Domestic institutions’ higher profit booking pressure dragged the Qatar Stock Exchange, whose key index retreated below the 10,400 mark.
An across the board selling – particularly in industrials, insurance and banking – led the 20-stock Qatar Index decline 0.85% or 90 points to 10,395.98 points, reflective of the global oil prices trending near $50 a barrel.
The oil price fell to a four-month low on reports of faster than expected rising US inventories with markets expecting the oil majors to continue with the production cut beyond June.
Small and microcap equities suffered the most in the market, which reported 0.39% loss year-to-date.
Islamic stocks were seen declining faster than the main index and other indices in the bourse, where foreign institutions were however increasingly bullish.
Trade turnover and volumes shrank in the market, where banking, real estate and telecom sectors together accounted for more than 85% of the total volumes.
Gulf individual investors turned bullish and there was weakened net selling by Gulf institutions as well as local and non-Qatari retail investors.
Market capitalisation eroded more than QR5bn or 0.94% to QR557.39bn as small, micro, mid and large cap equities fell 1.83%, 1.47%, 0.89% and 0.87% respectively.
The Total Return Index fell 0.85% to 17,200.22 points, All Share Index by 0.87% to 2,919.43 points and Al Rayan Islamic Index by 1.19% to 4,110.87 points.
The industrials sector saw its index plunge 1.63%, insurance (0.94%), banks and financial services (0.85%), realty (0.49%), consumer goods (0.39%), transport (0.37%) and telecom (0.11%).
More than 90% of the stocks were in the red with major losers being Industries Qatar, Qatar Industrial Manufacturing, Qatari Investors Group, Aamal Company, Gulf International Services, QNB, Qatar Islamic Bank, Qatar General Insurance and Reinsurance, Barwa, Mazaya Qatar, Vodafone Qatar, Nakilat, Dlala, Islamic Holding Group, Medicare Group and Widam; even as Gulf Warehousing and Woqod were among the gainers.
Domestic institutions’ net selling increased substantially to QR169.88mn compared to QR113.16mn on Tuesday.
However, non-Qatari institutions’ net buying rose perceptibly to QR180.04mn against QR163.3mn the previous day.
The GCC (Gulf Cooperation Council) institutions’ net weakened to QR6.04mn compared to QR39.68mn on March 21.
Non-Qatari individual investors’ net profit booking declined to QR2.62mn against QR4.43mn on Tuesday.
Local retail investors’ net profit booking fell marginally to QR3.37mn compared to QR3.52mn the previous day.
The GCC retail investors turned net buyers to tune of QR1.83mn against net sellers of QR2.36mn on Tuesday.
Total trade volumes fell 16% to 11.38mn shares, value by 17% to QR416.38mn and deals by 41% to 3,614.
The market witnessed 85% plunge in the insurance sector’s trade volume to 0.04mn equities, 86% in value to QR2.55mn and 75% in transactions to 30.
The industrials sector’s trade volume plummeted 52% to 0.61mn stocks, value by 55% to QR33.77mn and deals by 35% to 635.
There was 38% shrinkage in the consumer goods sector’s trade volume to 0.15mm shares, 27% in value to QR12.41mn and 30% in transactions to 242.
The telecom sector’s trade volume tanked 26% to 1.73mn equities, value by 75% to QR15.48mn and deals by 83% to 138.
The real estate sector reported 15% decline in trade volume to 2.65mn stocks, 15% in value to QR61.95mn and 28% in transactions to 746.
The banks and financial services sector’s trade volume was down 5% to 5.34mn shares, while value rose 8% to QR254.24mn. Deals plunged 45% to 1,343.
However, the transport sector witnessed 37% surge in trade volume to 0.86mn equities, 72% in value to QR35.97mn and 47% in transactions to 480.
In the debt market, there was no trading of treasury bills and government bonds.
