Heavy selloff dotted the Qatar Stock Exchange, leading its key index plummet for the third straight session to settle below 10,900 levels, mainly on domestic institutions’ profit booking.

Selling pressure especially in the banking counter led the 20-stock Qatar Share Index knock off about 1%, or 105 points, to 10,884.7 points.

Large cap equities witnessed higher than average net selling in the bourse, whose year-to-date gains were contained at 4.29%.

Islamic stocks were seen declining faster than the main index as well as conventional ones in the market, where non-Qatari individual investors’ bearish outlook also played its part.

However, foreign institutions turned bullish and there was substantial weakening of selling pressure from local retail investors.

Trade turnover and volumes declined perceptibly in the bourse, where realty, telecom and banking sectors together accounted for about 68% of the total volumes.

Market capitalisation eroded about QR5bn, or 0.81%, to QR583.64bn as large, micro, mid and small cap equities lost 1.11%, 0.65%, 0.3% and 0.04% respectively.

The Total Return Index shed 0.96% to 17,610.73 points, the All Share Index by 0.82% to 2,982.13 points and the Al Rayan Islamic Index by 1.07% to 4,055.57 points.

The banks and financial services sector saw its index plunge 1.51%, followed by industrials (0.65%), real estate (0.65%) and insurance (0.5%); whereas transport gained 0.31%, telecom (0.29%) and consumer goods (0.28%).

About 63% of the stocks were in the red with major losers being Masraf Al Rayan, QNB, Qatar Islamic Bank, Doha Bank, QIIB, Industries Qatar, Gulf International Services, Qatar Insurance, Qatari Investors Group, Mazaya Qatar, Barwa, Ezdan, Vodafone Qatar, Alijarah Holding, Medicare Group and Widam Food.

Nevertheless, Woqod, Aamal Company, Ooredoo, Nakilat, al khaliji, Salam International Investment and Qatari German Company for Medical Devices were among the gainers.

Domestic institutions turned net sellers to the tune of QR1.97mn against net buyers of QR29.79mn on January 26.

Non-Qatari individual investors were also net sellers to the extent of QR1.93mn compared with net buyers of QR5mn last Thursday.

However, non-Qatari institutions turned net buyers to the tune of QR5.85mn against net sellers of QR11.4mn the previous trading day.

GCC (Gulf Cooperation Council) institutions’ net buying rose to QR5.62mn compared to QR4.41mn on January 26.

Local retail investors’ net profit-booking fell considerably to QR6.53mn against QR25.44mn last Thursday.

GCC retail investors’ net selling weakened to QR1.02mn compared to QR2.33mn previous trading day.

Total trade volume fell 51% to 4.42mn shares, value by 52% to QR148.41mn and deals by 40% to 2,135.

There was a 92% plunge in the insurance sector’s trade volume to 0.03mn equities, 93% in value to QR2.2mn and 55% in transactions to 62.

The real estate sector’s trade volume plummeted 64% to 1.23mn stocks, value by 62% to QR25.57mn and deals by 56% to 314.

The industrials sector reported a 55% shrinkage in trade volume to 0.56mn shares, 71% in value to QR17.45mn and 36% in transactions to 407.

The banks and financial services sector’s trade volume tanked 53% to 0.86mn equities, value by 57% to QR40.62mn and deals by 49% to 663.

The market witnessed a 42% decline in the telecom sector’s trade volume to 0.91mn stocks, 34% in value to QR17.56mn and 44% in transactions to 182.

The consumer goods sector’s trade volume was down 3% to 0.34mm shares, whereas value soared 53% to QR28.03mn and deals by 6% to 339.

However, the transport sector saw an 88% surge in trade volume to 0.49mn equities, 98% in value to QR16.96mn and 34% in transactions to 168.

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

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