Qatar Stock Exchange on Wednesday sunk below 8,600 levels mainly on strong selling pressure in the banking, industrials and real estate equities.
Domestic and Gulf institutions’ increased profit booking led the 20-stock Qatar Index decline 1.62% or 141 points for the sixth consecutive day to 8,553.14 points.
The Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR saw 1.15% and 1.76% declines respectively.
There was also weakened buying interests from non-Qatari and Gulf individuals in the market, which is however up 0.35% year-to-date.
Large and midcap equities witnessed severe selling in the bourse, whose capitalisation declined 1.75% to QR470.12bn.
Trade turnover and volumes were on the rise in the market, where banking, industrials and real estate sectors together accounted for more than 79% of the total volume.
The Total Return Index shed 1.56% to 15,069.01 points, All Share Index by 1.55% to 2,519.8 points and Al Rayan Islamic Index (Price) by 1.51% to 2,192.55 points.
The banks and financial services index shrank 1.87%, industrials (1.81%), realty (1.79%), telecom (1.4%), transport (0.91%) and insurance (0.79%); whereas consumer goods gained 0.25%.
More than 81% of the stocks were in the red with major losers being Industries Qatar, QNB, Qatar Islamic Bank, Qatar First Bank, Commercial Bank, Qatari German Company for Medical Devices, Aamal Company, Gulf International Services, Ezdan, Mazaya Qatar, Ooredoo and Nakilat; even as Qatar Electricity and Water and Qatar Oman Investment were among the gainers.
Domestic institutions’ net profit booking increased substantially to QR24.3mn compared to QR1.84mn on March 27.
Non-Qatari funds’ net selling also strengthened considerably to QR23.67mn against QR13.11mn the previous day.
Non-Qatari individuals’ net buying weakened influentially to QR2.17mn compared to QR6.13mn on Tuesday.
The Gulf individuals’ net buying declined significantly to QR0.81mn against QR1.2mn on March 27.
However, local retail investors turned net buyers to the extent of QR26.13mn compared with net sellers of QR2.23mn the previous day.
The Gulf institutions’ net buying shot up influentially to QR18.88mn against QR9.83mn on Tuesday.
Total trade volume rose 12% to 8.09mn shares, value by 5% to QR197.07mn and transactions by 54% to 3,647.
The consumer goods sector’s trade volume almost tripled to 0.38mn equities and value more than doubled to QR23.05mn on 72% increase in deals to 400.
The real estate sector’s trade volume more than doubled to 1.26mn stocks and value also more than doubled to QR18.21mn on more than doubled transactions to 559.
The market witnessed 58% surge in the insurance sector’s trade volume to 0.57mn shares, 55% in value to QR18.98mn and 51% in deals to 222.
The transport sector reported 55% expansion in trade volume to 0.31mn equities but on 16% fall in value to QR5.71mn despite 21% higher transactions to 193.
The industrials sector’s trade volume was up 9% to 1.69mn stocks, while value shrank 6% to QR40.82mn despite 34% increase in deals to 665.
However, there was 31% plunge in the telecom sector’s trade volume to 0.43mn shares but on 24% increase in value to QR12.16mn and 59% in transactions to 273.
The banks and financial services sector’s trade volume was down 8% to 3.46mn equities and value by 19% to QR78.15mn; while deals shot up 44% to 1,335.
In the debt market, there was no trading of treasury bills and sovereign bonds.