US inflation data woes play spoilsport as QSE index falls 63 points

Ahead of the US inflation data this week, the foreign institutions were seen increasingly profit takers, leading the Qatar Stock Exchange (QSE) tank more than 63 points to hit a seven-month low.The banking and transport counters saw higher than average selling pressure as the 20-stock Qatar Index lost 0.68% to 9,332,39 points, although it touched an intraday high of 9,415 points.The foreign retail investors turned bearish in the main market, whose year-to-date losses widened to 13.83%.As much as 66% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.23bn or 0.59% to QR541.13bn on account of small and midcap segments.The Arab individuals’ weakened net buying interests had its influence in the main market, which saw 0.15mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.4mn trade across 15 deals.The Gulf institutions continued to be net profit takers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The local retail investors were seen increasingly bullish in the main market, which saw no trading of treasury bills.The Islamic index was seen declining slower than the other indices in the main bourse, whose trade turnover and volumes were on the increase.The Total Return Index shed 0.68%, the All Share Index by 0.67% and the All Islamic Index by 0.36% in the main market.The banks and financial services sector index tanked 1.22%, transport (0.8%), real estate (0.44%) and consumer goods and services (0.22%); while telecom gained 0.31%, insurance (0.29%) and industrials (0.03%).Major losers in the main market included Mekdam Holding, Commercial Bank, Alijarah Holding, Qatar Islamic Insurance, Qatar German Company for Medical Devices, QNB, Medicare Group, Widam Food, Gulf International Services, United Development Company, Milaha and Vodafone Qatar. In the venture market, Al Mahhar Holding saw its shares depreciate in value.Nevertheless, Doha Insurance, Qatar Industrial Manufacturing, Qatar Electricity and Water, Dlala and Gulf Warehousing were among the gainers in the main bourse.The foreign institutions’ net selling strengthened drastically to QR59.84mn compared to QR37.54mn on May 26.The foreign individuals turned net sellers to the tune of QR1.3mn against net buyers of QR1.13mn the previous day.The Arab retail investors’ net buying declined substantially to QR4.27mn compared to QR16.71mn on Sunday.The Gulf individual investors’ net buying weakened noticeably to QR0.24mn against QR3.8mn on May 26.However, the Qatari individuals’ net buying strengthened significantly to QR38.69mn compared to QR7.75mn the previous day.The domestic institutions’ net buying expanded perceptibly to QR23.24mn against QR17.22mn on Sunday.The Arab institutions’ net buying grew marginally to QR0.44mn compared to QR0.33mn on May 26.The Gulf institutions’ net profit booking decreased markedly to QR5.74mn against QR9.39mn the previous day.Trade volumes in the main market rose 14 to 141.62mn shares, value by 27% to QR445.29mn and transactions by 31% to 16,772.The venture market saw 79% contraction in trade volumes to 0.13mn equities, 79% in value to QR0.22mn and 65% in deals to 11.