The Qatar Stock Exchange on Sunday opened the week weak and its key index retreated below the 9,700 levels mainly on lower buying interests from local and non-Qatari retail investors as well as domestic institutions.
An across-the-board selling – particularly in the telecom and real estate stocks – led the 20-stock decline for the third consecutive session by 1.79% to 9,638.26 points on declining trading turnover and volumes.
Gulf individual investors were seen bearish on the market, which is down 7.59% year-to-date.
However, selling pressure from both foreign and Gulf institutions was seen weakening on the bourse, where banking, realty and industrials stocks together constituted more than three-fourth of the total trading volume.
Market capitalisation eroded 1.59% or more than QR8bn to QR519.67bn as small, large, mid and microcap equities declined 1.67%, 1.63%, 1.49% and 0.92% respectively.
The Total Return Index shrank 1.79% to 15,594.06 points, All Share Index by 1.62% to 2,700.3 points and Al Rayan Islamic Index by 1.67% to 3,794.81 points.
Telecom stocks tanked 2.99%, real estate (2.56%), consumer goods (1.62%), transport (1.49%), banks and financial services (1.35%), industrials (1.29%) and insurance (0.89%).
About 81% of the stocks were in the red with major losers being Ooredoo, Barwa, Ezdan, Mazaya Qatar, Industries Qatar, QNB, Qatar Islamic Bank, Commercial Bank, Alijarah Holding, Al Meera, Qatari Investors Group, Gulf International Services, Mesaieed Petrochemical Holding and Nakilat.
Local retail investors’ net buying weakened to QR15.96mn compared to QR31.86mn the previous trading day.
Domestic institutions’ net buying also declined to QR0.31mn against QR13.87mn on May 19.
Non-Qatari individual investors’ net buying fell to QR1.65mn compared to QR3.54mn last Thursday.
The GCC (Gulf Cooperation Council) individual investors turned net sellers to the tune of QR2.6mn against net buyers of QR0.9mn the previous trading day.
However, non-Qatari institutions’ net selling fell considerably to QR11.75mn compared to QR41.93mn on May 19.
The GCC institutions’ net profit booking also weakened to QR3.57mn against QR8.21mn last Thursday.
Total trade volume fell 43% to 4.2mn shares, value by 41% to QR136.29mn and deals by 28% to 2,833.
The telecom sector saw 75% plunge in trade volume to 0.59mn equities, 58% in value to QR18.23mn and 48% in transactions to 524.
The transport sector’s trade volume plummeted 64% to 0.13mn stocks, value by 71% to QR4.71mn and deals by 51% to 122.
The market witnessed 50% shrinkage in the insurance sector’s trade volume to 0.05mn shares, 52% in value to QR3.18mn and 20% in transactions to 85.
The banks and financial services sector’s trade volume tanked 41% to 1.21mn equities, value by 54% to QR33.49mn and deals by 39% to 667.
There was 28% decline in the consumer goods sector’s trade volume to 0.26mn stocks and 25% in value to QR13.69mn but on 14% jump in transactions to 266.
The real estate sector’s trade volume shrank 7% to 0.99mn shares, value by 6% to QR21.47mn and deals by 6% to 492.
The industrials sector reported 5% fall in trade volume to 0.96mn equities, 16% in value to QR41.52mn and 6% in transactions to 677.
In the debt market, there was no trading of treasury bills and government bonds.
The key index fell by 1.79% to 9,638.26 points
