The foreign institutions’ increased net profit booking on Wednesday led the Qatar Stock Exchange (QSE) to a four-year low, tracking the sentiments across the globe on

Gulf Times

uncertainty over interest rate cuts by the US Federal Reserve.

The insurance, real estate, industrials and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index declined 1.04% to 9,279.05 points, although it touched an intraday high of 9,392 points.

The Gulf retail investors were seen net profit takers in the main market, whose year-to-date losses widened to 14.33%.

As much as 88% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR5.73bn or 1.06% to QR536.74bn on account of large and midcap segments.

The Gulf institutions continued to be net sellers but with lesser intensity in the main market, which saw 0.09mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.19mn trade across 14 deals.

The domestic institutions were seen increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.

The local retail investors’ higher net buying was seen in the main market, which saw no trading of treasury bills.

The Islamic index was seen declining faster than the other indices in the main bourse, whose trade turnover and volumes were on the increase.

The Total Return Index shed 1.04%, the All Share Index by 1.03% and the All Islamic Index by 1.33% in the main market.

The insurance sector index plummeted 2.37%, realty (2.1%), industrials (1.27%), banks and financial services (1.2%) and telecom (0.85%); while transport gained 0.33% and consumer goods and services 0.32%.

Major losers in the main market included Qatar General Insurance and Reinsurance, Qatar German Medical Devices, Al Khaleej Takaful, Estithmar Holding, Widam Food, Qatar Islamic Bank, Doha Bank, QIIB, Lesha Bank, Dukhan Bank, Salam International Investment, Mekdam Holding, Al Faleh Educational Holding, Qatar Industrial Manufacturing, Industries Qatar, Qamco, United Development Company, Ezdan and Mazaya Qatar. In the venture market, Al Mahhar Holding saw its shares depreciate in value.

Nevertheless, Gulf Warehousing, Woqod, Dlala, Al Meera and Milaha were among the gainers in the main bourse.

The foreign institutions’ net profit booking increased substantially to QR90.47mn compared to QR57.41mn on May 28.

The Gulf individual investors turned net sellers to the tune of QR0.11mn against net buyers of QR1.03mn on Tuesday.

However, the domestic institutions’ net buying expanded drastically to QR50.76mn compared to QR34.44mn the previous day.

The Qatari individual investors’ net buying strengthened perceptibly to QR32.94mn against QR30.07mn on May 28.

The Arab retail investors were net buyers to the extent of QR7.11mn compared with net sellers of QR2.18mn on Tuesday.

The foreign individual investors’ net buying expanded markedly to QR3.04mn against QR1.78mn the previous day.

The Arab institutions turned net buyers to the tune of QR0.18mn compared with net sellers of QR0.01mn on May 28.

The Gulf institutions’ net profit booking declined notably to QR3.44mn against QR7.7mn on Tuesday.

Trade volumes in the main market soared 55% to 162.9mn shares, value by 25% to QR496.93mn and transactions by 9% to 18,823.

In the venture market, trade volumes doubled to 0.1mn equities and value also doubled to QR0.16mn on almost quadrupled deals to 15.