Robust buying interests of local retail investors notwithstanding, the Qatar Stock Exchange on Wednesday saw further profit booking to drag its index, which stood above 9,200 points.
An across-the-board selling – particularly in the insurance, banking, industrials and realty – led the 20-stock Qatar Index plunge 1.33% to 9,204.62 points as global oil prices eased for the third straight session.
Selling was seen stronger among foreign funds and there was weakened net buying by their domestic counterparts on the bourse, which is however up 7.99%.
Large, mid and microcap segments saw heavy sell-off in the market, whose capitalisation eroded 1.5% to QR501.75bn.
Islamic stocks were seen declining faster than the other indices on the bourse, where losers accounted for about 79% of the total traded scrips.
Trade turnover and volumes were however on the increase on the bourse, where banking, real estate and industrials sectors together accounted for about 84% of the total volume.
The Total Return Index shed 1.33% to 15,435.6 points, All Share Index by 1.55% to 2,590.84 points and Al Rayan Islamic Index by 1.61% to 3,630.75 points.
The insurance index tanked 3.41%, banks and financial services (1.57%), industrials (1.55%), realty (1.47%), telecom (0.99%), transport (0.98%) and consumer goods (0.87%).
Major losers included Qatar Insurance, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Masraf Al Rayan, Industries Qatar, Aamal Company, Qatari Investors Group, Ezdan, United Development Company, Mazaya Qatar, Vodafone Qatar, Ooredoo, Gulf Warehousing and Milaha; even as Mesaieed Petrochemical Holding and Gulf International Services were notably among the gainers.
Non-Qatari institutions’ net profit booking grew significantly to QR36.12mn compared to QR4.64mn on January 30.
Domestic institutions’ net buying weakened considerably to QR16.01mn against QR24.05mn the previous day.
However, local individuals’ net buying soared influentially to QR30.47mn compared to QR1.2mn on Tuesday.
Non-Qatari retail investors turned net buyers to the tune of QR1.61mn against net sellers of QR0.25mn on January 30.
The Gulf individuals were also net buyers to the extent of QR1.15mn compared with net sellers of QR0.9mn the previous day.
The Gulf institutions’ net profit booking declined perceptibly to QR13.15mn against QR19.45mn on Tuesday.
Total trade volume rose 8% to 9.47mn shares, value by 16% to QR267.73mn and deals by 26% to 4,643.
The insurance sector’s trade volume more than doubled to 0.13mn equities and value almost tripled to QR6.73mn on more than doubled transactions to 145.
The banks and financial services sector saw 48% surge in trade volume to 4.53mn stocks, 20% in value to QR120.68mn and 32% in deals to 1,652.
The telecom sector’s trade volume was up 8% to 0.85mn shares, value by 22% to QR16.45mn and transactions by 6% to 392.
However, there was 29% plunge in the industrials sector’s trade volume to 1.47mn equities but on 66% increase in value to QR63.87mn and 39% in deals to 1,141.
The consumer goods sector’s trade volume plummeted 24% to 0.32 stocks and value by 10% to QR20.87mn, whereas transactions grew 15% to 302.
The transport sector reported 20% shrinkage in trade volume to 0.24mn shares, 15% in value to QR6.67mn and 2% in deals to 215.
The real estate sector’s trade volume was down 7% to 1.93mn equities and value by 27% to QR32.47mn, while transactions expanded 11% to 796.
In the debt market, there was no trading of treasury bills and sovereign bonds.