Gulf funds remain drag on QSE; Islamic index defies overall trend
May 26 2022 10:19 PM
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The buying interests in Islamic equities notwithstanding, the Qatar Stock Exchange on Thursday settled 30 points lower and capitalisation eroded QR4bn.
The Gulf funds continued to be a drag as the 20-stock Qatar Index fell 0.23% to 12,828.51 points, although it touched an intraday high of 12,884 points.
The banking, insurance and telecom counters witnessed higher than average selling pressure in the market, whose year-to-date gains were further truncated to 10.35%.
The Islamic index were seen gaining vis-à-vis declines in the other indices in the market, whose capitalisation eroded about QR4bn or 0.52% to QR718.04bn, mainly on the back of midcap segments.
The foreign funds’ substantially weakened net selling pressure had its influence on the market, where the industrials and banking sectors together accounted for more than 55% of the trading volume.
The local retail investors’ net selling weakened in the market, which saw a total of 186,730 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR2.37mn changed hands across 27 deals.
The Gulf individuals were also seen net buyers in the market, which saw no trading of sovereign bonds.
Total trade turnover declined amidst lower volumes in the bourse, which saw no trading of treasury bills.
The Total Return Index shed 0.23% to 26,276.96 points and the All Share Index by 0.47% to 4,100.28 points, while the Al Rayan Islamic Index (Price) shrank 0.34% to 2,768.27 points.
The banks and financial services sector index tanked 1.22%, insurance (0.41%), telecom (0.38%) and consumer goods and services (0.05%); while transport shot up 2.05%, industrials (0.48%) and real estate (0.48%).
Major losers in the main market included Doha Insurance, QNB, Al Khaleej Takaful, Qatar Islamic Bank, QLM, Ooredoo, Salam International Investment, Mannai Corporation, Qatari Investors Group and Investment Holding Group.
Nevertheless, Milaha, Gulf Warehousing, Dlala, QIIB, Alijarah Holding, Qatar Industrial Manufacturing, Gulf International Services, Qamco, Mazaya Qatar and Nakilat were among the gainers in the main market.
In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.
The Gulf institutions’ net profit booking expanded markedly to QR21.51mn against QR14.44mn on May 25.
The foreign institutions’ net buying declined substantially to QR9.17mn compared to QR129.32mn the previous day.
However, the domestic funds turned net buyers to the tune of QR10.82mn against net sellers of QR93.46mn on Wednesday.
The foreign individuals were net buyers to the extent of QR4.92mn compared with net sellers of QR3.39mn on May 25.
The Gulf individuals turned net buyers to the tune of QR1.84mn against net sellers of QR2.48mn the previous day.
The Arab individuals’ net profit booking decreased perceptibly to QR0.61mn compared to QR7.15mn on Wednesday.
Qatari individuals’ net selling weakened considerably to QR4.65mn against QR8.41mn on May 25.
The Arab institutions continued to have no major net exposure for the second straight session.
Total trade volume in the main market rose 19% to 136.85mn shares, while value fell 9% to QR556.35mn and transactions by 6% to 19,639.
The transport sector’s trade volume more than doubled to 16.71mn equities and value also more than doubled to QR70.02mn on almost-doubled deals to 2,002.
There was a 38% surge in the real estate sector’s trade volume to 17.15mn stocks, 23% in value to QR22.39mn and 18% in transactions to 794.
The telecom sector’s trade volume zoomed 30% to 4.79mn shares, value by 14% to QR25.07mn and deals by 8% to 1,832.
The industrials sector reported a 29% expansion in trade volume to 38.15mn equities, 31% in value to QR112.38mn and 16% in transactions to 3,613.
The consumer goods and services sector’s trade volume shot up 18% to 19.85mn stocks and value by 3% to QR33.01mn, whereas deals were flat at 900.
However, the market witnessed a 41% plunge in the insurance sector’s trade volume to 2.97mn shares, 456% in value to QR9.82mn and 38% in transactions to 322.
The banks and financial services sector’s trade volume was down 4% to 37.23mn equities, value by 30% to QR283.65mn and deals by 21% to 10,176.
In the venture market, trade volumes were seen shrinking 46.67% to 0.08mn stocks, value by 55.77% to QR0.46mn and transactions by 29.31% to 41.
 
 



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