The Qatar Stock Exchange remained under bearish spell for the second day to retreat below 10,100 levels, mainly dragged by telecom and consumer goods equities.
Increased net selling by domestic and Gulf institutions as well as non-Qatari individuals led the 20-stock Qatar Index decline another 0.35% to 10,087.35 points, even as global oil prices were steady, awaiting the US inventories data and outcome from Vienna on the status of production cuts.
Although the market opened on a stronger note with the index surpassing 10,120 points, the bullish momentum could not be largely sustained as it has touched a nadir of less than 10,080 points especially as it neared closing time. However, some last minute buying drove it up but overall it settled 36 points lower against the previous close.
Small and midcap stocks saw stronger selling on the bourse, which also saw lower buying support from local retail investors.
Islamic stocks fell faster than the other indices in the market, which however saw increased buying from foreign institutions and weakened net profit booking by Gulf retail investors.
Trade turnover and volumes were on the rise on the bourse, where banking, telecom and real estate sectors together accounted for about 89% of the total volumes.
Market capitalisation eroded more than QR1bn or 0.22% to QR539.22bn as small, mid, large and microcap equities fell 0.62%, 0.55%, 0.25% and 0.15% respectively.
The Total Return Index shed 0.35% to 16,915.88 points, All Share Index by 0.3% to 2,856.29 points and Al Rayan Islamic Index by 0.51% to 4,026.89 points.
The telecom sector’s index shrank 0.7%, consumer goods (0.65%), industrials (0.33%), realty (0.31%), banks and financial services (0.25%) and insurance (0.18%); whereas transport was rather unchanged.
About 66% of the traded stocks were in the red with major losers being Vodafone Qatar, Commercial Bank, Doha Bank, Masraf Al Rayan, Gulf International Services, Industries Qatar, Barwa, Mazaya Qatar, Ooredoo, Nakilat, Qatar German Company for Medical Devices and Alijarah Holding.
Nevertheless, QNB, Qatar First Bank, QIIB, Mesaieed Petrochemical Holding, Gulf Warehousing and Widam Food were among the gainers.
Domestic institutions’ net selling strengthened influentially to QR11.23mn compared to QR5.66mn the previous day.
Non-Qatari retail investors’ net profit booking increased considerably to QR4.39mn against QR0.48mn on Tuesday.
The GCC (Gulf Cooperation Council) funds’ net selling increased to QR3.34mn compared to QR0.08mn on May 23.
Local retail investors’ net buying declined perceptibly to QR6.76mn against QR7.66mn the previous day.
However, non-Qatari institutions’ net buying gained substantially to QR12.63mn compared to QR0.02mn on Tuesday.
The GCC retail investors’ net profit booking fell noticeably to QR0.43mn against QR1.48mn on May 23.
Total trade volumes rose 12% to 8.11mn shares, value by less than 1% to QR202.4mn and deals by 17% to 2,851.
There was 73% surge in the consumer goods sector’s trade volume to 0.19mn equities, 53% in value to QR13.05mn and 37% in transactions to 204.
The transport sector’s trade volume soared 61% to 0.37mn stocks and value by 68% to QR20.58mn, while deals shrank 32% to 89.
The banks and financial services sector saw 52% expansion in trade volume to 3.71mn shares but on 18% fall in value to QR80.18mn despite 7% rise in transactions to 1,500.
The telecom sector’s trade volume was up 1% to 1.94mn equities and value by 19% to QR22.82mn on more than doubled deals to 354.
However, the industrials sector reported 33% plunge in trade volume to 0.26mn stocks and 37% in value to QR15.58mn but on 4% jump in transactions to 287.
The insurance sector’s trade volume plummeted 29% to 0.1mn shares, value by 24% to QR6.38mn and deals by 3% to 78.
The market witnessed 23% shrinkage in the real estate sector’s trade volume to 1.54mn equities but on 37% increase in value to QR43.81mn and 28% in transactions to 339.
In the debt market, there was no trading of treasury bills and government bonds.
