Profit booking was seen more pronounced in the real estate and banking counters as the 20-stock Qatar Index fell for the third day by 1.14% to 10,199.91 points with world oil prices extending losses further on lower expectations of major crude producers freezing output in an otherwise supply excess market in view of Iran’s reportedly indifferent stand.
The increased net selling by domestic and Gulf institutions was mainly instrumental in dragging the bourse, which is down 2.2% year-to-date.
Foreign institutions’ weakened net buying also played its dampening role in the market, where trading turnover and volumes were on the rise.
The index that tracks Shariah-principled stocks was seen falling slower than the other indices in the market, where banking, consumer goods, industrials and telecom stocks together accounted for more than 88% of the total trading volume.
Market capitalisation shrank 0.97% or more than QR5bn to QR536.87bn with mid, large and small cap equities declining 1.63%, 0.79% and 0.52% respectively; even as micro caps were up 0.33%.
The Total Return Index fell 0.92% to 16,262.53 points, All Share Index by 0.83% to 2,771.71 points and Al Rayan Islamic Index by 0.56% to 3,830.73 points.
Realty stocks eased 1.02%, banks and financial services (1%), industrials (0.89%), insurance (0.85%), transport (0.66%) and telecom (0.16%); while consumer goods gained 0.4%.
About 57% of the stocks were in the red with major losers being Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Nakilat, Ezdan, Ooredoo, QNB, Doha Bank, QIIB, al khaliji and United Development Company.
However, Vodafone Qatar, Mazaya Qatar, Alijarah Holding, Commercial Bank, Qatar Islamic Bank, Islamic Holding Group, Qatari German Company for Medical Devices and Salam International Investment bucked the trend.
Domestic institutions’ net profit booking strengthened considerably to QR40.66mn compared to QR15.56mn on March 14.
The GCC (Gulf Cooperation Council) institutions’ net selling increased to QR15.17mn against QR7.49mn on Monday.
Non-Qatari institutions’ net buying weakened to QR51.8mn compared to QR55.96mn the previous day.
However, local retail investors’ net selling plummeted to QR2.88mn against QR23.83mn on March 14.
The GCC individuals’ net profit booking also weakened to QR2.65mn compared to QR3.65mn on Monday.
Non-Qatari individual investors turned net buyers to the tune of QR9.5mn against net sellers of QR5.46mn the previous day.
Total trade volume rose 69% to 16.77mn shares, value by 64% to QR456.81mn and deals by 45% to 6,691.
The transport sector’s trade volume grew more than 16-fold to 0.88mn equities and value by more than seven-fold to QR32.22mn on about seven-fold jump in transactions to 376.
The telecom sector’s trade volume rose more than five-fold to 2.38mn stocks and value more than quadrupled to QR59.35mn on more than doubled deals to 1,128.
The consumer goods sector’s trade volume more than doubled to 3.99mn shares and value more than doubled to QR74.49mn on more than doubled transactions to 1,003.
The banks and financial services sector saw 60% surge in trade volume to 5.91mn equities, 80% in value to QR173.25mn and 45% in deals to 2,346.
The industrials sector’s trade volume soared 49% to 2.53mn stocks, value by 76% to QR98.8mn and transactions by 60% to 1,343.
However, there was 64% plunge in the insurance sector’s trade volume to 0.04mn shares, 60% in value to QR3.26mn and 73% in deals to 46.
The real estate sector’s trade volume plummeted 57% to 1.04mn equities, value by 79% to QR15.43mn and transactions by 57% to 449.
In the debt market, there was no trading of treasury bills and government bonds.
