An across-the-board selling, particularly in the industrials, on Monday dragged the Qatar Stock Exchange more than 274 points for the sixth straight session and its key barometer stood a little above 9,200 points.
Dividend worries and apprehensions over coronavirus had its toll on the 20-stock Qatar Index, which fell 2.89%, its largest single-day loss in the recent past, to 9,215.81 points, although it touched a low of 9,168 points, about 45 minutes before the closing.
Foreign institutions hurriedly squared off their position in the market, which is down 11.6% year-to-date.
Market capitalisation saw more than QR16bn, or 3.08%, erosion to QR509.39bn mainly owing to large and midcap segments.
Islamic stocks were seen declining faster than the other indices in the bourse, where non-Qatari individuals turned net profit takers.
Trade turnover and volumes were on the increase in the bourse, where the realty and banking sectors together accounted for more than 58% of the total trading volume.
The Total Return Index shed 2.4% to 17,245.61 points, the All Share Index by 2.53% to 2,789.31 points and the Al Rayan Islamic Index (Price) by 3.07% to 1,982.94 points.
The industrials index plummeted 3.46%, insurance (2.78%), banks and financial services (2.69%), consumer goods (1.96%), real estate (1.9%), transport (0.28%) and telecom (0.14%).
As much as 80% of the traded constituents were in the red with major losers being Industries Qatar, Mesaieed Petrochemical Holding, Gulf International Services, Qatar Insurance, QNB, QIIB, Qatar First Bank, Al Khaliji, Qatar Oman Investment, Salam International Investment, Woqod, Mazaya Qatar, United Development Company, Ezdan, Vodafone Qatar; even as Mannai Corporation, Ooredoo and Milaha were among the gainers.
Non-Qatari funds’ net profit booking increased considerably to QR145.74mn compared to QR51.3mn on February 27.
Non-Qatari individuals turned net sellers to the tune of QR6.46mn against net buyers of QR6.31mn the previous trading day.
However, domestic institutions’ net buying grew substantially to QR116.46mn compared to QR36.11mn last Thursday.
Local retail investors’ net buying shot up perceptibly to QR37.92mn against QR28.7mn on February 27.
The Gulf funds’ net selling eased significantly to QR1.35mn compared to QR13.5mn the previous trading day.
The Gulf individuals’ profit booking shrank noticeably to QR0.32mn against QR6.31mn last Thursday.
Total trade volumes rose 71% to 163.74mn shares, value by 31% to QR482.42mn and transactions by 16% to 10,730.
The banks and financial services sector saw a 98% surge in trade volume to 47.82mn equities, 51% in value to QR257.35mn and 14% in deals to 3,885.
The telecom sector’s trade volume soared 86% to 13.47mn stocks, value by 49% to QR48.07mn and transactions by 63% to 1,739.
There was an 85% expansion in the real estate sector’s trade volume to 48.01mn shares and 25% in value to QR45.2mn but on a 26% fall in deals to 1,353.
The transport sector’s trade volume shot up 83% to 6.46mn equities and value by 49% QR14.82mn, whereas transactions shrank 43% to 242.
The industrials sector reported a 49% increase in trade volume to 31.04mn stocks, 13% in value to QR74.61mn and 43% in deals to 2,199.
The consumer goods sector’s trade volume jumped 33% to 12.11mn shares, while value tanked 25% to QR30.4mn despite 34% higher transactions at 912.
However, the market witnessed a 5% shrinkage in the insurance sector’s trade volume to 4.82mn equities and less than 1% in value to QR11.97mn but on a 35% growth in deals to 400.
In the debt market, there was no trading of sovereign bonds and treasury bills.