Increased selling pressure from foreign institutions on Tuesday extended bearish run in the Qatar Stock Exchange to the fourth consecutive day as capitalisation eroded by another QR3bn.

The insurance and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.43% or 44 points to 10,318.52 points.

Domestic and Gulf institutions’ weakened net buying interests also played its role in the market, whose key benchmark was up 0.19% year-to-date.

Market capitalisation saw a 0.5% decline to QR571.04bn mainly owing to microcap segments.

Islamic equities were seen declining slower than the other indices in the market, where local retail investors turned bullish.

Trade turnover fell amidst higher volumes in the bourse, where the industrials, banking, real estate and consumer goods sectors together accounted for about 89% of the total volume.

The Total Return Index declined 0.43% to 19,986.96 points, the Al Rayan Islamic Index (Price) by 0.18% to 2,330.05 points and the All Share Index by 0.41% to 3,032.59 points.

The insurance index plunged 2.78%, banks and financial services (0.66%) and industrials (0.55%); while telecom gained 1.78%, consumer goods (0.31%), transport (0.08%) and realty (0.04%).

More than 53% of the traded constituents were in the red with major losers being Qatar Insurance, Doha Insurance, QNB, Commercial Bank, Ahlibank Qatar, QIIB, Qatar Islamic Bank, Qatar First Bank, Mannai Corporation, Mesaieed Petrochemical Holding and Nakilat; even as Ooredoo, Gulf International Services, Qatari German Company for Medical Devices, Qatari Investors Group, Milaha and Gulf Warehousing were among the gainers.

Non-Qatari institutions’ net profit booking increased significantly to QR38.21mn against QR30.29mn on September 23.

Domestic institutions’ net buying declined perceptibly to QR20.09mn compared to QR27.7mn on Monday.

Gulf institutions’ net buying weakened noticeably to QR6.8mn against QR9.41mn the previous day.

Gulf individuals’ net buying shrank marginally to QR0.3mn compared to QR1.51mn on September 23.

However, non-Qatari individuals’ net buying increased considerably to QR6.17mn against QR0.91mn on Monday.

Local retail investors turned net buyers to the tune of QR4.84mn compared with net sellers of QR2.07mn the previous day.

Total trade volume rose 5% to 75.93mn shares, while value fell 11% to QR184.69mn despite 1% higher transactions at 5,851.

The insurance sector’s trade volume more than doubled to 2.03mn equities and value also more than doubled to QR5.77mn on a 55% growth in deals to 164.

The telecom sector’s trade volume almost doubled to 3.15mn stocks and value more than doubled to QR18.57mn on a 48% increase in transactions to 774.

The industrials sector’s trade volume almost doubled to 24.75mn shares, while value declined 3% to QR38.71mn despite 9% higher deals at 1,653.

The consumer goods sector reported a 16% surge in trade volume to 10.98mn equities, 26% in value to QR17.46mn and 6% in transactions to 591.

However, the real estate sector’s trade volume plummeted 38% to 15.53mn stocks, value by 21% to QR16.52mn and deals by 26% to 870.

The banks and financial services sector saw a 16% plunge in trade volume to 16.22mn shares, 31% in value to QR71.03mn and 6% in transactions to 1,525.

The transport sector’s trade volume was down 9% to 3.26mn equities and value by 16% to QR16.62mn, whereas deals were up 4% to 274.

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

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