Bearish outlook of Gulf, foreign institutions drives QSE down
September 05 2019 07:51 PM

The Qatar Stock Exchange on Thursday fell for the second straight session, mainly on bearish outlook of the Gulf and foreign institutions.

The real estate, banking and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.41% lower at 10,253.19 points.

However, domestic institutions and Gulf individuals were increasingly net buyers in the market, whose key benchmark registered 0.44% declines year-to-date.

Market capitalisation saw more than QR3bn, or 0.55%, erosion to QR565.3bn mainly owing to mid and small cap segments.

Islamic equities were seen declining slower than the main index in the market, where local retail investors continued to be net sellers but with lesser vigour.

Trade turnover was down amidst higher volumes in the bourse, where the banking, real estate and banking sectors together accounted for more than 73% of the total volume.

The Total Return Index shed 0.41% to 18,866.74 points, the All Share Index by 0.55% to 3,003.56 points and the Al Rayan Islamic Index (Price) by 0.4% to 2,317.08 points.

The realty index declined 1.55%, banks and financial services (0.97%) and industrials (0.66%); whereas telecom gained 1.89%, consumer goods (0.99%), insurance (0.7%) and transport (0.53%).

Major losers included Ezdan, United Development Company, QNB, Commercial Bank, Masraf Al Rayan, Alijarah Holding, Qatari Investors Group, Gulf International Services, Mesaieed Petrochemical Holding, Doha Insurance and Milaha; even as Dlala, Salam International Investment, Qatar General Insurance and Reinsurance, Al Khaleej Takaful, Ooredoo, Vodafone Qatar, Gulf Warehousing and Nakilat were among the gainers.

Gulf institutions turned net sellers to the tune of QR15.82mn against net buyers of QR10.32mn on September 4.

Non-Qatari funds were also net sellers to the extent of QR4.93mn compared with net buyers of QR8.94mn on Wednesday.

However, domestic institutions’ net buying increased noticeably to QR25.71mn against QR17.35mn the previous day.

Gulf individuals turned net buyers to the tune of QR5.28mn compared with net sellers of QR2.46mn on September 4.

Non-Qatari individuals were also net buyers to the extent of QR0.46mn against net sellers of QR7.58mn on Wednesday.

Local retail investors’ net profit booking declined substantially to QR10.67mn compared to QR26.54mn the previous day.

Total trade volume rose 3% to 75.98mn shares, while value fell 3% to QR268.12mn and transactions by 23% to 6,264.

The insurance sector’s trade volume more than doubled to 6.04mn equities and value also more than doubled to QR13.43mn but on a 42% contraction in deals to 380.

The telecom sector reported a a 16% surge in trade volume to 4.27mn stocks but on a a 15% fall in value to QR13.35mn and 25% in transactions to 517.

The industrials sector’s trade volume was up 1% to 10.36mn shares and value by 2% to QR39.89mn, while deals shrank 19% to 1,365.

However, the market witnessed a 14% plunge in the consumer goods sector’s trade volume to 3.79mn equities, 34% in value to QR28.46mn and 13% in transactions to 544.

The transport sector’s trade volume plummeted 13% to 6.24mn stocks and value by 12% to QR17.9mn, whereas deals more than doubled to 475.

There was a 3% fall in the real estate sector’s trade volume to 15.29mn shares, 12% in value to QR14.9mn and 61% in transactions to 637.

The banks and financial services sector’s trade volume was down less than 1% to 29.98mn equities, while value grew 4% to QR140.19mn despite 11% lower deals to 2,346.

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

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