The Qatar Stock Exchange, which once inched closer to 9,000 levels, however could not sustain the bullish sentiments and it Wednesday fell 41 points to settle near 8,800 points.
Transport, telecom and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.46% lower at 8,758.9 points.
Foreign funds’ increased net selling and lower buying support from domestic institutions were instrumental in dragging the bourse, whose year-to-date losses were 15.99%.
Market capitalisation saw more than QR1bn or 0.3% decline to QR498.7bn mainly owing to small and microcap segments.
Islamic stocks were seen gaining vis-à-vis declines in the other indices in the market, where foreign retail investors were increasingly bearish.
Trade turnover grew amidst lower volumes in the market, where the real estate and industrials sectors together accounted for more than 73% of the total trading volume.
The Total Return Index declined 0.46% to 16,838.7 points and All Share Index by 0.53% to 2,725.02 points; while Al Rayan Islamic Index (Price) rose 0.24% to 1,942.81 points.
The transport index tanked 2.18%, telecom (1.24%), banks and financial services (0.97%), insurance (0.55%), realty (0.51%) and consumer goods and services (0.32%); while industrials’ shot up 1.59%.
As much as 60% of the traded constituents were in the red with major losers being Nakilat, Vodafone Qatar, Alijarah Holding, Qatar Islamic Bank, Qatar First Bank, Dlala, Qatar Oman Investment, Islamic Holding Group, Medicare Group, Qatar National Cement, Qatari Investors Group, Aamal Company, Mazaya Qatar and Barwa; even as Industries Qatar, Qamco, Mesaieed Petrochemical Holding, Gulf International Services and Qatar German Company for Medical Devices were among the gainers.
Foreign institutions’ net selling increased considerably to QR50.4mn compared to QR26.03mn on Tuesday.
Foreign individuals’ net selling also grew significantly to QR8.06mn against QR2.82mn the previous day.
Domestic funds’ net buying declined influentially to QR31.76mn compared to QR55.35mn on May 5.
The Gulf institutions’ net buying also weakened perceptibly to QR0.21mn against QR8.88mn on Tuesday.
However, local retail investors were net buyers to the tune of QR29.64mn compared with net sellers of QR32.4mn the previous day.
The Arab institutions turned net buyers to the extent of QR0.06mn against QR0.05mn on May 5.
The Arab individuals’ net profit booking eased notably to QR0.57mn compared to QR1.03mn on Tuesday.
The Gulf individuals’ net selling also shrank marginally to QR0.98mn against QR1.9mn the previous day.
Total trade volumes fell 8% to 373.94mn shares, while value rose 1% to QR516.37mn and transactions by 11% to 13,994.
The banks and financial services sector saw 51% plunge in trade volume to 38.16mn equities, 18% in value to QR124.16mn and 11% in deals to 3,727.
The insurance sector’s trade volume plummeted 43% to 5.74mn stocks, value by 42% to QR11.25mn and transactions by 29% to 257.
There was 38% shrinkage in the consumer goods and services sector’s trade volume to 34.71mn shares, 1% in value to QR46.37mn and 9% in deals to 1,317.
The transport sector’s trade volume tanked 35% to 14.85mn equities, value by 35% to QR41.08mn and 17% in transactions to 1,503.
The telecom sector reported 22% contraction in trade volume to 6.04mn stocks but on 30% growth in value to QR16.67mn on more than doubled deals to 945.
However, the industrials sector’s trade volume shot up 33% to 113.33mn shares, value by 50% to QR132.09mn and transactions by 41% to 3,518.
The market witnessed 9% jump in the real estate sector’s trade volume to 161.13mn equities, 9% in value to QR144.76mn and 49% in deals to 2,727.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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