The Qatar Stock Exchange on Wednesday saw Baladna and Aamal Company surge on their inclusion in MSCI Qatar Index but overall the bourse’s key barometer lost 91 points.
Transport, industrials and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index tanked 1.02% to 8,801.7 points, although it touched a high of 8,911 points within 60 minutes of opening.
Foreign institutions’ increased net selling and the Gulf funds’ bearish outlook were instrumental in dragging the bourse, whose year-to-date losses were at 15.58%.
Market capitalisation saw QR5bn or 1% erosion to QR499.91bn mainly owing to small cap segments.
Islamic stocks were seen declining slower than the other indices on the market, where local retail investors were increasingly net buyers and the Arab individuals turned bullish.
Trade turnover and volumes were on the increase on the market, where the real estate sector alone accounted for more than 48% of the total trading volume.
The Total Return Index shed 1.02% to 16,920.99 points, All Share Index by 1.08% to 2,729.25 points and Al Rayan Islamic Index (Price) by 0.8% to 1,971.39 points.
The transport index plunged 5.28%, industrials (1.43%), telecom (1.14%), banks and financial services (0.8%), real estate (0.72%) and consumer goods and services (0.39%); while insurance gained 1.29%.
More than 53% of the traded constituents were in the red with major losers being Nakilat, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Qamco, Ooredoo, Vodafone Qatar, Medicare Group, Salam International Investment, QNB and Qatar First Bank; even as Aamal Company, Qatar National Cement, Ezdan, Baladna, Qatar German Company for Medical Devices, Islamic Holding Group and Qatar Oman Investment were among the gainers.
Foreign institutions’ net selling increased considerably to QR29.72mn against QR20.86mn on May 12.
The Gulf institutions turned net sellers to the tune of QR4.26mn compared with net buyers of QR3.24mn on Tuesday.
Domestic funds’ net buying eased distinctively to QR12.37mn against QR18.89mn the previous day.
However, local retail investors’ net buying increased influentially to QR17.02mn compared to QR10.21mn on May 12.
The Arab individuals were net buyers to the extent of QR5.42mn against net sellers of QR4mn on Tuesday.
Foreign individuals’ net profit booking fell significantly to QR0.17mn compared to QR6.36mn the previous day.
The Gulf individuals’ net selling also weakened noticeably to QR0.55mn against QR1.32mn on May 12.
The Arab funds had no major exposure compared with net buyers of QR0.2mn on Tuesday.
Total trade volumes rose 79% to 286.71mn shares, value by 45% to QR426.45mn and transactions by 2% 9,867.
The transport sector’s trade volume almost quadrupled to 27.5mn equities and value more than tripled to QR67.29mn on 10% jump in deals to 911.
The real estate sector’s trade volume more than tripled to 138.76mn stocks and value almost tripled to QR128.97mn on 50% growth in transactions to 2,344.
There was 65% surge in the insurance sector’s trade volume to 10.27mn shares and 74% in value to QR21.32mn on more than tripled deals to 1,469.
The industrials sector’s trade volume shot up 61% to 51.14mn equities, while value shrank 6% to QR57.4mn and transactions by 10% to 1,236.
However, the market witnessed 68% plunge in the telecom sector’s trade volume to 1.93mn stocks, 52% in value to QR5.26mn and 35% in deals to 283.
The consumer goods and services sector’s trade volume plummeted 18% to 38.53mn shares, while value was up 1% to QR56.13mn despite 11% lower transactions at 1,414.
The banks and financial services sector saw 5% fall in trade volume to 18.58mn equities but on 3% expansion in value to QR90.09mn despite 35% lower deals at 2,210.
In the debt market, there was no trading of sovereign bonds and treasury bills.