The 20-stock Qatar Index rather settled mere 0.01% lower at 10,596.14 points, although insurance and industrials witnessed stronger net selling and global crude price settled above $55 a barrel. The market’s year-to-date gains were seen at 1.53%.
"The market has lost its upward steam after it recorded a top near 11,100 points and could witness further weaknesses on the coming period," a Kamco technical analysis said, adding the next support level comes at 10,550 points, while below it would trigger 10,350 points.
Increased buying interests of domestic institutions and lower net selling by their foreign counterparts were contained by substantially weakened net buying support from local and foreign retail investors as well as Gulf institutions.
Islamic stocks were, however, seen outperforming the main index as well as conventional ones in the market, where Gulf individual individuals turned marginally bullish.
Trade turnover and volumes shrank on the bourse, where realty and telecom sectors together accounted for about 68% of the total volumes.
Market capitalisation, however, increased QR0.28mn or 0.05% to QR568.89bn as small, mid and microcap equities gained 0.51%, 0.45% and 0.33% respectively, while large caps fell 0.22%.
The Total Return Index was down 0.01% to 17,143.86 points, while All Share Index rose 0.08% to 2,911.24 points and Al Rayan Islamic Index by 0.34% to 3,991.79 points.
The insurance sector saw its index decline 0.59%, industrials (0.11%) and telecom (0.09%), whereas consumer goods gained 0.67%, transport (0.64%), real estate (0.25%) and banks and financial services (0.07%).
Major losers included Commercial Bank, QNB, Qatar Insurance, Qatar Electricity and Water, Gulf International Services, Aamal Company, Barwa, Mazaya Qatar, United Development Company and Ooredoo.
Nevertheless, about 53% of the stocks extended gains with gainers being Ahli Bank, Masraf Al Rayan, Industries Qatar, Ezdan, Vodafone Qatar, Nakilat, Milaha, Alijarah Holding, Qatari German Company for Medical Devices and Medicare Group.
Local retail investors’ net buying fell considerably to QR9.4mn compared to QR36.44mn the previous day.
Non-Qatari individual investors’ net buying also declined to QR3.25mn against QR8.38mn on January 31.
The GCC (Gulf Cooperation Council) institutions’ net buying fell to QR2.09mn compared to QR7.91mn on Tuesday.
However, domestic institutions’ net buying strengthened to QR21.86mn against QR13.72mn the previous day.
Non-Qatari institutions’ net selling weakened substantially to QR36.74mn compared to QR62.43mn on January 31.
The GCC retail investors turned net buyers to the tune of QR0.14mn against net profit takers of QR4.01mn on Tuesday.
Total trade volume fell 9% to 7.85mn shares, value by 8% to QR227.05mn and deals by 15% to 3,006.
The banks and financial services sector saw 46% plunge in trade volume to 1mn equities, 26% in value to QR58.88mn and 31% in transactions to 915.
The insurance sector’s trade volume plummeted 33% to 0.06mn stocks, value by 37% to QR4.73mn and deals by 30% to 100.
The industrials sector reported 29% shrinkage in trade volume to 0.49mn shares, 38% in value to QR22.54mn and 17% in transactions to 490.
The real estate sector’s trade volume tanked 28% to 2.93mn equities, value by 30% to QR55.13mn and deals by 19% to 593.
However, the consumer goods sector’s trade volume quadrupled to 0.44mm stocks and value more than tripled to QR26.8mn on 85% increase in transactions to 325.
The market witnessed 74% surge in the telecom sector’s trade volume to 2.37mn shares, 80% in value to QR37.9mn and 17% in deals to 347.
The transport sector’s trade volume expanded 10% to 0.56mn equities and value by 40% to QR21.08mn, while transactions were down 9% to 236.
In the debt market, there was no trading of treasury bills and government bonds.
