Qatar Stock Exchange on Wednesday retreated below 10,000 levels despite stronger buying interests in real estate and telecom stocks.
Foreign institutions turned bearish and there was increased net selling by non-Qatari individual investors as the 20-stock Qatar Index fell 0.85% or 85 points to 9,917.52 points; even as discussions are hot on whether to cut or freeze production by major energy producers in the world.
There was also marginal increase in net selling by Gulf individual investors in the bourse, which is down 4.91% year-to-date.
However, Gulf institutions turned bullish and there was reduced net selling by their domestic counterparts in the market, where trading turnover were on the rise amid fall in volumes.
The index that tracks Shariah-principled stocks was seen dropping slower than the other indices in the market, where banking, realty and consumer goods stocks together accounted for more than 72% of the total trading volume.
Market capitalisation fell 0.7% or about QR4bn to QR528.65bn with small and large cap equities melting 1.84% and 1.14%; even as micro and mid caps rose 1.23% and 1.17% respectively.
The Total Return Index was down 0.26% to 15,630.5 points, All Share Index by 0.31% to 2,680.59 points and Al Rayan Islamic Index by 0.13% to 3,600.04 points.
Industrials stocks shrank 0.69%, transport (0.65%), banks and financial services (0.42%) and consumer goods (0.41%); while telecom, real estate and insurance rose 0.54%, 0.27% and 0.15% respectively.
About 62% of the stocks were in the red with major losers being Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, al khaliji, Salam International Investment, Mannai Corporation, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Insurance, United Development Company, Barwa, Mazaya Qatar, Vodafone Qatar and Milaha.
However, Ooredoo, Ezdan, Nakilat, Alijarah Holding and Islamic Holding Group were seen bucking the trend.
Non-Qatari institutions turned net sellers to the tune of QR11.32mn against net buyers of QR1.08mn on February 23.
Non-Qatari individual investors’ net profit booking strengthened to QR6.7mn compared to QR1.36mn the previous day.
The GCC (Gulf Cooperation Council) individuals’ net selling increased to QR3.95mn against QR3.21mn on Tuesday.
However, the GCC institutions turned net buyers to the extent of QR2.34mn compared with net sellers of QR8.07mn on February 23.
Local retail investors’ net buying rose to QR28.86mn against QR23.49mn the previous day.
Domestic institutions’ net profit taking shrank to QR9.24mn compared to QR11.96mn on Tuesday.
Total trade volume was up 1% to 9.84mn shares, even as value fell 17% to QR334.83mn and deals by 1% to 6,037.
The insurance sector’s trade volume more than quadrupled to 0.21mn equities and value grew more than nine-fold to QR15.56mn on more than tripled transactions to 209.
The banks and financial services sector’s trade volume more than doubled to 2.77mn stocks and value also more than doubled to QR120.97mn on 82% jump in deals to 1,763.
The consumer goods sector’s trade volume more than doubled to 2.13mn shares, value rose 8% to QR47.6mn and transactions by 4% to 825.
There was 46% surge in the transport sector’s trade volume to 0.79mn equities, 37% in value to QR31.94mn and 11% in deals to 397.
The telecom sector’s trade volume expanded 38% to 0.58mn stocks, more than doubling value to QR21.85mn and transactions to 717 respectively.
However, the market witnessed 71% plunge in the industrials sector’s trade volume to 1.16mn shares, 77% in value to QR45.18mn and 47% in deals to 1,361.
The real estate sector’s trade volume shrank 17% to 2.2mn equities, value by 24% to QR51.73mn and transactions by 25% to 765.
In the debt market, there was no trading of treasury bills and government bonds.
The 20-stock Qatar Index fell 0.85% or 85 points to 9,917.52 points