The Qatar Stock Exchange on Wednesday plunged 122 points to settle below 10,200 levels, mainly dragged by real estate, industrials and banking equities.
Foreign institutions turned net profit takers as the 20-stock Qatar Index settled 1.18% lower at 10,180.69 points, reflecting the weak global oil prices.
"A dip below 10,580 points would trigger additional weaknesses to 10,200 points and may be lower to 10,000 points," a Kamco technical analysis had 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.
However, domestic institutions were increasingly bullish on the market, whose sensitive index wiped off the gains made since beginning of this year to close 1.15% down.
Market capitalisation eroded 1.39% or more than QR8bn to QR581.04bn mainly owing to large and midcap segments.
Islamic equities were seen declining faster than the main index on the market, where local retail investors turned bullish.
Trade turnover and volumes were on the increase in the bourse, where telecom, industrials and banking sectors together accounted for more than 84% of the total volume.
The Total Return Index shed 1.18% to 18,023.39 points, All Share Index by 1.42% to 3,098.91 points and Al Rayan Islamic Index (Price) by 1.41% to 2,406.37 points.
The realty index plummeted 3.61%, industrials (1.53%), banks and financial services (1.37%), consumer goods (0.84%) and telecom (0.14%); while insurance and transport gained 1.63% and 1.13% respectively.
About 59% of the traded stocks were in the red with major losers being Ezdan, Qatar Islamic Bank, QNB, QIIB, al khaliji, Qatari German Company for Medical Devices, Zad Holding, Qatar National Cement, Qatar Industrial Manufacturing and Industries Qatar; even as Nakilat, Vodafone Qatar, Commercial Bank and Ahlibank Qatar were among the prime gainers.
Non-Qatari institutions turned net sellers to the tune of QR34.87mn against net buyers of QR12.96mn on February 11.
However, domestic funds’ net buying increased influentially to QR20.61mn compared to QR15.79mn on Monday.
Local individuals turned net buyers to the tune of QR9.32mn against net sellers of QR27.86mn the previous trading day.
The Gulf institutions’ net buying grew impressively to QR5.34mn compared to QR1.71mn on February 11.
Non-Qatari individual investors’ net buying strengthened marginally to QR0.4mn against QR0.22mn on Monday.
The Gulf individuals’ net profit booking declined considerably to QR0.83mn compared to QR2.82mn the previous trading day.
Total trade volume rose 64% to 9.68mn shares, value by 52% to QR306.72mn and transactions by 42% to 7,014.
The telecom sector’s trade volume grew almost six-fold to 3.73mn equities and value more than quadrupled to QR35.5mn on more than doubled deals to 859.
The insurance sector’s trade volume more than doubled to 0.16mn stocks and value soared 78% to QR5.56mn on almost tripled transactions to 243.
The banks and financial services sector saw 71% surge in trade volume to 2.04mn shares, 94% in value to QR152.39mn and 80% in deals to 2,175.
The transport sector’s trade volume shot up 42% to 0.27mn equities, value by 23% to QR6.69mn and transactions by 92% to 271.
There was 24% expansion in the industrials sector’s trade volume to 2.39mn stocks, 40% in value to QR67.78mn and 14% in deals to 2,272.
However, the consumer goods sector’s trade volume plummeted 45% to 0.21mn shares and value by 28% to QR21.63mn, whereas transactions shot up 55% to 332.
The real estate sector reported 40% plunge in trade volume to 0.89mn equities, 37% in value to QR17.16mn and 13% in deals to 862.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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