Foreign institutions on Thursday turned profit takers to extend the bearish run on the Qatar Stock Exchange to the third straight session as its key index plunged 179 points to settle a tad above 10,500 levels. Capitalisation fell more than QR9bn.
An across-the-board selling, particularly in the transport and insurance sectors, led the 20-stock Qatar Index to fall 1.67% to 10,505.19 points.
"A dip below 10,580 points would trigger additional weaknesses to 10,200 points and may be lower to 10,000 points," Kamco said, suggesting that medium-term and long-term investors can stay in the market as long as the index is closing above 10,000 points and 9,500 points, respectively.
There was however increased buying interests from non-Qatari individuals and the bullish outlook of domestic and Gulf institutions in the market, whose sensitive index is up 2% year-to-date.
Market capitalisation shed 1.48% to QR604.3bn mainly owing to large and midcap segments.
Islamic equities were seen declining slower than the main index in the market, where local retail investors continued to be net sellers but with lesser intensity.
Trade turnover and volumes were on the decline in the bourse, where the real estate, industrials and banking sectors together accounted for about 80% of the total volume.
The Total Return Index fell 1.67% to 18,508.98 points, the All Share Index by 1.47% to 3,190.04 points and the Al Rayan Islamic Index (Price) by 1.61% to 2,468.39 points.
The transport index plummeted 2.86%, followed by insurance (2.37%), industrials (1.62%), realty (1.54%), banks and financial services (1.29%), consumer goods (0.84%) and telecom (0.79%).
More than 84% of the traded stocks were in the red with major losers being Nakilat, United Development Company, Barwa, Qatar Insurance, Qatari Investors Group, Industries Qatar, Mesaieed Petrochemical Holding, Al Meera, QNB, Commercial Bank, Doha Bank and QIIB; even as Qatari German Company for Medical Devices, Islamic Holding Group, Gulf Warehousing and Qatar First Bank were among the prime gainers.
Non-Qatari institutions turned net sellers to the tune of QR0.17mn against net buyers of QR62.67mn on February 6.
However, non-Qatari individuals’ net buying increased significantly to QR8.18mn compared to QR0.95mn on Wednesday.
Domestic institutions were net buyers to the extent of QR3.18mn against net sellers of QR3.11mn the previous day.
Gulf institutions were also net buyers to the tune of QR2.66mn compared with net sellers of QR30.65mn on February 6.
Gulf individual investors’ net buying strengthened marginally to QR0.14mn against QR0.08mn on Wednesday.
Local individuals’ net profit booking declined substantially to QR13.98mn compared to QR30.16mn the previous day.
Total trade volume fell 5% to 8.62mn shares, value by 22% to QR206.5mn and transactions by 16% to 5,116.
The insurance sector’s trade volume plummeted 44% to 0.19mn equities, value by 45% to QR6.62mn and deals by 34% to 159.
The industrials sector reported a 44% plunge in trade volume to 1.96mn stocks, 36% in value to QR43.83mn and 29% in transactions to 1,615.
The telecom sector’s trade volume tanked 41% to 0.74mn shares, value by 70% to QR14.99mn and deals by 72% to 428.
The banks and financial services sector saw a 29% shrinkage in trade volume to 1.44mn equities, 39% in value to QR52.19mn and 16% in transactions to 773.
The consumer goods sector’s trade volume shrank 27% to 0.37mn stocks, value by 12% to QR16.09mn and deals by 14% to 284.
However, the transport sector’s trade volume almost tripled to 0.47mn shares and value more than doubled to QR12.99mn on a 52% increase in transactions to 215.
The real estate sector’s trade volume almost tripled to 3.46mn equities and value more than doubled to QR59.78mn on more-than-doubled deals to 1,642.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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