Qatar Stock Exchange on Wednesday failed to break the 10,500 resistance level as its key index lost 38 points, mainly dragged by real estate and banking stocks.

Increased net selling by local retail investors and Gulf institutions was seen instrumental in the 0.36% decline in the 20-stock Qatar Index to 10,452.28 points as global oil prices eased to settle below $41 a barrel.

The lower buying interests of foreign institutions also dampened the sentiments in the bourse, which is however up 0.22% year-to-date.

However, the index that tracks Shariah-principled stocks was seen gaining against declines in the other indices in the market, where turnover fell amidst double-digit increase in volumes.

Mid and large cap equities witnessed profit booking in the market, where banking, realty, industrials and consumer goods stocks together accounted for more than 85% of the total trading volume.

Market capitalisation was down 0.15% or QR83mn to QR552bn with mid and large cap equities declining 0.39% and 0.25%; while small and micro caps gained 1.69% and 1.38% respectively.

The Total Return Index fell 0.36% to 16,741.13 points and All Share Index by 0.09% to 2,865.4 points; while Al Rayan Islamic Index expanded 0.68% to 4,001.4 points.

Real estate stocks shrank 0.45%, banks and financial services (0.3%), consumer goods (0.22%) and insurance (0.2%); whereas transport soared 1.21%, industrials (0.2%) and telecom (0.15%).

More than 58% of the stocks were in the red with major shakers being Industries Qatar, Doha Bank, Barwa, Ezdan, Ooredoo, Gulf International Services, Mesaieed Petrochemical Holding, QIIB, Masraf Al Rayan, al khaliji, Qatar Insurance, Doha Insurance and Qatar Islamic Insurance.

However, Vodafone Qatar, Gulf Warehousing, Mazaya Qatar, Aamal Company, Qatar Electricity and Water, Qatari Investors Group, Dlala, Alijarah Holding and Qatar General and Reinsurance bucked the trend.

Local retail investors’ net selling increased considerably to QR38.41mn compared to QR8.13mn the previous day.

The GCC (Gulf Cooperation Council) institutions’ net selling also swelled to QR18.71mn against QR0.79mn on Tuesday.

The GCC individual investors’ net profit booking rose to QR3.02mn compared to QR2.32mn on March 22.

Non-Qatari institutions’ net buying weakened to QR30.82mn against QR34.61mn the previous day.

However, domestic institutions turned net buyers to the tune of QR22.63mn compared with net sellers of QR19.42mn on Tuesday.

Non-Qatari individual investors were also net buyers to the extent of QR6.69mn against net profit takers of QR3.98mn on March 22.

Total trade volume rose 27% to 12.13mn shares, while value fell 2% to QR407.7mn and deals by 4% to 5,474.

The transport sector’s trade volume more than doubled to 0.71mn equities and value more than tripled to QR31.21mn on 65% jump in transactions to 323.

The real estate sector’s trade volume more than doubled to 3.3mn stocks, value soared 86% to QR56.64mn and deals by 43% to 955.

There was 57% surge in the telecom sector’s trade volume to 0.94mn shares but on 2% fall in value to QR16.17mn and 39% in transactions to 399.

The industrials sector’s trade volume expanded 56% to 2.05mn equities and value by 64% to QR107.21mn, while deals were down 8% to 1,039.

The banks and financial services sector saw 1% increase in trade volume to 3.63mn stocks but on 29% decline in value to QR131.83mn. Transactions gained 17% to 1,789.

However, the consumer goods sector’s trade volume plummeted 34% to 1.39mn shares, value by 41% to QR56.93mn and deals by 34% to 884.

The market witnessed 25% plunge in the insurance sector’s trade volume to 0.12mn equities, 25% in value to QR7.72mn and 50% in transactions to 85.

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

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