An across-the-board selling — notably in realty, telecom and insurance — on Thursday led the Qatar Stock Exchange plummet 148 points for the fourth straight session and capitalisation erode more than QR9bn.
Increased selling pressure from foreign and Gulf institutions was mainly instrumental in the 1.65% plunge in the 20-stock Qatar Index to 8,805.76 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF witnessed 1.46% and 1.57% declines respectively.
Local retail investors’ weakened buying support also played its part in the market, which is however up 3.31% year-to-date.
Selling was seen more pronounced within large cap segments on the bourse, whose capitalisation shed 1.91% to QR488.51bn.
Trade turnover and volumes were on the decline in the market, where banking, industrials, real estate and telecom sectors together accounted for about 87% of the total volume.
The Total Return Index shrank 1.65% to 15,514.77 points, All Share Index by 1.96% to 2,590.45 points and Al Rayan Islamic Index (Price) by 1.41% to 2,200.26 points.
The realty index tanked 4.32%, telecom (4.06%), insurance (2.03%), banks and financial services (1.58%), industrials (1.22%), transport (1.17%) and consumer goods (0.48%).
About 83% of the traded stocks were in the red with major losers being Ezdan, Ooredoo, Qatar Insurance, Gulf International Services, Mazaya Qatar, Vodafone Qatar, Gulf Warehousing, QNB, Commercial Bank, Doha Bank and Alijarah Holding; even as Islamic Holding Group, Qatar Oman Investment and Qatari German Company for Medical Devices were among the gainers.
Non-Qatari institutions’ net selling strengthened considerably to QR14.79mn against QR7.54mn the previous day.
The Gulf institutions turned net profit booking increased perceptibly to QR7.14mn compared to QR5.98mn on May 2.
Local individual investors’ net buying weakened substantially to QR15.91mn against QR24.57mn on Wednesday.
However, domestic funds turned net buyers to the tune of QR2.69mn compared with net sellers of QR10.75mn the previous day.
Non-Qatari individuals were also net buyers to the extent of QR2.39mn against net profit takers of QR0.08mn on May 2.
The Gulf individuals turned net buyers to tune of QR0.95mn compared with net sellers of QR0.21mn on Wednesday.
Total trade volume fell 36% to 6.09mn shares and value by 3% to QR202.36mn, while transactions gained 5% to 3,916.
The market witnessed 73% plunge in the telecom sector’s trade volume to 1.02mn equities and 42% in value to QR23.47mn but on 5% jump in deals to 629.
The transport sector’s trade volume plummeted 62% to 0.34mn stocks, value by 60% to QR6.26mn and transactions by 47% to 242.
The industrials sector reported 43% shrinkage in trade volume to 1.23mn shares but on 2% rise in value to QR48.3mn despite 4% lower deals at 674.
The consumer goods sector’s trade volume tanked 17% to 0.29mn equities, value by 25% to QR26.96mn and transactions by 30% to 376.
However, there was 89% surge in the insurance sector’s trade volume to 0.17mn stocks, 99% in value to QR5.98mn and 57% in deals to 171.
The banks and financial services sector’s trade volume soared 51% to 1.84mn shares, value by 49% to QR76.83mn and transactions by 36% to 1,275.
The real estate sector saw 17% expansion in trade volume to 1.19mn equities, 2% in value to QR14.54mn and 42% in deals to 549.
In the debt market, there was no trading of treasury bills and sovereign bonds.