Domestic and foreign funds’ sustained profit booking on Wednesday drove Qatar Stock Exchange down below 9,000 levels.
Strong selling – especially in telecom, real estate and insurance counters – led the 20-stock Qatar Index shrink for the third consecutive day by 0.68% to 8,953.4 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF witnessed 1.06% and 0.96% declines respectively.
Nevertheless, local retail investors were increasingly bullish in the market, which is up 5.05% year-to-date.
Selling was seen more pronounced within micro and midcap segments in the bourse, whose capitalisation shed 0.61% to QR489bn.
Trade turnover and volumes were on the decline in the market, where telecom and industrials sectors together accounted for more than 62% of the total volume.
The Total Return Index shrank 0.68% to 15,774.9 points, All Share Index by 0.92% to 2,642.21 points and Al Rayan Islamic Index (Price) by 1.1% to 2,231.63 points.
The telecom index tanked (4%), realty (3.84%), insurance (1.52%), industrials (0.58%), transport (0.35%) and consumer goods (0.11%); whereas banks and financial services rose 0.2%.
About 76% of the traded stocks were in the red with major losers being Ooredoo, Vodafone Qatar, Ezdan, Qatari Investors Group, Qatar Electricity and Water, Gulf International Services, Milaha, Qatar Insurance, Medicare Group and Commercial Bank; even as QNB, Qatar National Cement, Nakilat and Salam International Investment were among the gainers.
Domestic institutions’ net profit booking increased influentially to QR10.75mn compared to QR2.13mn on Tuesday.
Non-Qatari institutions’ net selling strengthened considerably to QR7.54mn against QR1.26mn the previous day.
The Gulf institutions turned net sellers to the tune of QR5.98mn compared with net buyers of QR0.73mn on May 1.
The Gulf individuals were also net sellers to the extent of QR0.21mn against net buyers of QR0.24mn on Tuesday.
Non-Qatari individuals turned net profit takers to the tune of QR0.08mn compared with net buyers of QR0.55mn the previous day.
However, local individuals’ net buying expanded substantially to QR24.57mn against QR1.86mn on Tuesday.
Total trade volume fell 11% to 9.48mn shares and value by 6% to QR208.39mn, while transactions gained 21% to 3,725.
The industrials sector reported 54% plunge in trade volume to 2.16mn equities, 46% in value to QR47.47mn 18% in deals to 699.
The banks and financial services sector’s trade volume tanked 19% to 1.22mn stocks, whereas value grew 4% to QR51.59mn and transactions by 22% to 935.
The real estate sector saw 14% slump in trade volume to 1.02mn shares but on 8% increase in value to QR14.31mn and 15% in deals to 386.
However, the insurance sector’s trade volume more than quadrupled to 0.09mn equities and value more than tripled to QR3.01mn on more than quadrupled transactions to 109.
The market witnessed 74% surge in the telecom sector’s trade volume to 3.75mn stocks, 53% in value to QR40.6mn and 38% in deals to 598.
The consumer goods sector’s trade volume expanded 17% to 0.35mn shares, value by 25% to QR35.71mn and transactions by 80% to 541.
There was 11% increase in the transport sector’s trade volume to 0.89mn equities, 8% in value to QR15.69mn and 28% in deals to 457.
In the debt market, there was no trading of treasury bills and sovereign bonds.