The Qatar Stock Exchange on Thursday went through a rollercoaster ride with the insurance, telecom and banking counters witnessing higher than average selling pressure to drag the main barometer by more than 21 points.
Gulf institutions were seen bearish and there was increased net selling by local retail investors as the 20-stock Qatar Index settled 0.2% lower at 10,420.02 points, although it touched an intraday high of near 10,460 points.
Non-Qatari funds’ weakened net buying interests also had its role in depressing the market, whose key benchmark is up 1.17% year-to-date.
Market capitalisation saw QR63mn, or 0.11%, decline to QR576.62bn mainly owing to microcap segments.
However, Islamic equities saw gains vis-à-vis declines in the other indices in the market, where domestic institutions turned bullish.
Trade turnover and volumes were on the increase in the bourse, where the industrials, realty and banking sectors together accounted for more than 83% of the total volume.
The Total Return Index fell 0.2% to 19,173.72 points and the All Share Index by 0.04% to 3,063.91 points, while the Al Rayan Islamic Index (Price) grew 0.36% to 2,355.08 points.
The insurance index tanked 1.05%, telecom (0.74%), banks and financial services (0.44%) and transport (0.03%); whereas real estate gained 1.12%, industrials (0.66%) and consumer goods (0.19%).
About 49% of the traded constituents were in the red with major losers being Qatar Insurance, Qatar General Insurance and Reinsurance, Ooredoo, Milaha, QNB, Masraf Al Rayan and Qatari German Company for Medical Devices.
Nevertheless, Qatari Investors Group, Qatar Industrial Manufacturing, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Commercial Bank, Ahlibank Qatar, Islamic Holding Group and Salam International Investment were among the gainers.
Gulf institutions turned net sellers to the tune of QR11.33mn against net buyers of QR2.18mn the previous day.
Local retail investors’ net selling increased perceptibly to QR14.14mn compared to QR10.9mn on Wednesday.
Gulf individuals’ net profit booking grew marginally to QR0.54mn against QR0.5mn on September 25.
Non-Qatari institutions’ net buying declined noticeably to QR12.33mn compared to QR21.96mn the previous day.
However, domestic funds turned net buyers to the extent of QR14.94mn against net sellers of QR8.31mn on Wednesday.
Non-Qatari individuals’ net profit booking weakened influentially to QR2mn compared to QR4.45mn on September 25.
Total trade volume rose 6% to 99.42mn shares, value by 6% to QR243.74mn and transactions by 7% to 7,348.
The real estate sector’s trade volume more than doubled to 22.85mn equities, value grew 31% to QR20.51mn and deals by 63% to 863.
The insurance sector reported a 77% surge in trade volume to 2.53mn stocks, 71% in value to QR6.85mn and 23% in transactions to 236.
The industrials sector’s trade volume soared 42% to 40.75mn shares, value by 51% to QR74.68mn and deals by 5% to 2,430.
However, there was a 62% plunge in the consumer goods sector’s trade volume to 6.66mn equities and 43% in value to QR20.99mn but on 26% jump in transactions to 835.
The transport sector’s trade volume plummeted 52% to 2.89mn stocks, value by 48% to QR13.5mn and deals by 55% to 231.
The banks and financial services sector saw a 19% shrinkage in trade volume to 19.31mn shares but on a 9% increase in value to QR83.82mn and 17% in transactions to 1,880.
The telecom sector’s trade volume tanked 18% to 4.44mn equities, while value rose shot up 15% to QR23.4mn despite 16% lower deals at 873.
In the debt market, there was no trading of treasury bills and sovereign bonds.
