The Qatar Stock Exchange on Tuesday plummeted 225 points, losing for the third straight session, to settle a tad above the 10,000 mark mainly dragged by local and non-Qatari retail investors.
Selling pressure was more visible at the real estate, industrials and consumer goods counters as the 20-stock Qatar Index lost a sizeable 2.2% to 10,008.77 points with global oil prices trading at one-month low, after a surprise fall in demand in the US gasoline.
The increased net selling of Gulf individual investors and lower buying support from foreign institutions has detrimental effects on the bourse, which is down 4.03% year-to-date.
Large and microcap equities bore the maximum brunt in the market, where trading turnover and volumes were on the rise.
The index that tracks Shariah-principled stocks was seen declining faster than the other indices in the market, where banking, realty and industrials stocks together constituted more than 80% of the total trading volume.
Market capitalisation shed 1.94%, or about QR11bn, to QR536.3bn with large, micro and midcap equities dropping 2.15%, 1.41% and 1.18% respectively; even as small caps gained 1.07%.
The Total Return Index fell 2.2% to 16,129.04 points, the All Share Index by 1.86% to 2,790.33 points and the Al Rayan Islamic Index by 2.31% to 3,904.73 points.
Real estate stocks plummeted 3.35%, followed by industrials (2.61%), consumer goods (2.04%), banks and financial services (1.52%), telecom (1.12%) and transport (0.44%); whereas insurance rose 0.86%.
About 78% of the stocks were in the red with major losers being Industries Qatar, Barwa, Ezdan, Mazaya Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Aamal Company, Masraf Al Rayan, QNB, Qatar Islamic Bank, Commercial Bank, Alijarah Holding, Dlala and Qatari German Company for Medical Devices.
However, Qatari Investors Group, Nakilat, Qatar General and Reinsurance and United Development Company were seen bucking the trend.
Local retail investors’ net selling surged to QR26.95mn compared to QR9.44mn the previous day.
Non-Qatari individual investors turned net sellers to the tune of QR14.03mn against QR3.74mn on Monday.
The GCC (Gulf Cooperation Council) individual investors’ net profit-booking increased to QR6.7mn compared to QR1.53mn on April 4.
Non-Qatari institutions’ net buying weakened marginally to QR23.82mn against QR29.78mn the previous day.
However, domestic institutions turned net buyers to the extent of QR11.46mn compared with net sellers of QR31.24mn on Monday.
The GCC institutions’ net buying increased perceptibly to QR12.36mn against QR8.69mn on April 4.
Total trade volume rose 31% to 10.28mn shares, value by 19% to QR372.2mn and deals by 18% to 6,184.
The real estate sector’s trade volume almost tripled to 2.57mn equities and value more than doubled to QR52.97mn on more-than-doubled transactions to 1,029.
The banks and financial services sector saw a 60% surge in trade volume to 3.28mn stocks, 56% in value to QR121.4mn and 41% in deals to 1,487.
The telecom sector’s trade volume soared 53% to 0.75mn shares, value by 58% to QR20.25mn and transactions by 30% to 611.
There was a 24% increase in the industrials sector’s trade volume to 2.42mn equities, 4% in value to QR114.9mn and 14% in deals to 1,837.
However, the insurance sector’s trade volume plummeted 64% to 0.09mn stocks, value by 60% to QR4.07mn and transactions by 28% to 110.
The consumer goods sector reported a 56% plunge in trade volume to 0.69mn shares, value by 29% to QR41.15mn and deals by 38% to 673.
The transport sector’s trade volume tanked 19% to 0.48mn equities and value by 19% to QR17.46mn; while transactions were up 6% to 437.
In the debt market, there was no trading of treasury bills and government bonds.
