The Qatar Stock Exchange on Wednesday continued its bearish run for the fifth straight session to settle below 9,100 levels, mainly on increased selling pressure from domestic funds.
Five of the sectors, especially industrials, came under profit-booking as the 20-stock Qatar Index fell 0.88% to 9,080.24 points.
Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR witnessed 0.43% and 2.66% decline respectively.
Islamic stocks were seen declining faster than the other indices in the market, which is, however, up 6.53% year-to-date.
Gulf institutions’ weakened net buying also had its role in depressing the bourse, whose capitalisation shed 0.65% to QR501.64bn mainly due to largecap stocks.
Trade turnover grew amidst lower volumes in the market, where the banking, transport and telecom sectors together accounted for about 79% of the total volume.
The Total Return Index shrank 0.88% to 15,998.38 points, the All Share Index by 0.59% to 2,665 points and the Al Rayan Islamic Index (Price) by 1.14% to 2,213.25 points.
The industrials index tanked 1.36%, followed by banks and financial services (0.64%), realty (0.64%), consumer goods (0.59%) and telecom (0.12%); whereas transport and insurance gained 1.67% and 0.26% respectively.
More than 58% of the traded stocks were in the red with major losers being Industries Qatar, Barwa, United Development Company, QNB, Qatar Islamic Bank, Masraf Al Rayan, Ahlibank, Qatar First Bank and Milaha; even as Nakilat, Commercial Bank, QIIB, Widam Food, Qatar Insurance and Vodafone Qatar were among the gainers.
Domestic institutions’ net profit-booking grew significantly to QR178.73mn against QR145.77mn on June 12.
The Gulf individuals turned net sellers to the tune of QR0.52mn compared with net buyers of QR0.42mn on Tuesday.
Non-Qatari individual investors were net sellers to the extent of QR1.04mn against net buyers of QR0.04mn the previous day.
Gulf institutions’ net buying weakened considerably to QR4.18mn compared to QR12.59mn on June 12.
However, non-Qatari institutions’ net buying grew marginally to QR167.88mn against QR167.64mn on Tuesday.
Local individual investors turned net buyers to the tune of QR8.24mn compared with net sellers of QR34.27mn the previous day.
Total trade volume fell 20% to 6.75mn shares, while value rose 6% to QR401.73mn despite 10% lower transactions at 4,118.
The consumer goods sector’s trade volume plummeted 53% to 0.08mn equities, value by 66% to QR5.62mn and deals by 25% to 132.
The real estate sector reported a 41% plunge in trade volume to 0.52mn stocks, 12% in value to QR9.95mn and 35% in transactions to 299.
The insurance sector’s trade volume tanked 27% to 0.24mn shares, value by 27% to QR9.3mn and deals by 28% to 165.
The industrials sector saw a 26% shrinkage in trade volume to 0.61mn equities but on a 45% increase in value to QR53.47mn and 16% in transactions to 841.
The banks and financial services sector’s trade volume declined 19% to 2.88mn stocks, while value grew 9% to QR286.09mn and deals by 11% to 1,934.
There was an 18% slump in the telecom sector’s trade volume to 1.02mn shares, 10% in value to QR14.71mn and 33% in transactions to 287.
However, the transport sector’s trade volume was up 1% to 1.4mn equities but on a 6% fall in value to QR22.59mn and 44% in deals to 460.
In the debt market, there was no trading of treasury bills and sovereign bonds.