QSE tanks 120 points as foreign funds turn bearish

The Qatar Stock Exchange Sunday plunged 120 points and its key index settled below 10,100 levels, mainly dragged by the consumer goods, banks and transport sectors.The foreign institutions were seen increasingly into net selling as the 20-stock Qatar Index tanked 1.17% to 10,092.64 points, although Gulf markets largely remained in the black as the US inflation data fueled hopes of an end to rate hike.The market, which was skewed towards shakers, had touched an intraday high of 10,292 points.The Gulf individuals were increasingly bearish in the main market, whose year-to-date losses increased to 5.51%.More than 53% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR6.93bn or 1.17% to QR585.56bn, mainly on account of small and microcap segments.The Gulf institutions turned net profit takers in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.08mn changed hands across six deals.The foreign retail investors were net sellers in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining faster than then other indices in the main market, which saw no trading of treasury bills.The Total Return Index shed 1.17%, All Share Index by 1.28% and Al Rayan Islamic Index (Price) by 1.02% in the main bourse, whose trade turnover and volumes were on the decline.The consumer goods and services sector index plummeted 2.3%, banks and financial services (1.77%), transport (1.35%), industrials (0.68%) and real estate (0.6%); while telecom and insurance gained 1.24% and 1.07% respectively.Major losers in the main market included Zad Holding, Qatar Cinema and Film Distribution, Masraf Al Rayan, Vodafone Qatar, Gulf Warehousing, QNB, Qatar Electricity and Water, Industries Qatar, Estithmar Holding, Barwa and Nakilat.Nevertheless, Qatar Islamic Insurance, Qatar Insurance, Ooredoo, United Development Company, Qatari German Medical Devices and Lesha Bank were among the gainers in the main market.The foreign institutions’ net selling increased considerably to QR37.03mn compared to QR20.5mn on March 30.The Gulf individual investors’ net selling rose perceptibly to QR1.88mn against QR1.31mn the previous trading day.The Gulf institutions turned net profit takers to the tune of QR1.57mn compared with net buyers of QR3.4mn last Thursday.The foreign retail investors were net sellers to extent of QR0.08mn against net buyers of QR5.12mn on March 30.The domestic institutions’ net buying declined noticeably to QR16.1mn compared to QR24.26mn the previous trading day.However, the local retail investors’ net buying strengthened substantially to QR25.8mn against QR9.37mn last Thursday.The Arab individuals turned net buyers to the tune of QR1.59mn compared with net sellers of QR4.62mn on March 30.The Arab institutions’ net profit booking shrank drastically to QR2.95mn against QR15.74mn the previous trading day.In the main market, trade volumes fell 27% to 131.36mn shares, value by 33% to QR360.92mn and deals by 45% to 11,141.