An across-the-board selling – particularly in telecom, real estate, banking and industrials – on Tuesday snapped two consecutive days of bullish run in the Qatar Stock Exchange and its key barometer shrank 114 points.
Foreign funds’ increased net selling was primarily instrumental in the 1.26% decline in the 20-stock Qatar Index to 8,870.16 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF reported 5.92% and 8.92% declines respectively.
Domestic funds and non-Qatari individuals turned bearish in the market, which is however up 4.07% year-to-date.
Selling was seen more pronounced within mid and small cap segments in the bourse, whose capitalisation eroded 1.48% to QR489.95bn.
Trade turnover and volumes were on the decline in the market, where industrials and telecom sectors together accounted for more than 69% of the total volume.
The Total Return Index fell 1.26% to 15,628.24 points, All Share Index by 1.36% to 2,599.42 points and Al Rayan Islamic Index (Price) by 0.86% to 2,214.03 points.
The telecom index tanked 2.01%, realty (1.9%), banks and financial services (1.5%), industrials (1.42%), insurance (0.38%), transport (0.32%) and consumer goods (0.05%).
About 73% of the traded stocks were in the red with major losers being Industries Qatar, Ooredoo, Vodafone Qatar, QNB, Masraf Al Rayan, Qatar Oman Investment, Qatari Investors Group, Gulf International Services, Aamal Company, Ezdan, Barwa and Mazaya Qatar; even as Doha Bank and Gulf Warehousing were among the losers.
Non-Qatari institutions’ net profit booking increased perceptibly to QR3.24mn against QR1.82mn on May 7.
Non-Qatari individuals turned net sellers to the tune of QR1.59mn compared with net buyers of QR1.12mn on Monday.
Domestic institutions were also net sellers to the extent of QR1.1mn against net buyers of QR9.05mn the previous day.
The Gulf individuals’ net profit booking strengthened marginally to QR0.7mn compared to QR0.15mn on May 7.
However, the Gulf institutions’ net buying strengthened considerably to QR5.69mn against QR1.21mn on Monday.
Local individual investors turned net buyers to the tune of QR0.99mn compared with net sellers of QR9.43mn the previous day.
Total trade volume fell 28% to 9.14mn shares, value by 11% to QR189.56mn and transactions by 17% to 3,039.
There was 76% plunge in the consumer goods sector’s trade volume to 0.16mn equities, 46% in value to QR12.24mn and 47% in deals to 185.
The transport sector’s trade volume plummeted 57% to 0.41mn stocks, value by 47% to QR8.08mn and transactions by 38% to 260.
The banks and financial services sector saw 42% shrinkage in trade volume to 1.37mn shares but on 1% rise in value to QR52.91mn despite 9% lower deals at 863.
The telecom sector’s trade volume tanked 35% to 3.06mn equities, value by 37% to QR34.64mn and transactions by 49% to 385.
However, the insurance sector reported 57% surge in trade volume to 0.11mn stocks, 68% in value to QR3.92mn and 10% in deals to 87.
The industrials sector’s trade volume was up 3% to 3.26mn shares, value by 24% to QR67.89mn and transactions by 20% to 933.
The market witnessed 3% jump in the real estate sector’s trade volume to 0.78mn equities and 1% in value to QR9.88mn but on 2% fall in deals to 326.
In the debt market, there was no trading of treasury bills and sovereign bonds.