Reflecting apprehensions of global economic slowdown on rising inflation and interest rates, the Qatar Stock Exchange Monday plummeted 201 points to below 12,700 points, mainly dragged by banking and financial sector.
The domestic institutions were seen hurriedly squaring off their position as the 20-stock Qatar Index lost 1.56% to 12,675.92 points, although it touched an intraday high of 12,942 points.
The foreign individuals were seen bearish in the market, whose year-to-date gains declined to 9.03% year-to-date.
The Gulf individuals turned net profit takers, albeit at lower levels, in the bourse, whose capitalisation eroded about QR9bn or 1.2% to QR718.47bn, mainly on the back of mid and small cap segments.
The local retail investors’ net buying weakened in the market, where the industrials and banking sectors together accounted for more than 65% of the trading volume.
The foreign institutions were increasingly net buyers in the bourse, which saw a total of 118,170 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.38mn changed hands across 28 deals.
The Gulf institutions continued to be net sellers but with lesser intensity in the market, which saw no trading of sovereign bonds.
Total trade turnover grew amidst lower volumes in the bourse, which saw no trading of treasury bills.
The Total Return Index tanked 1.56% to 25,964.4 points, All Share Index by 1.42% to 4,085.91 points and Al Rayan Islamic Index (Price) by 0.61% to 2,734.62 points.
The banks and financial services sector index plunged 2.86% and insurance (0.48%); while transport soared 2.13%, telecom (0.86%), realty (0.28%), industrials (0.21%) and consumer goods and services (0.15%).
More than 53% of the traded constituents in the main market were in the red and included Commercial Bank, Masraf Al Rayan, QLM, Gulf International Services, Qatar Islamic Bank, QNB, Baladna, Investment Holding Group and Mazaya Qatar. In the venture market, Mekdam Holding saw its shares depreciate in value.
Nevertheless, Nakilat, Zad Holding, Qatar National Cement, Doha Insurance, Qatar Industrial Manufacturing, Industries Qatar, United Development Company, Ooredoo, Vodafone Qatar and Milaha were among the gainers in the main market.
The domestic funds’ net profit booking increased considerably to QR116.36mn compared to QR82.72mn on May 15.
The foreign individuals turned net sellers to the tune of QR2.58mn against net buyers of QR1.17mn on Sunday.
The Arab funds were net profit takers to the extent of QR0.05mn compared with no major next exposure the previous day.
The Gulf individuals turned net sellers to the tune of QR0.02mn against net buyers of QR1.83mn on May 15.
Qatari individuals’ net buying weakened noticeably to QR53.74mn compared to QR66.85mn on Sunday.
However, the foreign institutions’ net buying increased markedly to QR83.2mn against QR33.8mn the previous day.
The Arab individuals’ net buying expanded perceptibly to QR4.01mn compared to QR2.27mn on May 15.
The Gulf institutions’ net profit booking eased notably to QR21.97mn against QR23.22mn on Sunday.
Total trade volume in the main market fell 6% to 172.29mn shares, while value rose 28% to QR848.51mn and transactions more than doubled to 30,429.
The transport sector’s trade volume more than quadrupled to 10.66mn equities and value also more than quadrupled to QR42.77mn on more than tripled deals to 1,208.
The telecom sector’s trade volume more than doubled to 6.85mn stocks and value grew more than five-fold to QR29.71mn and transactions by about eight-fold to 1,998.
The real estate sector’s trade volume soared 69% to 13.64mn shares and value by 67% to QR18.58mn on more than doubled deals to 809.
The banks and financial services sector saw 33% surge in trade volume to 66.65mn equities and 46% in value to QR531.47mn but on more than tripled transactions to 18,636.
However, the consumer goods and services sector’s trade volume plummeted 61% to 23.67mn stocks and value by 40% to QR55.44mn, whereas deals zoomed 42% to 1,937.
The market witnessed 16% plunge in the industrials sector’s trade volume to 45.39mn shares and 7% in value to QR155.9mn but on 58% expansion in transactions to 5,204.
The insurance sector’s trade volume was down 5% to 5.43mn equities, while value was up 4% to QR14.64mn on more than quadrupled deals to 637.
In the venture market, trade volumes shot up almost six-fold to 0.64mn stocks and value by about 10-fold to QR4.3mn on almost nine-fold jump in transactions to 232.
