Qatar Stock Exchange was back in the negative terrain with its key index losing 45 points to retreat below the 9,700 mark, mainly on stronger profit booking by foreign institutions.
A relatively higher selling pressure in the banking and telecom counters led the 20-stock Qatar Index shed 0.46% to 9,689.07 points as investors adopted a cautious strategy over the Organisation of the Petroleum Exporting Countries meeting in Vienna on Wednesday to decide on production cut. The market’s year-to-date losses have widened to over 7%.
Mid, large and microcap equities were the hardest hit in the bourse, where Gulf institutions turned net profit takers and there was also lower buying support from Gulf individual investors.
Trade turnover and volumes were on the increase in the market, where telecom and banking sectors together accounted for more than 71% of the total volume.
Islamic stocks were seen dropping slower than the conventional ones in the bourse, where local retail investors however turned net buyers and there was increased buying interests of domestic institutions.
Mid, large and microcap equities fell 0.7%, 0.59% and 0.27% respectively to drive market capitalisation down about QR3bn or 0.53% to QR522.47bn. However, small caps were up 0.13%.
The Total Return Index shrank 0.46% to 15,676.27 points, All Share Index also by 0.46% to 2,672.28 points and Al Rayan Islamic Index by 0.4% to 3,568.81 points.
Banks and financial services saw its index contract 0.91%, telecom (0.85%), real estate (0.33%), consumer goods (0.32%) and industrials (0.01%); while transport and insurance rose 0.14% and 0.09% respectively.
A half of the traded stocks were in the red with major losers being Vodafone Qatar, QNB, Masraf Al Rayan, Commercial Bank, Qatar Islamic Bank, Doha Bank, Qatar Insurance, Gulf International Services, Barwa, United Development Company and Ezdan.
Nevertheless, Nakilat, Milaha, Gulf Warehousing, Qatari Investors Group and Medicare Group saw their stocks make modest gains.
Non-Qatari institutions’ net selling increased perceptibly to QR18.99mn compared to QR1.83mn on November 27.
The GCC (Gulf Cooperation Council) institutions were net sellers to the tune of QR1.98mn against net buyers of QR1.3mn on Sunday.
The GCC individual investors’ net buying weakened to QR0.29mn compared to QR0.63mn the previous day.
However, local retail investors turned net buyers to the extent of QR12.13mn against net sellers of QR4.28mn on November 27.
Domestic institutions’ net buying strengthened to QR7.31mn compared to QR4.35mn on Sunday.
Non-Qatari individual investors were net buyers to the tune of QR1.22mn against net sellers of QR0.18mn the previous day.
Total trade volume rose 11% to 5.48mn shares, value by 5% to QR146.86mn and deals by 41% to 2,381.
The transport sector’s trade volume more than doubled to 0.35mn equities and value also more than doubled to QR9.31mn on 31% jump in transactions to 114.
There was 94% surge in the telecom sector’s trade volume to 2.97mn stocks and 58% in value to QR34.65mn on more than tripled deals to 766.
The industrials sector’s trade volume soared 23% to 0.27mn shares, value by 10% to QR14.22mn and transactions by 34% to 284.
The consumer goods sector reported 18% expansion in trade volume to 0.39mn equities and 25% in value to QR29.14mn but on 8% fall in deals to 356.
However, the insurance sector’s trade volume plummeted 67% to 0.03mn stocks, value by 63% to QR1.3mn and transactions by 25% to 39.
The banks and financial services sector saw 51% plunge in trade volume to 0.94mn shares and 17% in value to QR48.23mn but on 41% increase in deals to 640.
The real estate sector’s trade volume tanked 24% to 0.53mn equities, value by 35% to QR10.01mn and transactions by 31% to 182.
In the debt market, there was no trading of treasury bills and government bonds.
The 20-stock Qatar Index shed 0.46% to 9,689.07 points.
