Foreign funds selloff drags QSE 42 points; M-cap melts QR3.13bn

Mirroring the weak sentiments in the region, the Qatar Stock Exchange on Thursday fell 42 points as foreign funds hurriedly squared off their position.The real estate, telecom, industrials, banks and insurance sectors witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.39% to 10,615.75 points, although it touched an intraday high of 10,671 points.As much as 64% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.13bn or 0.5% to QR621.27bn on the back of small and microcap segments.The Gulf retail investors were seen net profit takers in the main market, which saw as many as 0.07mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.16mn changed hands across 16 deals.The domestic institutions’ weakened net buying had its influence on the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills.However, the local retail investors were seen bullish in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.39%, the All Share Index by 0.42% and the All Islamic Index by 0.33% in the main market.The telecom sector index declined 0.94%, realty (0.63%), industrials (0.54%), insurance (0.47%) and banks and financial services (0.45%); while consumer goods and services gained 0.23% and transport (0.06%).Major shakers in the main bourse included Mekdam Holding, Qatar Electricity and Water, Doha Bank, Qamco, Ezdan, Qatar German Medical Devices, Al Faleh Educational Holding, QLM, Ooredoo and Vodafone Qatar.In the venture market, both Al Mahhar Holding and Techno Q saw their shares depreciate in value.Nevertheless, Al Meera, Meeza, Widam Food, Beema and Zad Holding were among the gainers in the main market.The foreign institutions’ net selling strengthened substantially to QR27.68mn compared to QR7.8mn on February 5.The Gulf individuals turned net sellers to the tune of QR3.87mn against net buyers of QR0.14mn the previous day.The domestic institutions’ net buying weakened significantly to QR15.01mn compared to QR33.6mn on Wednesday.The Arab institutions’ net buying declined marginally to QR0.08mn against QR0.12mn on February 5.However, the Qatari individuals were net buyers to the extent of QR17.83mn compared with net sellers of QR11.97mn the previous day.The foreign retail investors turned net buyers to the tune of QR3.06mn against net profit takers of QR1.52mn on Wednesday.The Arab individual investors were net buyers to the extent of QR0.26mn compared with net sellers of QR2.87mn on February 5.The Gulf institutions’ net profit booking shrank noticeably to QR4.7mn against QR9.71mn the previous day.Trade volumes in the main market tanked 42% to 126.63mn shares, value by 33% to QR377.69mn and deals by 22% to 15,144.The venture market saw an 85% jump in trade volumes to 0.24mn equities and 94% in value to QR0.68mn on more than doubled transactions to 64.