The Qatar Stock Exchange Sunday opened the week weak and its key barometer retreated below 9,900 levels, mainly on increased selling pressure from local retail investors.
Transport, telecom, consumer goods and industrials counters witnessed higher than average profit booking pressure as the 20-stock Qatar Index settled 0.36% lower at 9,898.4 points, although it touched a high of 9,964 points within the first 40 minutes of opening.
The weakened net buying support from foreign and domestic institutions also had its role in dampening the market, which is down 5.06% year-to-date.
Market capitalisation saw about QR2bn or 0.3% decline to QR547.82bn mainly owing to small and microcap segments.
Islamic stocks were seen declining faster than the other indices on the bourse, where the Gulf institutions’ net selling considerably weakened.
Trade turnover and volumes were on the decline on the bourse, where banking and industrials sectors together accounted for about 65% of the total volume.
The Total Return Index fell 0.36% to 18,301.91 points, All Share Index by 0.3% to 2,966.62 points and Al Rayan Islamic Index (Price) by 0.53% to 2,147.59 points.
The transport index shrank 1.6%, telecom (0.97%), consumer goods (0.74%), industrials (0.46%), realty (0.37%) and banks and financial services (0.12%); while insurance gained 0.79%.
About 67% of the traded constituents were in the red with major losers being Milaha, Nakilat, Ooredoo, Mazaya Qatar, QIIB, Dlala, Mesaieed Petrochemical Holding, Gulf International Services and Qatar Aluminum; whereas Qatar Insurance, Doha Bank, Qatar German Company for Medical Devices and Industries Qatar were among the gainers.
Qatari investors’ net selling increased influentially to QR35.55mn compared to QR28.97mn on February 20.
The Gulf individual investors’ net selling also grew noticeably to QR3.37mn against QR2.87mn last Thursday.
Non-Qatari funds’ net buying fell substantially to QR4.49mn compared to QR35.43mn the previous trading day.
Domestic funds’ net buying also shrank perceptibly to QR28.16mn against QR36.65mn on February 20.
Non-Qatari individuals’ net buying eased marginally to QR0.17mn compared to QR0.35mn last Thursday.
However, the Gulf funds’ net profit booking weakened considerably to QR3.9mn against QR40.67mn the previous trading day.
Total trade volumes fell 56% to 50.49mn shares, value by 63% to QR129.02mn and transactions by 57% to 3,036.
The real estate sector’s trade volume plummeted 73% to 7.35mn equities, value by 80% to QR6.23mn and deals by 86% to 185.
The telecom sector reported 71% plunge in trade volume to 0.98mn stocks, 83% in value to QR2.96mn and 82% in transactions to 133.
The consumer goods sector’s trade volume tanked 66% to 6.04mn shares, value by 61% to QR14.23mn and deals by 455 to 438.
There was 51% shrinkage in the transport sector’s trade volume to 1.4mn equities, 58% in value to QR3.42mn and 66% in transactions to 100.
The industrials sector’s trade volume shot shrank 47% to 12.42mn stocks, value by 49% to QR27.31mn and deals by 37% to 910.
The banks and financial services sector saw 45% contraction in trade volume to 20.38mn shares, 65% in value to QR68.99mn and 52% in transactions to 1,131.
However, the insurance sector’s trade volume was up 10% to 2.01mn equities and value by 14% to QR5.88mn, whereas deals were down 16% to 139.
In the debt market, there was no trading of sovereign bonds and treasury bills.