Severe correction – particularly in the banking and consumer goods stocks –led Qatar Stock Exchange lose another 77 points to settle a tad above the 9,400 mark.

Domestic institutions turned net sellers and there was reduced buying support from local retail investors as the 20-stock Qatar Index fell 0.76% to 9,405.38 points.

There was also reduced buying support from Gulf individual investors in the market, which is down 9.82% year-to-date.

However, Gulf institutions turned bullish and there was lower selling pressure from foreign institutions in the bourse, where trading turnover was on the upswing.

The index that tracks Shariah-principled stocks was seen melting slower than the other indices in the market, where industrials, real estate and banking sectors together accounted more than 83% of the total trading volume.

Market capitalisation shrank 0.88% or more than QR4bn to QR500.35bn with small, large, mid and micro mid cap equities melting 1.71%, 1.55%, 0.38% and 0.27% respectively.

The Total Return Index shed 0.76% to 14,619.31 points, All Share Index by 0.89% to 2,509.14 points and Al Rayan Islamic Index by 0.66% to 3,456.56 points.

Banks and financial services stocks plunged 2.07%, consumer goods (1.38%), telecom (0.6%), industrials (0.57%), transport (0.31%) and insurance (0.17%); whereas realty gained 1.02%.

More than 68% of the stocks were in the red with major losers being QNB, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, al khaliji, Alijarah Holding, Industries Qatar, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Barwa, Vodafone Qatar, Islamic Holding Group, Widam Food and Qatar General and Reinsurance; even as Ezdan, United Development Company and Qatari Investors Group bucked the trend.

Domestic institutions turned net sellers to the tune of QR5.62mn against net buyers of QR17.91mn on Tuesday.

Local retail investors’ net buying weakened to QR12.47mn compared to QR19.85mn on January 12.

The GCC (Gulf Cooperation Council) individuals’ net buying also fell to QR1.92mn against QR2.23mn the previous day.

However, the GCC institutions turned net buyers to the extent of QR1.09mn compared with net sellers of QR20.98mn on Tuesday.

Non-Qatari individual investors were also net buyers to the tune of QR1.38mn against net sellers of QR5.28mn on January 12.

Non-Qatari institutions’ net profit booking weakened further to QR11.23mn compared to QR13.73mn the previous day.

Total trade volume rose 32% to 5.59mn shares, value by 19% to QR212.78mn and deals by 17% to 3,223.

The banks and financial services sector reported 67% surge in trade volume to 1.64mn equities, 28% in value to QR76.21mn and 24% in transactions to 884.

The industrials sector’s trade volume soared 64% to 1.72mn stocks, value by 26% to QR74.08mn and deals by 57% to 1,006.

There was 38% expansion in the transport sector’s trade volume to 0.4mn shares, 40% in value to QR11.58mn and 35% in transactions to 190.

The real estate sector’s trade volume was up 9% to 1.28mn equities, value by 29% to QR31.1mn and deals by 2% to 542.

However, the consumer goods sector saw 47% plunge in trade volume to 0.16mn stocks, 38% in value to QR10.45mn and 7% in transactions to 303.

The telecom sector’s trade volume shrank 8% to 0.35mn shares and value by 20% to QR7.03mn; while deals grew 63% to 259.

Although the insurance sector’s trade volume continued to be flat at 0.04mn equities, there was 24% fall in value to QR2.32mn. Transactions were rather unchanged at 39.

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

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