An across the board selling – notably in consumer goods, industrials and real estate sectors – on Wednesday dragged the Qatar Stock Exchange more than 50 points and its key index settled below 10,000 levels.
The weakened net buying interests of domestic, Gulf and foreign funds were instrumental in the 0.5% decline in the 20-stock Qatar Index to 9,965.03 points, although it touched an intraday high of 10,034 points.
However, the Gulf individuals were seen bullish, albeit marginally lower, on the market, whose year-to-date losses were at 4.42%. The decliners outnumbered gainers by far on the bourse, where Islamic stocks were seen declining faster than the other indices.
Market capitalisation saw about QR3bn or 0.49% decrease to QR593.75bn, mainly owing to microcap segments.
There was no trading of exchange traded funds (both Masraf Al Rayan sponsored QATR and Doha Bank sponsored QETF) as well as sovereign bonds and treasury bills.
Trade turnover shrank amidst higher volumes in the bourse, where the banks and industrials sectors together accounted for about 70% of the total trading volume.
The Total Return Index shed 0.5% to 19,157.44 points, Al Rayan Islamic Index (Price) by 0.57% to 2,334.9 points and All Share Index by 0.4% to 3,076.91 points.
The consumer goods and services sector index declined 1.42%, industrials (0.88%), realty (0.67%), insurance (0.31%), transport (0.28%), banks and financial services (0.09%) and telecom (0.05%). About 69% of the traded constituents were in the red with major losers being Baladna, Woqod, Dlala, Widam Food, Ezdan, Doha Bank, Qatar Oman Investment, Inma Holding, Qatari German Medical Devices, Industries Qatar, Mesaieed Petrochemical Holding and Mazaya Qatar; even as Alijarah Holding, Doha Insurance, Qatar Islamic Insurance and Aamal Company were among the gainers.
The Gulf individuals’ net profit booking grew notably to QR15.14mn against QR10.98mn on October 20.
Domestic funds’ net buying eased significantly to QR18.5mn compared to QR83.05mn the previous day.
Foreign institutions’ net buying declined substantially to QR4.53mn against QR19.61mn on Tuesday.
The Gulf funds’ net buying also fell markedly to QR4.79mn compared to QR9.28mn on October 20.
However, the Arab individuals turned net buyers to the extent of QR4.39mn against net selling of QR17.85mn the previous day.
Local individuals’ net selling weakened perceptibly to QR14.29mn compared to QR75.97mn on Tuesday.
Foreign individuals’ net profit booking was down noticeably to QR2.73mn against QR7.07mn on October 20.
The Arab funds continued to have no major exposure.
Total trade volumes rose 3% to 204.24mn shares, while value fell 11% to QR448.04mn but on less than 1% higher transactions at 8,406.
The industrials sector’s trade volume soared 90% to 91.8mn equities, value by 96% to QR116.92mn and deals by 20% to 2,093.
The market witnessed 48% surge in the telecom sector’s trade volume to 3.57mn stocks and 34% in value to QR8.48mn but on 8% fall in transactions to 368.
However, the insurance sector’s trade volume plummeted 67% to 3.24mn shares and value by 70% to QR6.69mn, whereas deals were up 18% to 202.
There was 61% plunge in the transport sector’s trade volume to 8.17mn equities, 53% in value to QR30.51mn and 60% in transactions to 417.
The real estate sector’s trade volume tanked 30% to 26.13mn stocks, value by 33% to QR51.93mn and deals by 29% to 958.
The banks and financial services sector saw 13% shrinkage in trade volume to 50.67mn shares and 21% in value to QR176.4mn but on 17% expansion in transactions to 3,204.
The consumer goods and services sector’s trade volume was down 4% to 20.66mn equities, while value shot up 21% to QR57.11mn and deals by 24% to 1,164.