Real estate, banking, consumer goods witness higher-than-average selling pressure
May 24 2019 08:03 PM

The Qatar Stock Exchange witnessed more than 141 points erosion in the key index and more than QR11bn in capitalisation this week.

The profit booking pressure from local retail investors and domestic institutions was instrumental in further weakening the bourse this week which saw Qatar's industrial production presented a pessimistic view both month-on-month and year-on-year this March.

The real estate, banking and consumer goods counters witnessed higher-than-average selling pressure this week which saw Al Koot Insurance and Reinsurance, a subsidiary of Gulf International Services, will provide health insurance cover to Qatar Airways' employees and their families.

However, foreign institutions turned bullish amidst 1.43% decline in the 20-stock Qatar Index this week which saw the conventional stock brokerage houses — The Group Securities, QNBFS and CBQIS together accounted for more than 67% of the total share trade turnover on the QSE during January-April this year.

Non-Qatari individuals continued to be net sellers but with less vigour this week which saw as many as 36,579 Masraf Al Rayan sponsored exchange traded fund QATR valued at QR0.79mn trade across 44 deals.

Islamic stocks were seen declining slower than the other indices in the market this week which saw a total of 37,581 Doha Bank sponsored QETF valued at QR3.66mn across 32 transactions.

Market capitalisation eroded 2.09% to QR538.19bn mainly on large and midcap segments this week.

More than 65% of the traded constituents were in the red with major losers being Ezdan, Mazaya Qatar, Milaha, Barwa, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Al Khaliji, Qatar First Bank and Woqod; even as Gulf International Services, Mesaieed Petrochemical Holding, Qatari Investors Group and Al Khaleej Takaful were among the prime gainers this week.

The Total Return Index declined 1.43%, Al Rayan Islamic Index (Price) 0.83% and All Share Index 2.41% this week which saw industrials and real estate sectors accounted for about 70% of the total trade volume.

The realty index plummeted 6.02%, banks and financial services (3.52%), consumer goods (2.94%, transport (1.13%), insurance (0.74%) and telecom (0.67%); while industrials gained 1.55% this week.

The industrials sector accounted for 48% of the total volume, real estate (22%), banks and financial services (15%), consumer goods (7%), telecom (4%), transport (3%) and insurance (1%) this week.

In terms of value, industrials’ share was 46%, banks and financial services (20%), consumer goods (18%), realty (9%), transport (3%), and telecom and insurance (2% each) this week.

Local retail investors turned net sellers to the tune of QR72.19mn against net buyers of QR5.19mn the week ended May 16.

Domestic funds were also net sellers to the extent of QR50.57mn compared with net buyers of QR149.89mn the previous week.

However, foreign institutions turned net buyers to the tune of QR126.51mn against net sellers of QR149.12mn a week ago.

Non-Qataris’ net profit booking declined noticeably to QR3.57mn compared to QR6.15mn the week ended May 16.

Total trade volume fell 18% to 72.65mn shares and value by 7% to QR1.79bn, while transactions were up 1% to 45,373 this week.

The telecom sector’s trade volume plummeted 58% to 2.68mn equities, value by 49% to QR36.55mn and deals by 30% to 1,885.

The banks and financial sector saw 43% plunge in trade volume to 10.62mn stocks, 37% in value to QR357.2mn and 45% in transactions to 5,964.

The real estate sector’s trade volume tanked 28% to 16.06mn shares and value by 31% to QR165.64mn, whereas deals grew 51% to 15,698.

The consumer goods sector’s trade volume was down 4% to 5.13mn equities, while value rose less than 1% to QR325.2mn despite 6% lower transactions at 3,293.

However, the insurance sector’s trade volume increased 14% to 1.05mn stocks and value by 3% to QR28.49mn, while deals declined 24% to 807.

There was 8% expansion in the transport sector’s trade volume to 2.49mn shares but on 9% decline in value to QR57.95mn and 14% in transactions to 1,345.

The industrials sector’s trade volume grew 6% to 34.63mn equities, value by 30% to QR815.81mn and deals by 10% to 16,381.

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