The Qatar Stock Exchange on Thursday lost 275 points from its key index and QR15bn in capitalisation, reflecting the International Monetary Fund’s (IMF) weak economic projections for the region in view of the pandemic Covid-19.
Foreign institutions were seen bearish as the 20-stock Qatar Index fell 3.11% to 8,567.32 points, reflecting the concerns over the IMF's projections of the biggest slump in the Middle Eastern economies in four decades amidst the coronavirus outbreak and historic oil price falls.
The weakened buying interests of the Gulf funds also had its role in dampening the bourse, whose year-to-date losses swelled to 17.74%.
Market capitalisation plunged about 3% to QR482.221bn mainly owing to large and midcap segments.
Islamic stocks were seen declining faster than the other indices in the market, where local retail investors and domestic funds were seen bullish.
Trade turnover and volumes were on the increase in the market, where the industrials and realty sectors together accounted for more than 64% of the total trading volume.
The Total Return Index shrank 2.92% to 16,434.26 points, the All Share Index by 2.78% to 2,671.57 points and the Al Rayan Islamic Index (Price) by 3.13% to 1,854.21 points.
The insurance index plummeted 4.04%, real estate (3.6%), telecom (3.57%), banks and financial services (2.98%), consumer goods and services (2.61%) and industrials (2.38%), while transport was up 0.12%.
Moe than 82% of the traded constituents extended gains with major movers being Qatar Insurance, Barwa, United Development Company, Ooredoo, Vodafone Qatar, QNB, Qatar Islamic Bank, Commercial Bank, Doha Bank, QIIB, Masraf Al Rayan, Dlala, Qatar Oman Investment, Qatar German Company for Medical Devices, Qatar National Cement, Industries Qatar, Aamal Company, Mesaieed Petrochemical Holding and Qamco; whereas Gulf International Services, Qatar Islamic Insurance and Gulf Warehousing were among the gainers.
Foreign institutions turned net sellers to the tune of QR91.14mn compared with net buyers of QR15.68mn on April 15.
The Gulf institutions’ net buying weakened substantially to QR4.63mn against QR12.69mn the previous day.
However, Qatari individuals were net buyers to the extent of QR41.97mn compared with net sellers of QR23.35mn on Wednesday.
Domestic funds turned net buyers to the tune of QR27.17mn against net sellers of QR1.37mn on April 15.
The foreign individuals were seen net buyers to the tune of QR10.35mn.
The Arab individuals turned net buyers to the extent of QR5.29mn compared with net sellers of QR1.4mn the previous day.
The Gulf individuals were also net buyers to the tune of QR1.76mn against net sellers of QR2.28mn on Wednesday.
Total trade volumes rose 19% to 122.35mn shares, value by 50% to QR367.06mn and transactions by 62% to 13,498.
The industrials sector’s trade volume almost doubled to 41.65mn equities and value more than doubled to QR88.7mn on a 44% increase in deals to 2,850.
The insurance sector’s trade volume soared 88% to 3.5mn stocks and value more than doubled to QR9.37mn on 380 transactions.
The telecom sector reported a 41% surge in trade volume to 3.93mn shares, 10% in value to QR12.69mn and 75% in deals to 673.
The real estate sector’s trade volume shot up 31% to 36.16mn equities, value by 76% to QR59.3mn and transactions by 60% to 1,469.
The banks and financial services sector saw a 19% jump in trade volume to 20.29mn stocks, 41% in value to QR151.03mn and 79% in deals to 5,974.
However, the consumer goods and services sector's trade volume plummeted 50% to 12.5mn shares; while value gained 13% to QR33.55mn and transactions by 73% to 1,521.
The market witnessed a 38% shrinkage in the transport sector’s trade volume to 3.72mn equities, 31% in value to QR12.41mn and 11% in deals to 631.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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