Global concerns over entrenching inflation and rising interest rates had their reflection on the Qatar Stock Exchange, which on Thursday fell 320 points to below 13,200 levels and capitalisation eroded QR16bn.
An across-the-board selling, particularly in the industrials, led the 20-stock Qatar Index to drop 2.43% to 13,143.53 points.
The Gulf institutions were seen bearish in the market, which was up 13.05% year-to-date.
The Arab individuals were also seen net profit takers in the bourse, whose capitalisation eroded about QR16bn or 2.07% to QR743.18bn, mainly on the back of large and midcap segments.
The foreign funds’ net buying weakened substantially in the market, where the industrials and banking sectors together accounted for more than 62% of the trading volume.
The domestic funds continued to be net sellers but with lesser intensity in the bourse, which saw a total of 147,658 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.24mn changed hands across 29 deals.
The local retail investors were seen net buyers in the market, which saw no trading of sovereign bonds.
Total trade turnover shrank amidst higher volumes in the bourse, which saw no trading of treasury bills.
The Total Return Index tanked 2.43% to 26,922.22 points, the All Share Index by 2.15% to 4,235.92 points and the Al Rayan Islamic Index (Price) by 2.38% to 2,793.48 points.
The industrials sector index plunged 3.51%, banks and financial services (2.05%), transport (1.48%), telecom (1.21%), realty (0.93%), consumer goods and services (0.9%) and insurance (0.41%).
About 87% of the traded constituents in the main market were in the red and included QIIB, Qamco, Industries Qatar, QNB, Masraf Al Rayan, Commercial Bank, Mesaieed Petrochemical Holding, Qatar Islamic Bank, Baladna, Salam International Investment, Gulf International Services, Barwa, Ooredoo and Milaha.
In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.
Nevertheless, Qatari German Medical Devices, Ahlibank Qatar and Doha Insurance were among the gainers in the main market.
The Gulf institutions turned net sellers to the tune of QR30.91mn compared with net buyers of QR15.85mn on May 11.
The Arab individuals were net sellers to the extent of QR6.1mn against net buyers of QR5.46mn the previous day.
The Arab funds turned net profit takers to the tune of QR0.09mn compared with net buyers of QR2.42mn on Wednesday.
The foreign institutions’ net buying declined substantially to QR25.98mn against QR188.89mn on May 11.
However, Qatari individuals were net buyers to the extent of QR71.34mn compared with net sellers of QR56.72mn the previous day.
The foreign individuals’ net buying strengthened noticeably to QR10.22mn against QR1.57mn on Wednesday.
The Gulf individuals turned net buyers to the tune of QR0.34mn compared with net sellers of QR1.46mn on May 11.
The domestic funds’ net profit booking weakened considerably to QR70.77mn against QR155.99mn the previous day.
Total trade volume in the main market rose 5% to 180.34mn shares, while value fell 4% to QR825.3mn and transactions by 2% to 25,012.
The real estate sector’s trade volume more than doubled to 15.27mn equities, value soared 57% to QR21.61mn and deals by 38% to 811.
The insurance sector reported a 69% surge in trade volume to 8.72mn stocks and 77% in value to QR22.92mn but on a 25% shrinkage in transactions to 308.
The telecom sector’s trade volume zoomed 33% to 6.32mn shares, value by 3% to QR22.63mn and deals by 6% to 1,161.
There was a 4% expansion in the industrials sector’s trade volume to 70.81mn equities, 30% in value to QR283.09mn and 37% in transactions to 6,987.
The transport sector’s trade volume was up 3% to 3.91mn stocks, while value was down 7% to QR17.32mn and 7% in deals to 575.
However, the banks and financial services sector saw a 10% plunge in trade volume to 41.56mn shares, 22% in value to QR387.94mn and 17% in transactions to 13,403.
The consumer goods and services sector’s trade volume shrank 8% to 33.75mn equities and value by 2% to QR69.79mn, whereas deals grew 10% to 1,767.
The venture market saw a 73.33% contraction in trade volumes to 0.04mn stocks, 78.7% in value to QR0.23mn and 72.22% in transactions to 20.