The Qatar Stock Exchange saw its key index tank 234 points and capitalisation erode QR14bn, reflecting the pessimism in the global market as oil once touched a seven-month low this week.
The telecom, transport and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index plunged 1.78% this week, which saw the Qatar Financial Market Authority issue rules relating to covered short selling as well securities lending and borrowing.
The domestic institutions were seen net profit takers this week, which saw Mannai Corporation shareholders approve an interim dividend, following the successful sales of Inetum.
More than 74% of the traded constituents were in the red this week, which saw a Qatar Financial Centre’s purchasing managers’ index survey that found the tempering of growth in the country’s non-energy private sector in August this year.
The local retail investors were seen bearish this week, which saw Ooredoo disclose its intention to offload its entire stake in its Myanmar telecom business to Nine Communications for an enterprise value of about $576mn and total equity consideration of $162mn.
The foreign individuals’ weakened net buying also had its influence in the market this week, which saw Al Meera Consumer Goods sign agreement with SAP and Tata Consultancy.
However, the foreign institutions were seen bullish this week, which saw a total of 0.11mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.3mn trade across 27 deals.
The Arab retail investors were increasingly net buyers this week, which saw as many as 0.18mn Doha Bank-sponsored QETF valued at QR2.3mn change hands across 99 transactions.
The overall trading turnover and volumes were on the decline in the main market this week, which saw the industrials and banking sectors together constitute more than 58% of the total trade volume.
Market capitalisation eroded QR13.79bn or 1.87% to QR719.45bn, mainly on large and small cap segments this week, which saw no trading of sovereign bonds.
In the case of venture market, both trade and turnover were on the increase this week, which saw no trading of treasury bills in the main market.
The Total Return Index tanked 1.78%, the All Share Index by 1.8% and the All Islamic Index by 1.24%.
The telecom sector index plummeted 3.44%, real estate (3.12%), banks and financial services (2.53%), industry (1.39%), insurance (0.5%) and consumer goods and services (0.5%); while transport soared 2.01% this week.
Major losers in the main market included Mannai Corporation, Qamco, Doha Insurance, Gulf International Services, Mesaieed Petrochemical Holding, QNB, Commercial Bank, Qatar Islamic Bank, Doha Bank, QIIB, Masraf Al Rayan, Salam International Investment, Baladna, Aamal Company, Estithmar Holding, Barwa, Mazaya Qatar, Ooredoo, Vodafone Qatar, Nakilat and Gulf Warehousing.
In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.
Nevertheless, Milaha, Ezdan, Woqod, Al Meera and Qatar National Cement were among the gainers in the main market this week.
The domestic institutions turned net sellers to the tune of QR88.06mn compared with net buyers of QR6.57mn the week ended September 1.
The local retail investors were net sellers to the extent of QR58.05mn against net buyers of QR26.35mn the previous week.
The foreign individuals’ net buying weakened markedly to QR4.78mn compared to QR8.16mn a week ago.
However, the foreign funds were net buyers to the tune of QR120.91mn against net sellers of QR32.37mn the week ended September 1.
The Arab individuals’ net buying increased perceptibly to QR17.27mn compared to QR16.63mn the previous week.
The Gulf individuals were net buyer to the tune of QR24.65mn.
The Arab institutions’ net profit booking eased marginally to QR0.37mn against QR0.7mn the week ended September 1.
Total trade volume in the main market shrank 21% to 6790422mn shares, value by 31% to QR2.53bn and deals by 3% to 92,447.
In the venture market, there was a 28% jump in trade volumes to 1.13mn stocks, 12% in value to QR6.96mn and 17% in transactions to 405.