Foreign institutions’ strong profit booking pressure on Wednesday dragged Qatar Stock Exchange for the fifth straight session by a huge 277 points to settle below 8,700 levels.
Six of the seven sectors were under selling pressure that the 20-stock Qatar Index plummeted 3.09% to 8,653.32 points mainly on account of dividend woes.
Domestic institutions’ weakened buying support also played its part in depressing the market, which is however up 1.52% year-to-date.
Islamic stocks were seen declining much slower than the main index in the bourse, which however saw local and non-Qatari retail investors turn bullish.
Profit booking was seen more perceptible within large and small cap segments in the market, whose capitalisation eroded 2.59% to QR461.21bn.
Trade turnover and volumes were on the increase in the bourse, where telecom and banking sectors together accounted for more than 61% of the total volume.
The Total Return Index declined 2.05% to 14,874.4 points, All Share Index by 1.98% to 2,447.73 points and Al Rayan Islamic Index by 1.19% to 3,585.62 points.
The realty index tanked 3.09%, industrials (2.58%), banks and financial services (2.02%), consumer goods (1.81%), insurance (1.35%) and transport (0.97%); while telecom grew 1.08%.
About 83% of the stocks were in the red with major losers being Barwa, Ezdan, Qatar Insurance, Industries Qatar, Commercial Bank, Qatar Islamic Bank, Doha Bank, QIIB, Masraf Al Rayan, Qatar First Bank, Qatari Investors Group, Qatar National Cement, Ooredoo, Qatar Electricity and Water and Milaha’ whereas Vodafone Qatar, Mesaieed Petrochemical Holding and Gulf Warehousing were among the losers.
Non-Qatari institutions turned net sellers to the tune of QR43.7mn against net buyers of QR1.31mn on February 27.
Domestic institutions’ net buying weakened considerably to QR13.33mn compared to QR26.32mn on Tuesday.
The Gulf individuals’ net profit booking increased marginally to QR0.7mn against QR0.55mn the previous day.
However, non-Qatari individuals turned net buyers to the extent of QR14.34mn compared with net sellers of QR2.02mn on February 27.
Local retail investors also turned net buyers to the tune of QR13.96mn against net sellers of QR24.35mn on Tuesday.
The Gulf institutions were also net buyers to the extent of QR2.81mn compared with net sellers of QR0.66mn the previous day.
Total trade volume rose 28% to 14.82mn shares, value by 39% to QR350.73mn and transactions by 33% to 5,235.
The insurance sector’s trade volume more than tripled to 0.22mn equities and value almost tripled to QR8.15mn on more than doubled deals to 276.
The industrials sector’s trade volume more than doubled to 2.15mn stocks and value also more than doubled to QR85.16mn on 30% jump in transactions to 707.
The transport sector’s trade volume more than doubled to 0.44mn shares, value grew 29% to QR10.26mn and deals by 52% to 220.
The telecom sector reported 22% surge in trade volume to 4.85mn equities, 56% in value to QR56.46mn and 50% in transactions to 1,270.
The consumer goods sector’s trade volume soared 21% to 0.4mn stocks, value by 45% to QR30.4mn and deals by 29% to 375.
The banks and financial services sector saw 15% expansion in trade volume to 4.25mn shares, 22% in value to QR119.8mn and 41% in transactions to 1,620.
The real estate sector’s trade volume increased 13% to 2.5mn equities, whereas value declined 11% to QR40.5mn and deals by 9% to 767.
In the debt market, there was no trading of treasury bills and sovereign bonds.