The Qatar Stock Exchange (QSE) Tuesday saw strong buying interests of domestic institutions but overall it closed in the negative, snapping two consecutive days of bullish spell.
Opening the market strong, reaching an intraday high of 10,564 points, the 20-stock Qatar Index was rather behaving erratic with it finally settling 60 points or 0.57% lower at 10,504.62 points.
Reflecting the growing concerns after fresh attacks by Iran and the US for the Strait of Hormuz, there was an across the board selling in the main market, whose year-to-date losses widened to 2.4%.
About 81% of the traded constituents were in the red in the main bourse, whose capitalisation shed QR2.66bn or 0.42% to QR628.36bn, mainly owing to small cap segments.
The foreign institutions were increasingly net profit takers in the main market, whose trade turnover and volumes were on the decline.
The local retail investors turned net profit takers in the main bourse, which saw as many as 185 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR1,580 trade across 10 deals.
The Gulf individuals were seen bearish in the main market, which saw no trading of sovereign bonds.
The Islamic index was seen declining faster than the other indices of the main bourse, which saw no trading of sovereign sukuks.
The Total Return Index shed 0.57%, the All Share Index by 0.51% and the Al Rayan Islamic Index by 0.74% in the main bourse, which saw no trading of treasury bills.
The insurance sector index plunged 1.99%, transport (1.12%), realty (0.92%), industrials (0.81%), consumer goods and services (0.77%), telecom (0.68%) and banks and financial services (0.15%).
As many as 42 declined, while only eight increased and two were unchanged in the main market.
Major shakers in the main market included Qatar General Insurance and Reinsurance, Qatar Insurance, Gulf International Services, Mekdam Holding, Al Faleh Educational Holding, Qatar Islamic Bank, Lesha Bank, Salam International Investment, Mannai Corporation, Nebras Energy, Mazaya Qatar, United Development Company, Milaha and Nakilat. In the juniour bourse, Techno Q saw its shares depreciate in value.
Nevertheless, Doha Insurance, Ahlibank Qatar, Commercial Bank, Dlala and QNB were among the movers in the main market.
The foreign institutions’ net selling increased substantially to QR29.31mn against QR15.56mn the previous day.
The Qatari individuals turned net sellers to the tune of QR19.51mn compared with net buyers of QR35.44mn on May 4.
The Gulf retail investors were net sellers to the extent of QR0.95mn against net buyers of QR0.54mn on Monday.
The Arab individual investors’ net buying decreased noticeably to QR4.08mn compared to QR9.39mn the previous day.
However, the domestic funds were net buyers to the extent of QR42.39mn against net sellers of QR26.62mn on May 4.
The Gulf funds turned net buyers to the tune of QR2.41mn compared with net profit takers of QR1.9mn on Monday.
The foreign retail investors were net buyers to the extent of QR0.92mn against net sellers of QR1.29mn the previous day.
The Arab funds had no major net exposure for the second consecutive day.
The main market saw 29% plunge in trade volumes to 120.1mn shares, 27% in value to QR326.76mn and 35% in deals to 20,975.
In the venture market, a total of 0.21mn equities valued at QR0.47mn changed hands across 74 transactions.
