Banking, consumer goods sectors drive QSE to losses amid bearish sentiment
June 02 2019 08:13 PM

The Qatar Stock Exchange on Sunday opened the week weak with a 105-point decline, mainly dragged by the banking and consumer goods sectors.

Gulf institutions were seen bearish and there was substantially weakened buying interests from foreign funds as the 20-stock Qatar Index fell 1.02% to 10,168.14 points.

Both domestic funds and local retail investors continued to be net profit takers, but with lesser intensity, in the market, whose year-to-date losses were at 1.27%.

Market capitalisation eroded 1.3%, or more than QR7bn, to QR560.69bn mainly owing to large cap segments.

Islamic equities were seen declining slower than the main index in the market, where the Gulf individuals were seen marginally bullish.

Trade turnover and volumes were on the decline in the bourse, where the realty and industrials sectors together accounted for about 70% of the total volume.

The Total Return Index shed 1.02% to 18,720.24 points, the All Share Index by 1.11% to 3,012.41 points and the Al Rayan Islamic Index (Price) by 0.4% to 2,335.79 points.

The banks and financial services index shrank 1.82%, consumer goods (1.3%), real estate (0.45%), transport (0.41%), industrials (0.33%) and telecom (0.27%); while insurance gained 0.54%.

More than 63% of the traded constituents were in the red with major losers being QNB, Doha Bank, Commercial Bank, Al Khaliji, Mesaieed Petrochemical Holding, Mazaya Qatar, Barwa, Nakilat and Mannai Corporation; even as Gulf International Services, Qatar Islamic Insurance, Gulf Warehousing and Al Khaleej Takaful were among the prime gainers.

Gulf institutions turned net profit takers to the tune of QR8.31mn against net buyers of QR5.77mn on May 30.

Non-Qatari institutions’ net buying declined significantly to QR41.25mn compared to QR117.36mn the previous trading day.

However, Gulf individual investors turned net buyers to the extent of QR0.73mn against net sellers of QR0.15mn last Thursday.

Local retail investors’ net selling decreased considerably to QR5.9mn compared to QR58.14mn on May 30.

Domestic institutions’ net profit booking shrank influentially to QR24.16mn against QR52.53mn the previous trading day.

Non-Qatari individuals’ net selling also weakened noticeably to QR3.59mn compared to QR12.31mn last Thursday.

Total trade volume fell 74% to 9.58mn shares, value by 74% to QR197.35mn and transactions by 68% to 5,734.

The transport sector’s trade volume plummeted 83% to 0.16mn equities, value by 83% to QR3.72mn and deals by 80% to 65.

There was a 78% plunge in the realty sector’s trade volume to 4.5mn stocks, 79% in value to QR36.78mn and 72% in transactions to 2,737.

The banks and financial services sector’s trade volume tanked 77% to 1.39mn shares, value by 76% to QR75.8mn and deals by 75% to 837.

The consumer goods sector reported a 71% shrinkage in trade volume to 0.23mn equities, 59% in value to QR19.72mn and 69% in transactions to 188.

The industrials sector’s trade volume deflated 61% to 2.16mn stocks, value by 72% to QR45.75mn and deals by 44% to 1,545.

The telecom sector saw a a 53% contraction in trade volume to 0.92mn shares, 75% in value to QR8.84mn and 75% in transactions to 196.

The insurance sector’s trade volume declined 51% to 0.22mn equities, value by 47% to QR6.75mn and deals by 46% to 166.

In the debt market, there was no trading of treasury bills and sovereign bonds.

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