The Qatar Stock Exchange on Wednesday lost 75 points, mainly dragged by industrials, telecom and consumer goods equities, and its key index retreated below 10,400 levels.
Gulf funds were increasingly net sellers and their foreign counterparts turned bearish as the 20-stock Qatar Index settled 0.72% lower at 10,359.84 points, although it remained above 10,420 points in the first few minutes of trading.
Domestic institutions’ weakened buying interests also had its role in dampening sentiments in the market, whose key benchmark is up 0.59% year-to-date.
Market capitalisation saw more than QR4bn, or 0.73%, erosion to QR574.57bn mainly owing to mid and microcap cap segments.
Islamic equities were declining faster than the other indices in the market, where gulf, non-Qatari and local retail investors turned bullish.
Trade turnover and volumes were on the decline in the bourse, where industrials alone accounted for more than 63% of the total volume.
The Total Return Index fell 0.72% to 19,062.98 points, the All Share Index by 0.61% to 3,056.2 points and the Al Rayan Islamic Index (Price) by 1.16% to 2,325.31 points.
The industrials index declined 1.76%, telecom (1.45%), consumer goods (1.1%), insurance (0.45%), transport (0.34%) and banks and financial services (0.15%); while realty was up 0.05%.
About 57% of the traded constituents were in the red with major losers being Industries Qatar, Mesaieed Petrochemical Holding, Qatari Investors Group, Qatar Electricity and Water, Aamal Company, Ahlibank Qatar, Medicare Group, Ooredoo and Woqod; even as Doha Bank, Alijarah Holding, Qatari German Company for Medical Devices, Mannai Corporation and United Development Company were among the gainers.
Gulf institutions’ net profit booking increased influentially to QR9.38mn against QR0.8mn the previous day.
Non-Qatari institutions turned net sellers to the tune of QR2.25mn compared with net buyers of QR20.52mn on Tuesday.
Domestic institutions’ net buying declined noticeably to QR7.42mn against QR9.38mn on October 1.
However, Gulf individuals were net buyers to the extent of QR2.6mn compared with net sellers of QR0.29mn the previous day.
Non-Qatari individuals were also net buyers to the tune of QR1.42mn against net sellers of QR0.44mn on Tuesday.
Local retail investors turned net buyers to the extent of QR0.21mn compared with net profit takers of QR28.37mn on October 1.
Total trade volume fell less than 1% to 125.82mn shares and value by 15% to QR206.08mn, while transactions grew 23% to 7,524.
The insurance sector’s trade volume plummeted 74% to 2.03mn equities, value by 63% to QR6.22mn and deals by 46% to 159.
The banks and financial services sector saw a 15% plunge in trade volume to 16.25mn stocks and 31% in value to QR60.76mn but on 6% growth in transactions to 1,334.
The transport sector’s trade volume was down 1% to 1.62mn shares, value by 29% to QR4.61mn and deals by 20% to 113.
However, the consumer goods sector reported a 63% surge in trade volume to 7.48mn equities but on a 24% decline in value to QR24.43mn despite 5% higher transactions at 686.
The telecom sector’s trade volume soared 46% to 2.85mn stocks and value by 17% to QR10.91mn on more-than-doubled deals to 548.
There was a 5% increase in the real estate sector’s trade volume to 15.96mn shares and 10% in value to QR16.81mn on more than tripled transactions to 1,831.
The industrials sector’s trade volume was up 5% to 79.62mn equities and value by 8% to QR82.32mn, whereas deals were down 4% to 2,853.
In the debt market, there was no trading of treasury bills and sovereign bonds.