By Santhosh V. Perumal

Business Reporter

Correction -- especially in the real estate, banking and consumer goods sectors -- led Qatar Stock Exchange snap the bullish run and its key index lost a sizeable 185 points to touch sub-13,000 levels.

Higher selling pressure from local retail investors and lower buying interests of foreign institutions led the 20-stock Qatar Index (based on price data) shed 1.41% to 12,962.67 points.

About 81% of the stocks were in the red and about QR9bn in capitalisation was eroded in the market, which is, however, up 24.89% year-to-date.

The index that tracks Shariah-principled stock was seen melting faster than the other indices in the bourse, where trading volume was largely skewed towards banking, real estate and consumer goods stocks.

The Total Return Index fell 1.41% to 19,333.71 points, All Share Index by 1.38% to 3,288.25 points and Al Rayan Islamic Index by 1.84% to 4,342.7 points.

Market capitalisation eroded 1.23% to QR701.55bn with micro, large, mid and small cap equities melting 2.08%, 1.36%, 1.06% and 0.91% respectively.

Realty stocks deflated 2.7%, banks and financial services (1.6%), consumer goods (1.48%), telecom (0.99%), insurance (0.96%) and industrials (0.68%); while transport was up mere 0.02%.

Major gainers included QNB, Ezdan, Mazaya Qatar, Qatar Islamic Bank, International Islamic, Masraf Al Rayan, Vodafone Qatar, Nakilat, United Development Company, Barwa and Qatari Investors Group.

However, Industries Qatar, Gulf International Services and Milaha were seen bucking the trend.

Ezdan and Masraf Al Rayan continued to be the most active in terms of volume and value.

Qatari retail investors’ net profit booking soared to QR55.79mn against QR7.09mn on October 19.

Foreign institutions’ net buying plunged to QR4.9mn compared to QR78.42mn the previous day.

However, domestic institutions turned net buyers to the tune of QR30.27mn against net sellers of QR68.91mn on Sunday.

Non-Qatari individual investors were net buyers to the extent of QR20.67mn compared with net sellers of QR2.42mn the previous day.

Total trade volume was down 4% to 10.56mn shares and value by 12% to QR505.37mn but transactions rose 3% to 6,095.

The market witnessed a 42% plunge in the telecom sector’s trade volume to 0.71mn equities, 38% in value to QR21.52mn and 25% in deals to 324.

The transport sector’s trade volume plummeted 42% to 0.36mn stocks, value by 42% to QR14.21mn and transactions by 41% to 135.

The insurance sector’s trade volume tanked 25% to 0.15mn shares, value by 34% to QR9.62mn and deals by 5% to 143.

The banks and financial services sector’s trade volume reported 9% decline to 2.67mn equities and 17% in value to QR198.09mn but on 8% rise in transactions to 1,864.

However, the industrials sector’s trade volume shot up 25% to 1.67mn stocks; even as value fell 5% to QR130.53mn. Deals were up 7% to 1,822.

There was 7% jump in the consumer goods sector’s trade volume to 1.06mn shares; 6% in value to QR49.27mn and 13% in transactions to 591.

The real estate sector saw its trade volume gain 6% to 3.94mn equities, value by 2% to QR82.12mn and deals by 7% to 1,216.

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

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