Strong correction, especially in realty and insurance, drove the Qatar Stock Exchange down on Wednesday, even as it stood above 9,100 levels.
Gulf funds’ strong selling pressure dragged the 20-stock Qatar Index 0.21% to 9,158.77 points with the market touching an intra-day low of 9,050 points. The bourse is, however, up 7.45% year-to-date.
Small and mid-cap stocks suffered the most in the market, whose capitalisation declined 0.27% to QR502.89bn.
Trade turnover and volumes were on the increase in the market, where the banking, industrials and real estate sectors together accounted for about 83% of the total volume.
The Total Return Index fell 0.21% to 15,358.71 points, the All Share Index by 0.53% to 2,604.33 points and the Al Rayan Islamic Index by 0.4% to 3,645.53 points.
The realty index plunged 2.16%, followed by insurance (1.66%), banks and financial services (0.32%), transport (0.1%) and industrials (0.09%); while consumer goods and telecom gained 1.16% and 0.08% respectively.
More than 63% of the stocks ended in the red with major losers being Masraf Al Rayan, Commercial Bank, Zad Holding, Gulf International Services, Aamal Company, Qatar Insurance, Mazaya Qatar, Ezdan, United Development Company, Barwa, Vodafone Qatar, Gulf Warehousing and Nakilat.
QNB, Industries Qatar, Ooredoo, Milaha, Widam Food and Medicare Group were among the gainers.
Gulf institutions’ net profit-booking increased substantially to QR60.19mn compared to QR5.55mn on January 16.
Non-Qatari institutions’ net buying declined marginally to QR36.32mn against QR37.4mn the previous day.
However, domestic institutions turned net buyers to the tune of QR30.74mn compared with net sellers of QR20.2mn on Tuesday.
Non-Qatari retail investors’ net profit-booking weakened perceptibly to QR4.23mn against QR4.86mn on January 16.
Local individuals’ net selling weakened influentially to QR2.11mn compared to QR5.6mn the previous day.
Gulf retail investors’ net profit-booking weakened to QR0.55mn against QR1.13mn on Tuesday.
Total trade volume grew 47% to 13.73mn shares, value by 40% to QR346.54mn and deals by less than 1% to 5,003.
The consumer goods sector’s trade volume more than doubled to 0.98 equities and value more than tripled to QR45.4mn on more-than-doubled transactions to 701.
The banks and financial services sector’s trade volume doubled to 7.53mn stocks, value gained 33% to QR160.53mn and deals by 2% to 1,988.
The industrials sector reported a 36% surge in trade volume to 2.12mn shares to more than double value to QR80mn on a 19% jump in transactions to 1,010.
The transport sector’s trade volume soared 30% to 0.57mn equities and value by 26% to QR11.68mn, whereas deals shrank 18% to 210.
However, there was a 34% shrinkage in the telecom sector’s trade volume to 0.61mn stocks, 41% in value to QR12mn and 63% in transactions to 236.
The real estate sector’s trade volume tanked 13% to 1.74mn shares, value by 24% to QR27.41mn and deals by 14% to 656.
Although the insurance sector’s trade volume was flat at 0.17mn equities, value saw less than 1% dip to QR9.64mn and transactions by 5% to 202.
In the debt market, there was no trading of treasury bills and sovereign bonds.