An across-the-board selling – notably within banking and telecom sectors – led the Qatar Stock Exchange to close in the negative on Thursday.
Domestic funds’ increased net selling pressure drove the 20-stock Qatar Index down 0.8% to 10,412.51 points.
Foreign institutions’ substantially weakened buying interests also played its part in depressing the market, which is however up 22.16% year-to-date.
Market capitalisation eroded about QR6bn, or 0.97%, to QR593.97bn, mainly owing to large cap segment.
Islamic equities were seen declining slower than the other indices in the market, where local, Gulf and non-Qatari retail investors turned bullish.
Trade turnover and volumes were on the rise in the bourse, where the industrials sector alone accounted for about 69% of the total volume.
The Total Return Index shed 0.8% to 18,345.69 points, the Al Rayan Islamic Index (Price) by 0.75% to 2,410.54 points and the All Share Index by 0.96% to 3,100.01 points.
The banks and financial services index shrank 1.46%, followed by telecom (0.98%), consumer goods (0.82%), real estate (0.62%), transport (0.58%), industrials (0.31%) and insurance (0.2%).
More than 77% of the traded stocks were in the red with major losers being Doha Bank, QNB, Ahlibank, Masraf Al Rayan, QIIB, Qatar Oman Investment, Qatari German Company for Medical Devices, Aamal Company, Mesaieed Petrochemical Holding, Ooredoo, Ezdan, United Development Company and Mazaya Qatar; even as Qatar Aluminium Manufacturing, Widam Food and Medicare Group were among the gainers.
Domestic institutions’ net profit booking increased significantly to QR34.97mn compared to QR2.68mn on Wednesday.
Non-Qatari funds’ net buying weakened considerably to QR6.45mn against QR92.39mn the previous day.
However, local individuals turned net buyers to the tune of QR2.81mn compared with net sellers of QR88.96mn on December 19.
Non-Qatari individuals were net buyers to the extent of QR2.53mn against net sellers of QR1.89mn on Wednesday.
Gulf institutions’ net buying increased perceptibly to QR2.26mn compared to QR1.81mn the previous day.
Gulf individuals turned net buyers to the tune of QR0.86mn against net profit takers of QR0.68mn on December 19.
Total trade volume rose 34% to 27.24mn shares and value by 76% to QR664.88mn, while transactions fell 4% to 13,056.
The insurance sector’s trade volume almost quadrupled to 0.26mn equities and value more than quadrupled to QR9.69mn on a 48% increase in deals to 144.
The consumer goods sector’s trade volume more than doubled to 0.49mn stocks and value more than quadrupled to QR29.52mn on more-than-doubled transactions to 503.
The banks and financial services sector’s trade volume more than doubled to 4.2mn shares and value also more than doubled to QR221.01mn on a 4% growth in deals to 1,693.
The real estate sector reported an 82% surge in trade volume to 2.33mn equities to double value to QR45.28mn but on a 31% decline in transactions to 611.
The telecom sector’s trade volume soared 47% to 0.72mn stocks and value more than doubled to QR17.89mn on 18% rise in deals to 376.
There was an 18% expansion in the industrials sector’s trade volume to 18.72mn shares and 47% in value to QR327.31mn but on a 7% fall in transactions to 9,388.
The transport sector’s trade volume was up 4% to 0.51mn equities, value by 26% to QR14.18mn and deals by 6% to 341.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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