Arab individuals’ net profit booking pressure Wednesday drove the Qatar Stock Exchange into the negative terrain, but overall its key index stood above the 10,000 levels.
The insurance, banking and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 31 points, or 0.31%, lower at 10,026.04 points, although it touched an intraday high of 10,061 points.
The funds’ bearish outlook also had its role in dampening the sentiments in the market, whose year-to-date losses were at 3.83%.
The foreign institutions’ substantially lower net buying was also visible in the bourse, where Islamic stocks were however seen declining slower than the conventional ones.
Market capitalisation saw about QR2bn, or 0.27%, decrease to QR597.64bn, mainly owing to small cap segments.
A total of 31,343 exchange traded funds (both Masraf Al Rayan-sponsored QATR and Doha Bank-sponsored QETF) valued at QR261,143 changed hands across four transactions; while in the debt market, there was no trading of sovereign bonds and treasury bills.
Trade turnover and volumes were on the decline in the bourse, where the industrials sector alone accounted for about 34% of the total trading volume.
The Total Return Index shed 0.31% to 19,274.73 points, the Al Rayan Islamic Index (Price) by 0.29% to 2,360.37 points and the All Share Index by 0.31% to 3,103.36 points.
The insurance index tanked 1.81%, banks and financial services (0.41%), transport (0.36%), realty (0.17%) and industrials (0.02%); while consumer goods and services gained 0.16% and telecom (0.08%).
About 77% of the traded constituents were in the red with major losers being Dlala, Qatar Insurance, Qatar Islamic Insurance, Inma Holding, Qatar Oman Investment, Qatar Islamic Bank, Doha Bank, Qatar German Company for Medical Devices, Medicare Group, Widam Food, Aamal Company, Mazaya Qatar, Gulf Warehousing and Al Khaleej Takaful; even as Qatar First Bank, Salam International Investment, Qatar Electricity and Water, Zad Holding and Qatar Industrial Manufacturing were among the gainers.
Arab individuals turned net sellers to the tune of QR11.87mn compared with net buyers of QR5.84mn on October 13.
Gulf funds were also net sellers to the extent of QR4.88mn against net buyers of QR1.1mn the previous day.
Foreign institutions’ net buying weakened considerably to QR2.01mn compared to QR14.95mn on Tuesday.
However, domestic funds were net buyers to the tune of QR22.71mn against net sellers of QR0.91mn on October 13.
Gulf individuals’ net buying strengthened markedly to QR3.13mn compared to QR0.34mn the previous day.
Local individuals’ net selling weakened substantially to QR9.68mn against QR20.02mn on Tuesday.
Foreign individuals’ net profit booking also shrank marginally to QR1.37mn compared to QR1.39mn on October 13.
The Arab institutions continued to have no major exposure.
Total trade volumes fell 28% to 182.53mn shares, value by 11% to QR428.5mn and transactions by 23% to 6,958.
The insurance sector’s trade volume plummeted 58% to 3.05mn equities, value by 58% to QR6.65mn and deals by 51% to 208.
The real estate sector saw a 48% plunge in trade volume to 37.64n stocks, 50% in value to QR74.06mn and 24% increase in transactions to 1,595.
The industrials sector’s trade volume tanked 36% to 61.8mn shares, value by 18% to QR80.82mn and deals by 33% to 1,561.
There was a 20% shrinkage in the transport sector’s trade volume to 6.44mn equities, 26% in value to QR22.68mn and 58% in transactions to 317.
However, the telecom sector’s trade volume shot up 12% to 2.99mn stocks, value by 62% to QR10.87mn and deals by 7% to 291.
The banks and financial services sector reported an 8% expansion in trade volume to 34.3mn shares, 50% in value to QR164.56mn and 15% in transactions to 2,016.
The consumer goods and services sector’s trade volume was up 6% to 36.31mn equities and value by 1% to QR68.86mn, whereas deals shrank 32% to 970.