QSE fails to break 14,000 resistance level

By Santhosh V Perumal

Business Reporter

The Qatar Stock Exchange yesterday failed to break the 14,000 resistance amid profit-booking, especially in the transport, real estate, consumer goods and banking stocks.

Local retail investors’ selling pressure rather drove the 20-stock Qatar Index (based on price data) down 0.25% to 13,871.21 points amid increasing trading volumes.

The index that tracks Shariah-principled stocks was seen melting faster than the other indices in the market, which is up 33.64% year-to-date.

Buying interests were, however, seen among institutional investors in the bourse, where trading was largely skewed towards realty, banks and industrials stocks.

Market capitalisation fell 0.26%, or about QR2bn, to QR736.43bn. Mid, micro and large cap equities melted 0.84%, 0.46% and 0.19% respectively; while small caps were up 0.03%.

Transport stocks shrank 1.08%, followed by real estate (1.06%), consumer goods (0.56%), banks and financial services (0.55%) and insurance (0.38%); while industrials and telecom gained 0.76% and 0.26% respectively.

More than 57% of the traded stocks closed in the red with major losers being QNB, Masraf Al Rayan, United Development Company, International Islamic, Ezdan, Mazaya Qatar, Nakilat, Milaha, Salam International Investment and Al Khaleej Takaful.

However, Industries Qatar, Qatar Islamic Bank, Islamic Holding Group and Dlala were seen to buck the trend.

Mazaya Qatar and Masraf Al Rayan continued to be the most active in terms of both volume and value respectively.

Qatari retail investors turned net sellers to the tune of QR42.49mn against net buyers of QR16.09mn the previous day.

Domestic institutions’ net selling sunk to QR20.13mn compared to QR115.24mn on Tuesday.

Non-Qatari individual investors’ profit-booking fell to QR17.13mn against QR22.04mn the previous day.

Foreign institutions’ net buying shrank to QR79.66mn compared to QR121.19mn on Tuesday.

Total trading volume rose 32% to 18.04mn shares, value by 32% to QR967.89mn and transactions by 25% to 8,980.

The banks and financial services reported an 86% surge in trading volume to 6.62mn equities, 52% in value to QR493.71mn and 47% in deals to 3,703.

The industrial sector saw its trading volume soar 59% to 2.07mn stocks, value by 32% to QR188.11mn and transactions by 17% to 1,958.

The market witnessed a 34% expansion in the transport sector’s trading volume to 0.59mn shares, 20% in value to QR24.08mn and 31% in deals to 279.

The telecom sector’s trading volume gained 21% to 1.04mn equities, value by 46% to QR37.59mn and transactions by 25% to 450.

The real estate sector’s trading volume was up 7% to 6.63mn stocks, value by 5% to QR168.58mn and deals by 16% to 1,911.

However, the insurance sector’s trading volume plummeted 32% to 0.34mn shares, value by 10% to QR21.4mn and transactions by 25% to 266.

The consumer goods sector’s trading volume shrank 12% to 0.79mn equities and value by 8% to QR34.42mn but deals rose 3% to 413.

In the debt market, there was no trading of treasury bills and government bonds.