Bearish sentiments continued for the third straight session on the Qatar Stock Exchange on Monday, sinking below the 10,400 levels, mainly dragged by select real estate and banking stocks.
Domestic institutions’ net selling and higher net profit booking by non-Qatari individual investors were seen instrumental in a 0.91% decline in the 20-stock Qatar Index to 10,336.36 points.
The initial strong buying led the market touch a high of more than 10,450 points in the first few minutes, after which there was a steady net selling for the remainder of the session, thus settling the index 95 points lower against the previous close.
Large and small cap suffered the most in the market, whose year-to-date losses widened to 0.96%.
Islamic stocks were seen declining slower than the main index as well as other indices on the bourse, which also saw lower buying support from local retail investors.
Trade turnover declined amidst higher volumes in the market, where banking, telecom and real estate sectors together accounted for about 93% of the total volumes.
Market capitalisation eroded about QR5bn or 0.86% to QR555.59bn as large, small and midcap cap equities declined 0.82%, 0.47% and 0.13% respectively, while microcaps gained 0.68%.
The Total Return Index shed 0.49% to 17,312.56 points, All Share Index by 0.5% to 2,934.58 points and Al Rayan Islamic Index by 0.18% to 4,148.71 points.
The banks and financial services sector saw its index tank 0.95%, realty (0.61%), consumer goods (0.4%), telecom (0.16%) and industrials (0.01%); whereas transport and insurance rose 0.24% and 0.04% respectively.
Major losers included Ezdan, Barwa, QNB, Qatar Islamic Bank, Masraf Al Rayan, Gulf International Services, Mesaieed Petrochemical Holding, Ooredoo, United Development Company, Alijarah Holding, Islamic Holding Group and Qatari German Company for Medical Devices.
Nevertheless, Qatar First Bank, Commercial Bank, Doha Bank, Qatar Industrial Manufacturing, Al Khaleej Takaful, Vodafone Qatar and Nakilat were among the gainers.
Domestic institutions turned net sellers to the tune of QR0.93mn against net buyers of QR0.78mn on April 16.
Non-Qatari individual investors’ net selling rose considerably to QR7.29mn compared to QR1.68mn on Sunday.
Local retail investors’ net buying declined influentially to QR0.19mn against QR5.64mn the previous day.
However, non-Qatari institutions turned net buyers to the extent of QR5.2mn compared with net sellers of QR2.21mn on April 16.
The GCC (Gulf Cooperation Council) retail investors were also net buyers to the tune of QR1.84mn against net sellers of QR0.22mn on Sunday.
The GCC turned net buyers to the extent of QR0.97mn compared with net profit takers of QR2.32mn the previous day.
Total trade volumes rose 10% to 7.79mn shares, while value fell 5% to QR142.91mn but on 10% higher deals to 2,154.
The banks and financial services sector’s trade volume more than doubled to 3.3mn equities, value soared 57% to QR61.32mn and transactions by 84% to 998.
There real estate sector reported 79% surge in trade volume to 1.77mn stocks to see more than doubling of value to QR34.7mn on 80% jump in deals to 340.
The transport sector’s trade volume shot up 24% to 0.26mn shares and value by 18% to QR8.02mn, while transactions were down 10% to 104.
However, there was 67% plunge in the insurance sector’s trade volume to 2,790 equities and 75% in value to QR0.07mn but on 67% increase in deals to 10.
The consumer goods sector’s trade volume plummeted 63% to 0.09mm stocks, value by 72% to QR6.89mn and transactions by 50% to 183.
The telecom sector saw 44% shrinkage in trade volume to 2.16mn shares, 54% in value to QR22.82mn and 8% in deals to 213.
The industrials sector’s trade volume was down 5% to 0.21mn equities, value by 27% to QR9.08mn and transactions by 41% to 306.
In the debt market, there was no trading of treasury bills and government bonds.