The Qatar Stock Exchange continued to be under bearish spell for the second straight session and its key index lost more than 66 points to settle below 8,800 levels.
The insurance, real estate and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.75% lower at 8,735.43 points, although it had touched a low of 8,705 points with 30 minutes to close.
Local and Arab retail investors turned bearish and there was increased net selling by Gulf individuals in the bourse, whose year-to-date losses were at 16.21%.
Market capitalisation saw about QR5bn or 1% erosion to QR495.34bn mainly owing to small and microcap segments.
Islamic stocks were seen declining faster than the other indices in the market, where domestic funds were increasingly net buyers and the Gulf funds turn bullish.
Trade turnover and volumes were on the decline in the market, where the real estate and industrials sectors together accounted for about 66% of the total trading volume.
The Total Return Index shed 0.75% to 16,793.57 points, the All Share Index by 0.51% to 2,715.38 points and the Al Rayan Islamic Index (Price) by 1.12% to 1,949.37 points.
The insurance index plummeted 2.58%, realty (2.28%), industrials (2%) and transport (0.37%); while telecom gained 0.72%, consumer goods and services (0.18%) and banks and financial services (0.05%).
More than 64% of the traded constituents were in the red with major losers being Qatar Insurance, Ezdan, Mazaya Qatar, United Development Company, Industries Qatar, Gulf International Services, Aamal Company, Qatari Investors Group, Mesaieed Petrochemical Holding, Qamco, QIIB, Alijarah Holding, Qatar First Bank, Zad Holding and Baladna.
Nevertheless, QNB, Qatar National Cement, Qatar Industrial Manufacturing, Ooredoo, Al Khaleej Takaful, Salam International Investment, Widam Food, Mannai Corporation and Al Meera were among the gainers.
The Gulf individuals’ net profit booking increased perceptibly to QR3.06mn compared with QR0.55mn the previous day.
Local retail investors turned net sellers to the tune of QR0.36mn against net buyers of QR17.02mn on May 13.
The Arab funds turned net profit takers to the extent of QR0.2mn compared with no major exposure on Wednesday.
The Arab individuals were net sellers to the tune of QR0.13mn against net buyers of QR5.42mn the previous day.
However, domestic funds’ net buying grew distinctively to QR20.6mn compared with QR12.37mn on May 13.
The Gulf institutions turned net buyers to the tune of QR14.17mn against net sellers of QR4.26mn on Wednesday.
Foreign individuals were net buyers to the extent of QR1.65mn compared with net sellers of QR0.17mn the previous day.
Foreign institutions’ net profit booking fell marginally to QR29.43mn against QR29.72mn on May 13.
Total trade volumes fell 20% to 229.41mn shares and value by 23% to QR329.53mn, while transactions grew 13% 11,129.
The real estate sector’s trade volume plummeted 43% to 79.64mn equities, value by 45% to QR70.82mn and deals by 19% to 1,910.
The consumer goods and services sector saw a 29% plunge in trade volume to 27.36mn stocks, 27% in value to QR40.79mn and 3% in transactions to 1,370.
The banks and financial services sector’s trade volume tanked 24% to 14.21mn shares, value by 33% to QR60.08mn and deals by 8% to 2,033.
There was a 16% shrinkage in the insurance sector’s trade volume to 8.61mn equities and 18% in value to QR17.49mn but on an 8% growth in transactions to 1,590.
The transport sector’s trade volume was down 8% to 25.27mn stocks and value by 9% to QR61.24mn, whereas deals more than doubled to 1992.
However, the market witnessed a 73% surge in the telecom sector’s trade volume to 3.33mn shares and 37% in value to QR7.22mn but on 1% dip in transactions to 279.
The industrials sector’s trade volume shot up 39% to 70.98mn equities, value by 25% to QR71.89mn and deals by 58% to 1,955.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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