Ahead of the listing of Qatar First Bank on Wednesday, Qatar Stock Exchange fell for the second day by another 78 points to sink below the 10,200 mark, dragged by consumer goods, industrials and real estate stocks.
Gulf institutions turned net profit takers as the 20-stock Qatar Index shed 0.78% to 10,184.51 points despite rebound in the global energy prices with market anticipating rebalance.
Micro and midcaps witnessed heavy profit booking in the market, which is down 2.35% year-to-date.
The index that tracks Shariah-principled stocks was seen dropping faster than the other indices in the bourse, where trading turnover increased amid a marginal dip in volumes.
However, net buying of domestic institutions and non-Qatari individuals strengthened and Gulf retail investors turned bullish in the market, where banking, industrials and consumer goods stocks together constituted more than 73% of the total trading volume.
Market capitalisation eroded 1% or about QR6bn to QR545.22bn with micro, mid, small and large cap equities dropping 1.88%, 1.48%, 0.83% and 0.55% respectively.
The Total Return Index fell 0.76% to 16,477.85 points, All Share Index by 0.95% to 2,839.87 points and Al Rayan Islamic Index by 1.73% to 3,959 points.
Consumer goods stocks shrank 1.98%, industrials (1.87%), realty (1%), transport (0.77%), banks and financial services (0.55%) and telecom (0.17%); whereas insurance was up 0.07%.
More than 76% of the stocks were in the red with major losers being Industries Qatar, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Vodafone Qatar, Barwa, Mazaya Qatar, Ezdan, Gulf Warehousing, Nakilat, Ahli Bank, Masraf Al Rayan, al khaliji, Alijarah Holding, Medicare Group, Widam Food and Qatari German Company for Medical Devices.
However, Ooredoo, Commercial Bank, Dlala, Qatari Investors Group, Doha Insurance and Milaha were seen bucking the trend.
The GCC (Gulf Cooperation Council) institutions turned net sellers to the tune of QR6.25mn against net buyers of QR6.17mn on Sunday.
However, domestic institutions’ net buying increased to QR11.1mn compared to QR8.63mn on April 24.
The GCC individual investors turned net buyers to the extent of QR5.24mn against net sellers of QR0.28mn the previous day.
Non-Qatari individual investors’ net buying rose to QR2.3mn compared to QR1.78mn on Sunday.
Non-Qatari institutions’ net buying strengthened to QR2.84mn against QR1.16mn on April 24.
Local retail investors’ net profit booking weakened to QR15.12mn compared to QR17.48mn the previous day.
Total trade volume was down less than 1% to 9.82mn shares but value gained 27% to QR359.23mn and deals by 28% to 5,615.
The banks and financial services sector witnessed 30% plunge in trade volume to 2.69mn equities, 15% in value to QR85.07mn and 10% in transactions to 1,249.
The industrials sector’s trade volume plummeted 24% to 2.63mn stocks, value by 11% to QR89.02mn and deals by 9% to 1,216.
There was 3% decline in the real estate sector’s trade volume to 1.42mn shares, 11% in value to Q27.79mn and 3% in transactions to 590.
However, the insurance sector’s trade volume more than tripled to 0.1mn equities and value tripled to QR6.03mn on almost quadrupled deals to 115.
The transport sector’s trade volume more than tripled to 0.4mn stocks and almost tripled to QR14.88mn on 54% jump in transactions to 207.
The consumer goods sector’s trade volume more than tripled to 1.87mn shares and value more than tripled to QR118.23mn on more than tripled deals to 1,655.
The telecom sector’s trade volume more than doubled to 0.71mn equities and value also more than doubled to QR18.21mn on 55% expansion in transactions to 583.
In the debt market, there was no trading of treasury bills and government bonds.
The Qatar Index shed 0.78% to 10,184.51 points
