The Qatar Stock Exchange on Thursday snapped four days of a bullish run and its key index lost about 1%, mainly dragged by industrials and real estate equities.
The increased net selling pressure from local and non-Qatari retail investors led the 20-stock Qatar Index to settle 85 points lower at 8,576.59 points.
The index had touched a low 8,452 points within the first 15 minutes of opening, after which it rebounded to a high of 8,750 points, about 30 minutes to close, but last minute profit booking pressure led the market settle at 8,577 points.
Foreign funds' weakened net buying also had its influence in the bourse, which is down 17.73% year-to-date.
The market had seen bullish momentum in the last four days after the government announced QR75bn financial package for the private sector and another QR10bn fund infusion into the QSE in view of the challenges posed by the pandemic Covid-19.
Market capitalisation saw QR31mn, or 0.06% fall to QR489.15bn mainly owing to microcap segments.
Islamic stocks were seen weakening faster than the other indices in the market, where domestic funds turned bullish.
Trade turnover and volumes were on the increase in the bourse, where the realty and banking sectors together accounted for more than 65% of the total trading volume.
The Total Return Index fell 0.36% to 16,326.39 points and the Al Rayan Islamic Index (Price) by 2.3% to 1,794.31 points, while the All Share Index was up 0.06% to 2,679.09 points.
The industrials index shrank 2.02%, followed by real estate (1.53%) and consumer goods and services (0.18%); while telecom gained 3.35%, insurance (0.63%), banks and financial services (0.55%) and transport (0.36%).
More than 70% of the traded stocks were in the red with major losers being Qatar National Cement, Qatar Industrial Manufacturing, Industries Qatar, Gulf International Services, Qatari Investors Group, Qatar Electricity and Water, Qamco, United Development Company, Ezdan, Mannai Corporation, Doha Bank, Commercial Bank, Masraf Al Rayan, QIIB, Al Khaliji, Dlala and Qatar Oman Investment; even as Ooredoo, QNB, Qatar Insurance and Mazaya Qatar were among the gainers.
Local retail investors' net profit booking shot up significantly to QR59.89mn compared to QR39.06mn the previous day.
Non-Qatari individual investors' net selling increased considerably to QR23.39mn against QR1.37mn on March 18.
Non-Qatari institutions' net buying weakened substantially to QR23.17mn compared to QR60.78mn on Wednesday.
However, domestic funds were net buyers to the extent of QR67.34mn against net sellers of QR13.27mn the previous day.
The Gulf institutions’ net profit booking decreased noticeably to QR1.27mn compared to QR6.43mn on March 18.
The Gulf individuals were net buyers to the tune of QR0.97mn against net sellers of QR0.65mn on Wednesday.
Total trade volumes rose 53% to 224.71mn shares, value by 96% to QR744.88mn and transactions by 17% to 12,710.
The real estate sector’s trade volume more than tripled to 84.12mn equities and value more than doubled to QR78.95mn on almost-doubled-deals to 2,503.
The industrials sector's trade volume soared 87% to 38.69mn stocks and value more than tripled to QR118.72mn on a 62% jump in transactions to 3,095.
The banks and financial services sector's trade volume shot up 80% to 62.87 shares and value more than doubled to QR439.38mn and transactions by 7% to 4,894.
There was a 44% increase in the insurance sector's trade volume to 9.02mn equities and 50% in value to QR18.79mn but on a 3% fall in deals to 386.
The telecom sector's trade volume expanded 24% to 7.87mn stocks, value by 49% to QR27.86mn and transactions by less than 1% to 816.
The transport sector reported an 8% rise in trade volume to 11.5mn shares and value by 24% to QR29.25mn, while deals tanked 35% to 366.
However, the consumer goods sector's trade volume plummeted 75% to 10.66mn equities, value by 46% to QR31.93mn and transactions by 48% to 650.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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