The Qatar Stock Exchange remained under selling pressure for the fifth straight session and its key index settled below 9,500 levels despite increased buying interests from local and non-Qatari retail investors.
The insurance, telecom and real estate counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.61% or 58 points lower at 9,490.14 points, although it touched a low of 9,425 points, about 40 minutes before the closing.
The Gulf institutions were increasingly net sellers and the Gulf individuals turned bearish in the market, which is down 8.97% year-to-date.
Market capitalisation saw more than QR2bn, or 0.39%, erosion to QR525.58bn mainly owing to small cap segments.
Islamic stocks were seen declining slower than the other indices in the bourse, where non-Qatari funds continued to be net sellers but with lesser intensity.
Trade turnover and volumes were on the increase in the bourse, where the realty, banking and industrials sectors together accounted for more than 74% of the total trading volume.
The Total Return Index shed 0.61% to 17,669.58 points, the All Share Index by 0.49% to 2,861.83 points and the Al Rayan Islamic Index (Price) by 0.39% to 2,045.71 points.
The insurance index plummeted 3.84%, telecom (1.98%), real estate (1.95%), transport (0.45%) and banks and financial services (0.43%); while industrials and consumer goods gained 0.46% and 0.16% respectively.
More than 58% of the traded constituents were in the red with major losers being Qatar Insurance, Qatar General Insurance and Reinsurance, Vodafone Qatar, Ooredoo, Barwa, Ezdan, Qatar National Cement, Qatari Investors Group, Aamal Company, Mesaieed Petrochemical Holding, Qatar German Company for Medical Devices, Salam International Investment, Commercial Bank, QIIB and Qatar Oman Investment; even as Mazaya Qatar, Industries Qatar and Qatar First Bank were among the gainers.
The Gulf institutions’ net profit booking increased noticeably to QR13.5mn compared to QR9.16mn on February 26.
The Gulf individuals were net sellers to the tune of QR6.31mn against net buyers of QR1.07mn the previous day.
Domestic institutions’ net buying weakened marginally to QR36.11mn compared to QR38.58mn on Wednesday.
However, local retail investors’ net buying shot up perceptibly to QR28.7mn against QR24.39mn on February 26.
Non-Qatari individuals’ net buying grew significantly to QR6.31mn compared to QR3.2mn the previous day.
Non-Qatari funds’ net profit booking eased considerably to QR51.3mn against QR58.13mn on Wednesday.
Total trade volumes rose 37% to 95.85mn shares, value by 58% to QR366.97mn and transactions by 1% to 9,238.
The transport sector’s trade volume almost quadrupled to 3.53mn equities and value more than doubled to QR9.93mn on more-than-doubled deals to 423.
The insurance sector’s trade volume almost tripled to 5.05mn stocks and value more than doubled to QR12.01mn on a 16% jump in transactions to 297.
The consumer goods sector’s trade volume more than doubled to 9.09mn shares and value almost quadrupled to QR40.44mn on a 64% increase in deals to 680.
The banks and financial services sector saw a 42% surge in trade volume to 24.18mn equities and 33% in value to QR170mn but on a 7% fall in transactions to 3,408.
The industrials sector’s trade volume soared 36% to 20.77mn stocks, value by 73% to QR66.18mn and deals by 2% to 1,538.
There was a a 6% expansion in the real estate sector’s trade volume to 25.99mn shares, 66% in value to QR36.17mn and 97% in transactions to 1,823.
The telecom sector’s trade volume was up 5% to 7.25mn equities and value by 28% to QR32.25mn, whereas deals shrank 53% to 1,069.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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