The Qatar Stock Exchange continued its bearish spell for the third consecutive day on Thursday by more than 103 points to drive the benchmark below the 9,800 level on an across-the-board selling pressure.
Domestic and Gulf institutions were seen as profit takers as the 20-stock Qatar Index settled 1.04% down at five-month low of 9,781.18 points.
Local retail investors’ weakened net buying support also had its role in the market, whose sensitive index registered 5.03% shrinkage year-to-date.
Market capitalisation eroded more than 1%, or about QR8bn, to QR556.07bn mainly owing to large and midcap segments.
Islamic equities were seen declining faster than the main index in the market, where non-Qatari individuals and foreign institutions turned bullish.
Trade turnover and volumes were on the decline in the bourse, where the industrials, banking and real estate sectors together accounted for about 82% of the total volume.
The Total Return Index shed 0.75% to 17,704.74 points, the Al Rayan Islamic Index (Price) by 1.14% to 2,315.76 points and the All Share Index by 1.11% to 2,993.8 points.
The real estate index tanked 2.62%, followed by industrials (1.24%), banks and financial services (0.92%), telecom and transport (0.58% each), consumer goods (0.31%) and insurance (0.24%).
More than 71% of the traded constituents were in the red with major shakers being Ezdan, United Development Company, Qatar Electricity and Water, Industries Qatar, QNB, Qatari Investors Group, Qatar National Cement, Doha Bank, Ahlibank Qatar and Milaha; even as Nakilat, Mazaya Qatar, Gulf International Services and Mesaieed Petrochemical Holding were among the prime gainers.
Domestic institutions turned net sellers to the tune of QR11.89mn against net buyers of QR2.43mn on March 6.
Gulf funds were also net sellers to the extent of QR8.69mn compared with net buyers of QR3.22mn on Wednesday.
Gulf individuals turned net profit takers to the tune of QR0.36mn against net buyers of QR0.02mn the previous day.
Local retail investors’ net buying declined perceptibly to QR13.51mn compared to QR16.28mn on March 6.
However, non-Qatari individuals were net buyers to the extent of QR5.25mn against net sellers of QR5.84mn on Wednesday.
Non-Qatari funds turned net buyers to the tune of QR2.16mn compared with net profit takers of QR16.14mn the previous day.
Total trade volume was down 2% to 7.42mn shares and value by 8% to QR222.25mn, while transactions were up 4% to 5,839.
The telecom sector’s trade volume plummeted 32% to 0.52mn equities, value by 20% to QR14.56mn and deals by 34% to 448.
The transport sector reported a 27% plunge in trade volume to 0.22mn stocks and 23% in value to QR6.06mn but on 9% rise in transactions to 238.
The real estate sector’s trade volume tanked 23% to 1.27mn shares and value by 36% to QR20.81mn, whereas deals grew 5% to 955.
The consumer goods sector saw a 14% shrinkage in trade volume to 0.25mn equities, 26% in value to QR22.47mn and 20% in transactions to 372.
The banks and financial services sector’s trade volume was down 4% to 1.5mn stocks and value by 9% to QR62.48mn, while deals expanded 12% to 1,337.
However, the insurance sector’s trade volume more than doubled to 0.35mn shares and value more than doubled to QR11.61mn on a 67% surge in transactions to 338.
There was an 18% growth in the industrials sector’s trade volume to 3.31mn equities, 9% in value to QR84.26mn and 11% in deals to 2,151.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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