A sustained buying support from domestic institutions and local retail investors largely helped the Qatar Stock Exchange to narrow losses yesterday compared to the previous day.
Non-Qatari individuals turned bullish and there was substantially weakened net selling by Gulf retail investors, which led the 20-stock Qatar Index to shrink 144 points against 721 points plunge on Monday.
Overall, the Qatari market fell 1.56% to 9,058.89 points owing to an across-the-board selling, particularly in transport, realty and telecom, indicating the markets have started discounting apprehensions over diplomatic stir.
Recovering from the initial losses, which led the index to sink below 9,000 points, the market was on a steep rebound to touch a high of 9,400 points within the first 30 minutes. Thereafter, net selling continued but with a lower gradient to see some last minute buying interests.
Foreign institutions turned bearish and their Gulf counterparts were increasingly net profit-takers in the bourse, whose year-to-date losses widened to 13.2%.
Islamic stocks were seen declining faster than the main index and other indices in the market, which saw about 76% of the traded stocks in the red.
Trade turnover fell marginally amidst higher volumes in the bourse, where the banking, real estate and telecom sectors together accounted for more than 77% of the total volumes.
Market capitalisation eroded 1.29%, or more than QR6bn, to QR486.98bn as micro, small, large and midcap scrips lost 2.92%, 2.17%, 1.39% and 0.44% respectively.
The Total Return Index fell 1.56% to 15,191.23 points, the All Share Index by 1.54% to 2,549.85 points and the Al Rayan Islamic Index by 2.29% to 3,571.32 points.
The transport index fell 3.96%, followed by realty (2.67%), telecom (1.79%), insurance (1.44%), banks and financial services (1.34%), industrials (0.82%) and consumer goods (0.37%).
Major losers included Gulf Warehousing, Nakilat, Aamal Company, Gulf International Services, Doha Insurance, Ezdan, United Development Company, Ezdan, Vodafone Qatar, Ooredoo, QNB, Qatar Islamic Bank, QIIB, Commercial Bank, Alijarah Holding, Dlala, Qatari German Company for Medical Devices and Qatar First Bank.
Nevertheless, Industries Qatar, Mesaieed Petrochemical Holding, Doha Bank, Ahli Bank, Qatar Industrial Manufacturing, Al Khaleej Takaful and Qatar Electricity and Water were among the gainers.
The GCC (Gulf Cooperation Council) funds’ net selling increased perceptibly to QR188.06mn against QR162.36mn on June 5.
Non-Qatari institutions turned net sellers to the tune of QR119.9mn compared with net buyers of QR58.69mn the previous day.
However, domestic institutions’ net buying strengthened significantly to QR271.03mn against QR229.53mn on Monday.
Local retail investors’ net buying increased influentially to QR34.63mn compared to QR12.45mn on June 5.
Non-Qatari retail investors turned net buyers to the extent of QR12.44mn against net sellers of QR98.51mn the previous day.
The GCC individuals’ net profit-booking weakened substantially to QR10.14mn compared to QR39.66mn on Monday.
Total trade volumes rose 24% to 26.86mn shares, while value fell less than 1% to QR792.48mn despite a 26% higher deals to 8,792.
The banks and financial services sector saw a 50% surge in trade volume to 12.03mn equities, 23% in value to QR439.42mn and 39% in transactions to 3,676.
The telecom sector’s trade volume soared 45% to 3.71mn stocks, value by 40% to QR48.1mn and deals by 27% to 720.
There was a 21% increase in the transport sector’s trade volume to 2.59mn shares but on a 14% fall in value to QR63.65mn despite more-than-doubled transactions to 1,159.
The real estate sector’s trade volume expanded 11% to 4.98mn equities, value by 5% to QR75.17mn and deals by 31% to 1,294.
However, the industrials sector reported a 30% fall in trade volume to 2.01mn stocks, 32% in value to QR99.04mn and 23% in transactions to 926.
The insurance sector’s trade volume plummeted 22% to 0.4mn shares, value by 49% to QR13.51mn and deals by 56% to 122.
The market witnessed a 3% decline in the consumer goods sector’s trade volume to 1.14mn equities and 35% in value to QR53.59mn but on a 22% jump in transactions to 895.
In the debt market, there was no trading of treasury bills and government bonds.
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