Qatar Stock Exchange on Wednesday fell for the third consecutive day and settle below 8,400 levels, mainly on domestic institutions’ profit booking.
Strong selling pressure -- especially in the real estate, insurance, telecom and transport counters – led the 20-stock Qatar Index shed 0.69% to 8,371.11 points. The country’s first exchange traded fund QETF fell 0.93%.
The Gulf institutions’ net buying was seen weakening in the market, which is down 1.79% year-to-date.
Islamic stocks were seen declining faster than the main index in the bourse, which however saw increased buying interests of local retail investors and both Gulf and non-Qatari individuals turn bullish.
Some of the mid and small cap equities witnessed faster selling in the market, whose capitalisation eroded 1.35% to QR448bn.
Trade turnover and volumes were on the increase in the bourse, where banking and telecom sectors together accounted for more than 64% of the total volume.
The Total Return Index shrank 0.69% to 14,529.39 points, All Share Index by 1.39% to 2,389.15 points and Al Rayan Islamic Index by 1.21% to 3,505.77 points.
The realty index plummeted 4.01%, insurance (2.02%), telecom (1.85%), consumer goods (1.76%), industrials (0.85%) and banks and financial services (0.76%); while transport was up 0.15%.
As much as 70% of the stocks were in the red with major losers being Mesaieed Petrochemical Holding, Qatar Insurance, Ezdan, Vodafone Qatar, Mazaya Qatar, Gulf Warehousing, Qatar National Cement, Qatari Investors Group, Woqod, Qatar Islamic Bank, Commercial Bank and QIIB; whereas Doha Bank, Qatar First Bank, Milaha and United Development Company were among the gainers.
Domestic institutions turned net sellers to the tune of QR21mn against net buyers of QR11.68mn on March 6.
The Gulf institutions’ net buying declined perceptibly to QR1.93mn compared to QR3.25mn on Tuesday.
However, local retail investors’ net buying grew influentially to QR15.34mn against QR6.27mn the previous day.
Non-Qatari individuals were net buyers to the extent of QR1.93mn compared with net sellers of QR0.51mn on March 6.
Non-Qatari institutions turned net buyers to the tune of QR1.36mn against net profit takers of QR20.37mn on Tuesday.
The Gulf individuals were also net buyers to the extent of QR0.47mn compared with net sellers of QR0.3mn the previous day.
Total trade volume rose 34% to 10.79mn shares, value by 31% to QR196.44mn and transactions by 19% to 3,838.
The transport sector’s trade volume more than tripled to 0.76mn equities and value grew almost six-fold to QR22.83mn on 90% increase in deals to 338.
The insurance sector’s trade volume more than doubled to 0.23mn stocks and value also more than doubled to QR8.28mn on 93% jump in transactions to 260.
The market witnessed 80% surge in the telecom sector’s trade volume to 2.07mn shares, 8% in value to QR20.4mn and 20% in deals to 517.
The banks and financial services sector’s trade volume soared 52% to 4.87mn equities, value by 15% to QR70.69mn and transactions by 13% to 1,264.
The real estate sector saw 4% jump in trade volume to 1.19mn stocks but on 1% fall in value to QR18.81mn despite 9% expansion in deals to 596.
However, the industrials sector’s trade volume plummeted 27% to 1.49mn shares, while value shot up 15% to QR39.28mn and transactions by 2% to 631.
There was 11% decline in the consumer goods sector’s trade volume to 0.17mn equities but on 80% growth in value to QR16.15mn and 26% in deals to 232.
In the debt market, there was no trading of treasury bills and sovereign bonds.
The 20-stock Qatar Index shed 0.69% to 8,371.11 points on Wednesday.
