Snapping six days of bull-run, investors sought to book profits on the Qatar Stock Exchange, leading it settle at a little over 8,400 points.

Foreign institutions’ weakened net selling notwithstanding, the 20-stock Qatar Index fell 1.73% to 8,421.2 points as global oil prices also retreated from its recent highs.

Islamic equities were seen dropping slower than the main index on the bourse, whose year-to-date losses were at 19.31%. There was weakened buying support from local retail investors and domestic funds in the market, whose capitalisation eroded 1.42% to QR460.82bn.

Non-Qatari individuals turned bearish and there was increased net selling by their Gulf counterparts on the bourse, where more than 84% of the stocks were in the red.

"The nearby support levels are at 8,400 points, 8,350 points and 8,265 points but only below the last level would re-instate the bearish tone and trigger 8,000 points," Kamco analysts said.

Trade turnover and volumes on the increase on the bourse, where banking and industrials sectors together accounted for more than 72% of the total volume.

The Total Return Index rose 1.73% to 14,121.85 points, Al Rayan Islamic Index by 1.24% to 3,420.51 points and All Share Index by 1.47% to 2,403.75 points.

The insurance index tanked 4.35%, industrials (2.03%), transport (1.58%), banks and financial services (1.14%), telecom (0.9%), real estate (0.87%) and consumer goods (0.79%). Major gainers included Qatar First Bank, Barwa, Islamic Holding Group and Ahli Bank; even as Qatar Insurance, QNB, Industries Qatar, Masraf Al Rayan, Qatari Investors Group, Dlala, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Mazaya Qatar, Ezdan, Ooredoo and Nakilat were among the losers.

Local retail investors’ net buying weakened considerably to QR8.14mn compared to QR17.75mn on September 26.

Domestic institutions’ net buying also declined perceptibly to QR5.39mn compared to QR7.44mn on Tuesday.

Non-Qatari individual investors turned net sellers to the tune of QR2.79mn against net buyers of QR5.3mn the previous day.

The GCC (Gulf Cooperation Council) retail investors’ net profit booking increased to QR2.42mn compared to QR0.03mn on September 26.

Non-Qatari institutions’ net profit booking weakened influentially to QR9.26mn against QR38.39mn on Tuesday.

The GCC funds’ net buying weakened substantially to QR0.97mn compared to QR7.99mn the previous day.

Total trade volume rose 9% to 13.6mn shares and value by 5% to QR302.76mn, while deals fell 12% to 3,545.

The insurance sector’s trade volume more than doubled to 0.22mn equities and value also more than doubled to QR11.53mn on more than doubled transactions to 145.

The banks and financial services sector’s trade volume more than doubled to 5.47mn stocks, value soared 29% to QR158.32mn and deals by 40% to 1,354.

There was 21% surge in the telecom sector’s trade volume to 1.55mn shares and 15% in value to QR18.68mn but on 1% fall in transactions to 227.

However, the real estate sector’s trade volume plummeted 47% to 1.36mn equities, value by 44% to QR26.03mn and deals by 25% to 536.

The transport sector saw 38% plunge in trade volume to 0.47mn stocks, 31% in value to QR12.94mn and 68% in transactions to 215.

The consumer goods sector’s trade volume tanked 20% to 0.16mn shares, value by 32% to QR6.98mn and deals by 36% to 176.

The market witnessed 9% decline in the industrials sector’s trade volume to 4.38mn equities, 4% in value to QR68.28mn and 19% in transactions to 892.

In the debt market, there was no trading of treasury bills and government bonds.