Qatar Stock Exchange continued to remain under bearish spell for the second day on Tuesday, mainly on weakened buying support from local retail investors and domestic funds.
Mainly dragged by telecom and consumer goods, the 20-stock Qatar Index shrank 0.29% to 8,429.3 points and a similar trend in the QETF, which was launched on Monday.
The non-Qatari and Gulf individuals turned bearish in the market, which is down 1.1% year-to-date.
Islamic stocks were seen declining faster than the main index in the bourse, which however saw weakened net profit booking by foreign institutions.
Microcap equities witnessed faster selling in the market, whose capitalisation was down 0.13% to QR454.12bn.
Trade turnover and volumes were on the decline in the bourse, where banking and industrials sectors together accounted for more than 65% of the total volume.
The Total Return Index shed 0.29% to 14,630.68 points, All Share Index by 0.18% to 2,422.74 points and Al Rayan Islamic Index by 0.43% to 3,548.6 points.
The telecom index tanked 1.35%, consumer goods (0.43%), industrials (0.2%), realty (0.19%), banks and financial services (0.17%) and insurance (0.05%); whereas transport gained 1.33%.
Major losers included Vodafone Qatar, Alijarah Holding, Qatar Islamic Bank, Industries Qatar, Aamal Company, United Development Company and Barwa; while Ahlibank, Masraf Al Rayan, al khaliji, Qatar First Bank, Qatari Investors Group, Ezdan, Gulf Warehousing and Milaha were among the gainers.
Domestic institutions’ net buying weakened considerably to QR11.68mn compared to QR30.11mn on March 5.
Local retail investors’ net buying also fell influentially to QR6.27mn against QR14.43mn the previous day.
The Gulf institutions’ net buying declined perceptibly to QR3.25mn compared to QR4.55mn on Monday.
Non-Qatari individuals turned net sellers to the tune of QR0.51mn against net buyers of QR2.21mn on March 5.
The Gulf individuals were also net sellers to the extent of QR0.3mn compared with net buyers of QR0.91mn the previous day.
However, non-Qatari institutions’ net profit booking plummeted to QR20.37mn against QR52.25mn on Monday.
Total trade volume fell 40% to 8.07mn shares, value by 42% to QR150.47mn and transactions by 30% to 3,212.
The industrials sector reported 63% plunge in trade volume to 2.04mn equities, 59% in value to QR34.27mn and 46% in deals to 621.
The insurance sector’s trade volume plummeted 63% to 0.11mn stocks, value by 64% to QR4.1mn and transactions by 53% to 135.
The market witnessed 57% shrinkage in the telecom sector’s trade volume to 1.15mn shares, 35% in value to QR18.86mn and 19% in deals to 432.
The transport sector’s trade volume tanked 53% to 0.22mn equities, value by 61% to QR4.05mn and transactions by 44% to 178.
There was 44% decline in the consumer goods sector’s trade volume to 0.19mn stocks, 44% by value to QR8.99mn and 35% in deals to 184.
The real estate sector’s trade volume shrank 14% to 1.14mn shares, value by 6% to QR18.91mn and transactions by 17% to 545.
However, the banks and financial services sector saw 15% increase in trade volume to 3.21mn equities but on 32% fall in value to QR61.29mn and 19% in deals to 1,117.
In the debt market, there was no trading of treasury bills and sovereign bonds.