QSE under bearish spell for the second day
June 27 2016 07:21 PM

By Santhosh V. Perumal /Business Reporter

Qatar Stock Exchange continued to be under bearish spell for the second straight session, albeit at lower levels, mainly dragged by realty and industrials.

Lower buying interests of foreign institutions and higher net selling by their domestic counterparts rather led the 20-stock Qatar Index weaken 0.27% at 9,816.75 points as global oil prices were also on a weak wicket on continued Brexit woes.

“The Gulf markets, given the low volumes on Ramadan and impending summer holidays, appear to have by and large discounted the Brexit,” an analyst with a leading brokerage house said.

Mild selling was seen the large cap segments in the Qatari bourse, which is down 5.87% year-to-date.

Increased net selling was also seen among local retail investors in the market, where trading turnover and volumes were also on the decline.

However, Gulf individual investors turned bullish and there was reduced net selling by their non-Qatari counterparts in the bourse, where banking, industrials and real estate stocks together constituted more than 74% of the total trading volume.

Market capitalisation was down 0.14% or about QR1bn to QR529.79bn as large and midcap equities fell 0.15% and 0.05%; whereas micro and small caps gained 0.61% and 0.33% respectively.

The Total Return Index shed 0.27% to 15,882.85 points, All Share Index by 0.16% to 2,733.02 points and Al Rayan Islamic Index by 0.2% to 3,800.29 points.

Realty stocks shrank 0.52%, industrials (0.33%) and banks and financial services (0.11%); while consumer goods rose 0.43%, insurance (0.24%), transport (0.13%) and telecom (0.01%).

About 58% of the stocks were in the red with major losers being Industries Qatar, Ezdan, Ooredoo, Commercial Bank, Qatar Islamic Bank, Doha Bank and Gulf International Services; even as QNB, Dlala, German Company for Medical Devices, Salam International Investment, Aamal Company, Mesaieed Petrochemical Holding, Mazaya Qatar, Vodafone Qatar and Nakilat bucked the trend.

Non-Qatari institutions’ net buying weakened perceptibly to QR6.99mn compared to QR15.98mn on Sunday.

Local retail investors’ net profit booking increased to QR4.5mn against QR2.14mn the previous day.

Domestic institutions’ net selling also strengthened to QR4.23mn compared to QR3.01mn on June 26.

However, the GCC (Gulf Cooperation Council) retail investors turned net buyers to the tune of QR0.92mn against net sellers of QR4.36mn on Sunday.

The GCC institutions’ net buying increased to QR1.04mn compared to QR0.61mn the previous day.

Non-Qatari individual investors’ net profit booking weakened to QR0.24mn against QR7.08mn on June 26.

Total trade volume shrank 46% to 2.6mn shares, value by 33% to QR91.66mn and deals by 31% to 1,697.

The telecom sector saw 65% plunge in trade volume to 0.22mn equities, 64% in value to QR3.32mn and 39% in transactions to 117.

The industrials sector’s trade volume plummeted 64% to 0.5mn stocks, value by 57% to QR21.04mn and deals by 45% to 409.

There was 51% shrinkage in the consumer goods sector’s trade volume to 0.25mn shares, 44% in value to QR10.37mn and 41% in transactions to 190.

The real estate sector’s trade volume tanked 33% to 0.47mn equities, value by 37% to QR9.69mn and deals by 43% to 217.

The banks and financial services sector witnessed 31% decline in trade volume to 0.96mn stocks but on 1% rise in value to QR37.32mn. Transactions were down 3% to 617.

However, the insurance sector’s trade volume soared 75% to 0.07mn shares and value by 80% to QR4.15mn, while deals were down 2% to 45.

The transport sector reported 15% surge in trade volume to 0.15mn equities and 12% in value to QR5.78mn but on 22% fall in transactions to 102.

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

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