The Qatar Stock Exchange on Wednesday witnessed a huge selloff, especially in industrials and consumer goods, resulting in 128 points decline in the key benchmark, which settled way below 10,200 levels.
Foreign funds’ increased net selling pressure led the 20-stock Qatar Index plunge 1.25% for the fourth consecutive day to 10,123.4 points.
A Kamco technical analysis suggests that medium-term and long-term investors can stay in the market with a stop-loss below 10,200 points and 9,700 points, respectively. The weakened buying interests of domestic institutions also dampened the market, whose sensitive index is down 1.71% year-to-date.
Market capitalisation eroded about QR6bn or 1.02% to QR566.38bn mainly owing to mid large and small cap segments.
Islamic equities were seen under-performing the market, where local retail investors however turned net buyers.
Trade turnover and volumes were on the increase on the bourse, where industrials, banking and realty sectors together accounted for more than 85% of the total volume.
The Total Return Index shed 1.25% to 18,627.91 points, All Share Index by 1.04% to 3,078.29 points and Al Rayan Islamic Index (Price) by 1.36% to 2,303.71 points.
The industrials index tanked 1.63%, consumer goods (1.3%), banks and financial services (1.08%), realty (0.72%), transport (0.64%) and telecom (0.6%); whereas insurance gained 0.73%.
More than 82% of the traded constituents were in the red with major losers being Industries Qatar, Woqod, Qatar Islamic Bank, Commercial Bank, Doha Bank, QIIB, Dlala, Gulf International Services, Mazaya Qatar, Barwa, Vodafone Qatar, Gulf Warehousing and Nakilat; even as Milaha, Qatar Insurance, Qatar National Cement and Qatari German Company for Medical Devices were among the prime gainers.
Non-Qatari institutions’ net profit booking increased significantly to QR23.4mn against QR7.38mn on Tuesday.
The Gulf individual investors’ net selling grew marginally to QR0.67mn compared to QR0.27mn on May 7.
Domestic institutions’ net buying declined considerably to QR3.94mn against QR14.42mn the previous day.
However, local retail investors’ net buying grew noticeably to QR22.39mn compared to QR0.76mn on Tuesday.
Non-Qatari individuals’ net selling declined significantly to QR2.05mn against QR5.81mn on Tuesday.
The Gulf institutions’ net profit booking decreased perceptibly to QR0.21mn compared to QR1.56mn the previous day.
Total trade volume grew 39% to 8.82mn shares, value by 47% to QR230.13mn and transactions by 58% to 5,404.
The insurance sector’s trade volume grew more than six-fold to 0.13mn equities and value also by more than six-fold to QR3.92mn on more than doubled deals to 155.
The banks and financial services sector saw a 64% surge in trade volume to 2.5mn stocks and 40% in value to QR101.86mn on more than doubled transactions to 1,531.
The telecom sector’s trade volume soared 50% to 0.57mn shares, value by 21% to QR6.93mn and deals by 21% to 312.
There was a 35% increase in the industrials sector’s trade volume to 3.23mn equities, 93% in value to QR69.93mn and 56% in transactions to 1,888.
The consumer goods sector’s trade volume shot up 31% to 0.21mn stocks, value by 1% to QR14.66mn and deals by 63% to 263.
The realty sector reported a 21% expansion in trade volume to 1.81mn shares, 38% in value to QR23.86mn and 37% in transactions to 1,110.
Although the transport sector’s trade volume was flat at 0.37mn equities, value was down 1% to QR8.96mn and deals by 8% to 145.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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