (1.11%), real estate (0.77%), banks and financial services (0.55%) and transport (0.54%); while consumer goods and services was up 0.02% and insurance 0.01%.
Major shakers in the main market included Mazaya Qatar, Aamal Company, Qatar Industrial Manufacturing, Qatar Islamic Bank, Ooredoo, Dukhan Bank, Meeza, Industries Qatar, Qamco, Ezdan and Gulf Warehousing.
In the venture market, Mahhar Holding saw its shares depreciate in value.
Nevertheless, Ahlibank Qatar, Mannai Corporation, Doha Bank, Qatar Oman Investment and Qatar Islamic Insurance were among the gainers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value.
The domestic institutions were net sellers to the tune of QR6.73mn compared with net buyers of QR1.35mn on November 7.
The Gulf individuals’ net profit booking strengthened marginally to QR0.26mn against QR0.19mn the previous day.
The foreign institutions’ net buying decreased noticeably to QR30.86mn compared to QR38.02mn on Tuesday.
However, the local individuals’ net selling declined perceptibly to QR13.5mn against QR22.11mn on November 7.
The Gulf institutions’ net profit booking weakened markedly to QR7.26mn compared to QR8.6mn the previous day.
The Arab individual investors’ net selling shrank notably to QR2mn against QR5.64mn on Tuesday.
The foreign retail investors’ net profit booking eased perceptibly to QR1.11mn compared to QR2.83mn on November 7.
The Arab institutions had no major net exposure for the fourth straight session.
Trade volumes in the main market fell 37% to 187.13mn shares, value by 25% to QR519.52mn and deals by 17% to 17,794.
The venture market witnessed 10% decline in trade volumes to 1.13mn equities, 20% in value to QR1.38mn and 10% in transactions to 124.