Gulf funds turned bearish on QSE after four days of bull run
October 21 2018 08:50 PM

The Qatar Stock Exchange on Sunday opened the week weak, after four consecutive days of bullish run, on an across-the-board selling, notably in the realty, insurance and banking sectors.

The Gulf funds turned bearish and there was substantially weakened net buying from foreign institutions as the 20-stock Qatar Index declined 0.38% to 10,154.21 points, which is, however, up 19.13% year-to-date.

Large and midcap segments witnessed stronger selling pressure, resulting in market capitalisation shed more than QR2bn or 0.39% to QR567.04bn.

However, local retail investors’ net selling was seen weakening on the market, where Islamic stocks were seen declining slower than the other indices.

Doha Bank sponsored exchange traded fund QETF saw marginal 0.05% decline, while Masraf Al Rayan sponsored QATR reported 0.21% gains.

Trade turnover and volume were on the decline in the bourse, where real estate and banking sectors together accounted for about three-fourth of the total volume.

The Total Return Index shrank 0.38% to 17,890.58 points, Al Rayan Islamic Index (Price) by 0.3% to 2,399.6 points and All Share Index by 0.43% to 2,979.56 points.

The realty index declined 0.82%, insurance (0.43%), banks and financial services (0.42%), consumer goods (0.33%), industrials (0.31%), transport (0.26%) and telecom (0.2%).

About 54% of the traded stocks were in the red with major losers being Ezdan, Qatar Islamic Bank, Doha Bank, Qatar First Bank, Qatar Oman Investment, Widam Food, Qatar Electricity and Water, Ooredoo and Nakilat; while Mazaya Qatar, Qatar Islamic Insurance, QIIB and Medicare Group were among the gainers.

The Gulf institutions turned net sellers to the extent of QR8.9mn against net buyers of QR3.18mn the previous trading day.

Non-Qatari institutions’ net buying declined significantly to QR8.77mn compared to QR36.21mn on October 18.

Domestic institutional investors’ net buying also weakened perceptibly to QR2.9mn against QR6.21mn last Thursday.

However, non-Qatari individuals turned net buyers to the tune of QR6.28mn compared with net sellers of QR2.67mn the previous trading day.

Local individual investors’ net profit booking shrank substantially to QR7.07mn against QR42.66mn on October 18.

The Gulf individual investors’ net selling expanded influentially to QR2mn compared to QR0.27mn on Thursday.

Total trade volume fell 3% to 4.45mn shares, value by 51% to QR89.35mn and transactions by 52% to 2,005.

The consumer goods sector’s trade volume plummeted 59% to 0.09mn equities, value by 64% to QR7.69mn and deals by 56% to 186.

The market witnessed 57% plunge in the insurance sector’s trade volume to 0.1mn stocks, 74% in value to QR2.11mn and 65% in transactions to 78.

The telecom sector’s trade volume tanked 35% to 0.26mn shares, value by 39% to QR4.82mn and deals by 56% to 128.

The banks and financial services sector saw 25% shrinkage in trade volume to 1.47mn equities, 71% in value to QR27.41mn and 67% in transactions to 602.

The industrials sector’s trade volume shrank 20% to 0.4mn stocks, value by 17% 1% to QR23.47mn and deals by 310% to 365.

However, there was 88% surge in the real estate sector’s trade volume to 1.86mn shares and 16% in value to QR16.9mn; whereas transactions fell 13% to 474.

The transport sector’s trade volume was flat at 0.27mn equities, while value was up 6% to QR6.94mn despite 47% lower deals at 172.

In the debt market, there was no trading of treasury bills and sovereign bonds.

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