Stronger selling -- especially in insurance, transport and banking counters – led the 20-stock Qatar Index shrink 0.16% to 9,923.6 points.
Overcoming the initial weakness, the market rebounded for a brief period to touch a high of 9,960 points within 15 minutes of opening, after which it was largely on a selling mode for the next 120 minutes to touch a low of 9,880 points. The market was then on a rebound with strong buying witnessed in the last few minutes but overall the index closed 16 points lower against the previous close.
Foreign institutions and Gulf individuals turned bearish in the bourse, whose year-to-date losses were at 4.92%.
Islamic stocks however extended gains in the market, which saw local and non-Qatari retail investors turn bearish.
Selling was skewed towards large cap segments in the bourse, which however saw increased net buying by domestic institutions and lower net selling by their Gulf counterparts.
Trade turnover and volumes were on the increase in the market, where banking and real estate sectors together accounted for more than 82% of the total volumes.
Market capitalisation expanded about QR2bn or 0.34% to QR532.51bn as micro, small and midcap scrips gained 0.48%, 0.38% and 0.06% respectively, while large caps declined 0.25%.
The Total Return Index fell 0.16% to 16,641.29 points, while All Share Index gained 0.61% to 2,804.48 points and Al Rayan Islamic Index by 0.3% to 4,003.36 points.
The insurance index shrank 1.07%, transport (0.71%), banks and financial services (0.21%) and industrials (0.12%); whereas realty soared 5.92%, consumer goods (0.11%) and telecom (0.01%).
About 49% of the traded stocks were in the red with major shakers being Qatar Insurance, Nakilat, Gulf Warehousing, QNB, Ahli Bank, al khaliji, Gulf International Services, Mesaieed Petrochemical Holding, Ooredoo, United Development Company, Widam Food and Al Meera.
Nevertheless, Ezdan, Qatar First Bank, Barwa, Vodafone Qatar, Qatar Islamic Insurance, Doha Insurance, Islamic Holding Group, Medicare Group and Alijarah Holding were among the gainers.
Local retail investors’ net profit booking increased substantially to QR18.3mn against QR2.65mn the previous trading day.
Non-Qatari institutions turned net sellers to the extent of QR6.28mn compared with net buyers of QR0.9mn last Thursday.
The GCC (Gulf Cooperation Council) individuals were also net sellers to the tune of QR1.29mn against net buyers of QR0.08mn on June 1.
Non-Qatari retail investors’ net selling rose marginally to QR3.34mn compared to QR3.28mn the previous trading day.
However, domestic institutions’ net buying strengthened considerably to QR34.25mn against QR16.21mn last Thursday.
The GCC institutions’ net profit booking fell perceptibly to QR5.02mn compared to QR11.21mn on June 1.
Total trade volumes almost tripled to 19.3mn shares, value soared 73% to QR330.27mn and deals by 16% to 3,323.
The banks and financial services sector’s trade volume grew more than eight-fold to 11.69mn equities and value more than doubled to QR172.25mn on 53% increase in transactions to 1,206.
The consumer goods sector’s trade volume more than tripled to 0.43mn stocks and value almost quadrupled to QR29.54mn on more than tripled deals to 384.
There was 71% surge in the insurance sector’s trade volume to 0.12mn shares and 66% in value to QR7.32mn but on 48% decline in transactions to 78.
The transport sector’s trade volume expanded 48% to 0.59mn equities, value by 51% to QR26.61mn and deals by 7% to 263.
The telecom sector reported 36% jump in trade volume to 1.96mn stocks but on 11% fall in value to QR20.21mn and 38% in transactions to 254.
The real estate sector’s trade volume increased 32% to 4.22mn shares and value by 26% to QR57.96mn, while deals were down 4% to 873.
The market witnessed 16% expansion in the industrials sector’s trade volume to 0.29mn equities, 4% in value to QR16.38mn and 5% in transactions to 265.
In the debt market, there was no trading of treasury bills and government bonds.
