Foreign funds’ substantially weakened net buying and Gulf institutions’ bearish grip on Wednesday led the Qatar Stock Exchange decline more than 18 points to settle at sub-10,300 levels.
Telecom, banking, insurance and industrials counters witnessed higher-than-average selling pressure as the 20-stock Qatar Index closed 0.18% lower at 10,285.38 points.
Domestic funds and local retail investors continued to be net sellers but with lesser intensity in the market, whose key benchmark is down 0.13% year-to-date.
Market capitalisation saw about QR2bn or 0.31% decline to QR569.2bn mainly owing to microcap segments.
Islamic equities were seen declining slower than the other indices on the market, where non-Qatari individual investors turned bullish.
Trade turnover shrank amidst higher volumes on the bourse, where consumer goods, banking and realty sectors together accounted for more than 66% of the total volume.
The Total Return Index fell 0.18% to 18,925.97 points, All Share Index 0.21% to 3,034.86 points and Al Rayan Islamic Index (Price) by 0.15% to 2,301.78 points.
The telecom index declined 0.7%, banks and financial services (0.42%), insurance (0.37%) and industrials (0.35%); while transport gained 1.71%, consumer goods (0.53%) and real estate (0.09%).
Some 50% of the traded constituents were in the red with major losers being Ezdan, Vodafone Qatar, Industries Qatar, Qatari German Company for Medical Devices, Dlala, Qatar Oman Investment, Islamic Holding Group and QNB; whereas Milaha, Nakilat, Aamal Company, Qatar General Insurance and Reinsurance and Al Khaleej Takaful were among the gainers.
Non-Qatari institutions’ net buying declined significantly to QR24.71mn compared to QR86.13mn on November 5.
The Gulf institutions turned net sellers to the tune of QR4.83mn against net buyers of QR13.39mn the previous day.
However, domestic funds’ net selling weakened substantially to QR12.51mn compared to QR68.71mn on Tuesday.
Local retail investors’ net profit booking shrank considerably to QR4.26mn against QR23.05mn on November 5.
The Gulf individuals’ net selling also fell perceptibly to QR3.86mn compared to QR7.29mn the previous day.
Non-Qatari individuals turned net buyers to the extent of QR0.76mn against net profit takers of QR0.44mn on Tuesday.
Total trade volume rose 43% to 88.85mn shares, while value fell 23% to QR160.86mn and transactions by 8% to 4,359.
The telecom sector’s trade volume plummeted 50% to 1.78mn equities, value by 31% to QR7.12mn and deals by 44% to 285.
The transport sector reported 20% plunge in trade volume to 1.1mn stocks, 18% in value to QR3.75mn and 29% in transactions to 136.
The banks and financial services sector’s trade volume tanked 13% to 21.22mn shares, value by 43% to QR60.45mn and deals by 35% to 1,199.
There was 5% fall in the real estate sector’s trade volume to 11.91mn equities, 21% in value to QR13.59mn and 21% in transactions to 329.
However, the consumer goods sector’s trade volume grew more than five-fold to 25.89mn stocks but value grew 5% to QR33.1mn and deals by 15% to 718.
The insurance sector’s trade volume more than doubled to 5.67mn shares, value soared 79% to QR13.65mn and transactions by 49% to 323.
There was 72% increase in the industrials sector’s trade volume to 21.27mn equities but on 11% shrinkage in value to QR29.3mn despite 41% higher deals at 1,369.
In the debt market, there was no trading of treasury bills and sovereign bonds.