Qatar shares edge lower on profit booking
June 09 2016 07:44 PM
An across-the-board selling knocked off 0.83% in the 20-stock index

By Santhosh V. Perumal/Business Reporter

Foreign institutions on Thursday sought to book profits, after three consecutive sessions of bullish run in the Qatar Stock Exchange, leading its key index settle below the 9,900 levels.

An across-the-board selling – particularly in the insurance and banking counters – knocked off 0.83% in the 20-stock to 9,836.96 points, largely reflecting the decline in global oil prices.

The Gulf individual investors’ increased net selling also added bearish sentiments to the market where trade turnover and volumes were also on the decline.

The Islamic stocks were seen declining slower than the conventional ones in the bourse, which is down 5.68% year-to-date.

However, local retail investors turned bullish and domestic institutions’ net selling considerably weakened in the market, where banking, realty and telecom stocks together constituted more than 72% of the total trading volume.

Market capitalisation fell 0.72% or about QR4bn to QR531.84bn as large, mid and small cap stocks lost 0.98%, 0.37% and 0.22% respectively; while microcaps rose 0.15%.

The Total Return Index shed 0.83% to 15,915.55 points, All Share Index by 0.75% to 2,744.4 points and Al Rayan Islamic Index by 0.62% to 3,824.89 points.

Insurance stocks tanked 1.01%, banks and financial services (0.98%), real estate (0.79%), transport (0.56%), industrials (0.54%), telecom (0.29%) and consumer goods (0.13%).

About 73% of the stocks were in the red with major losers being QNB, Commercial Bank, Qatar Islamic Bank, Masraf Al Rayan, Qatar Insurance, Industries Qatar, Qatari Investors Group, Gulf International Services, Ezdan, Barwa, Vodafone Qatar, Ooredoo and Nakilat; even as Qatar First Bank, Mazaya Qatar, Aamal Company, Salam International Investment and Alijarah Holding bucked the trend.

Non-Qatari institutions turned net sellers to the tune of QR4.77mn compared with net buyers of QR49.87mn on Wednesday.

The GCC (Gulf Cooperation Council) individual investors’ net profit booking increased to QR3.12mn against QR1.8mn on June 8.

However, local retail investors turned net buyers to the extent of QR3.79mn compared with net sellers of QR33.7mn the previous day.

Domestic institutions’ net profit booking weakened considerably to QR1.46mn against QR18.42mn on Wednesday.

Non-Qatari individual investors turned net buyers to the tune of QR0.96mn compared with net sellers of QR0.03mn on June 8.

The GCC institutions’ net buying increased to QR4.58mn against QR4.05mn the previous day.

Total trade volume fell 45% to 4.89mn shares, value by 43% to QR171.64mn and deals by 37% to 2,270.

The telecom sector reported 79% plunge in trade volume to 0.67mn equities, 74% in value to QR10.78mn and 47% in transactions to 209.

The industrials sector’s trade volume plummeted 70% to 0.42mn stocks, value by 66% to QR21.89mn and deals by 50% to 429.

There was 37% shrinkage in the transport sector’s trade volume to 0.17mn shares, 51% in value to QR5.66mn and 47% in transactions to 119.

The real estate sector’s trade volume tanked 28% to 0.79mn equities, value by 34% to QR13.45mn and deals by 43% to 329.

The market witnessed 21% decline in the insurance sector’s trade volume to 0.15mn shares, 18% in value to QR10.23mn and 45% in transactions to 82.

The banks and financial services sector’s trade volume shrank 17% to 2.07mn shares, value by 31% to QR94.83mn and deals by 29% to 763.

However, the consumer goods sector’s trade volume more than doubled to 0.62mn equities, value gained 18% to QR14.79mn and transactions by 14% to 339.

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

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