Hit by strong selling pressure, especially from Gulf and domestic institutions, the Qatar Stock Exchange on Tuesday lost 52 points to settle below 10,000 levels.
Real estate, banking and transport counters witnessed higher than average selling, which led the 20-stock Qatar Index settle 0.52% lower at 9,982.25 points.
Non-Qatari individuals’ increased selling pressure also had its role on the market, whose sensitive index registered 3.08% erosion year-to-date.
Market capitalisation shed 0.74% or more than QR4bn to QR565.38bn mainly owing to large and midcap segments.
Islamic equities were seen declining slower than the main index on the market, where local retail investors’ profit booking weakened.
Trade turnover and volumes were on the decline on the bourse, where industrials, realty and banking sectors together accounted for more than 83% of the total volume.
The Total Return Index shed 0.52% to 17,672.08 points, All Share Index by 0.72% to 3,002.23 points and Al Rayan Islamic Index (Price) by 0.32% to 2,380.68 points.
The real estate index tanked 1.91%, banks and financial services (0.81%), transport (0.6%), industrials (0.45%) and telecom (0.36%); while consumer goods and insurance gained 0.86% and 0.16% respectively.
More than 61% of the traded stocks were in the red with major losers being Ezdan, United Development Company, Barwa, Milaha, Qatar Insurance, Qatari Investors Group, QNB, Commercial Bank, Masraf Al Rayan, Qatari German Company for Medical Devices, Mannai Corporation and Salam International Investment; even as Islamic Holding Group, Woqod, Gulf Warehousing and Al Khaleej Takaful were among the prime gainers.
The Gulf institutions turned net sellers to the tune of QR9.61mn against net buyers of QR36mn the previous day.
Domestic funds were also net profit takers to the extent of QR8.85mn compared with net buyers of QR2.79mn on Monday.
Non-Qatari individual investors’ net selling increased marginally to QR2.82mn against QR2.67mn on February 18.
Non-Qatari institutions’ net buying weakened noticeably to QR28.02mn compared to QR36.86mn the previous day.
However, the Gulf individuals turned net buyers to the tune of QR1.4mn against net profit takers of QR0.34mn on Monday.
Local individuals’ net profit booking eased considerably to QR8.14mn compared to QR72.57mn on February 18.
Total trade volume fell 19% to 8.87mn shares, value by 14% to QR263.32mn and transactions by 11% to 5,541.
The transport sector’s trade volume plummeted 73% to 0.17mn equities, value by 68% to QR3.88mn and deals by 35% to 133.
The banks and financial services sector saw 41% plunge in trade volume to 1.52mn stocks, 18% in value to QR81.69mn and 28% in transactions to 880.
The insurance sector’s trade volume tanked 33% to 0.14mn shares, value by 27% to QR4.41mn and deals by 26% to 145.
The industrials sector reported 29% shrinkage in trade volume to 3.52mn equities, 23% in value to QR70.55mn and 19% in transactions to 2,147.
The consumer goods sector’s trade volume declined 24% to 0.47mn stocks, value by 11% to QR56.32mn and deals by 11% to 469.
However, there was 61% surge in the telecom sector’s trade volume to 0.71mn shares but on 19% contraction in value to QR7.25mn and 24% in transactions to 277.
The real estate sector’s trade volume soared 59% to 2.34mn equities, value by 58% to QR39.22mn and deals by 38% to 1,490.
In the debt market, there was no trading of treasury bills and sovereign bonds.