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By Santhosh V Perumal
Business Reporter
The Qatar Exchange yesterday opened the week weak mainly on local retail investors’ net selling pressure.
Profit-booking was seen to be intense in the insurance, real estate, transport and industrials counters as the 20-stock Qatar Index (based on price index) fell for the third consecutive day by 0.24% to 11,340.12 points
Mid and small-cap equities witnessed selling pressure in the market, where trading volumes rose and overall it was skewed towards industrials and realty sectors.
Although foreign institutions were net buyers, they had considerably pared their exposure in the bourse, which is, however, up 9.25% year-to-date.
The 20-stock Total Return Index fell 0.24% to 16,767.36 points, the All Share Index (with wider constituents) by 0.17% to 2,901.38 and the Al Rayan Islamic Index by 0.24% to 3,477.6 points. All the three indices factored in dividend income as well.
Insurance stocks shrank 1.26%, followed by realty (0.86%), transport (0.78%) and industrials (0.51%); while banks and financial services rose 0.26%, consumer goods 0.25% and telecom gained 0.02%.
About 54% of the stocks were in the red with major losers being Industries Qatar, Doha Bank, Mesaieed Petrochemical Holding Company, Gulf International Services, Barwa, Mazaya Qatar, United Development Company, Nakilat, Vodafone Qatar and Widam Food.
However, QNB, Commercial Bank, Qatar Islamic Bank and Qatari Investors Group were seen to buck the trend.
Market capitalisation fell 0.74%, or about QR5bn, to QR629.84bn. Mid and small cap equities fell 0.75% and 0.44%; whereas micro and large caps rose 0.53% and 0.21% respectively.
Qatari retail investors were net sellers to the tune of QR10.04mn compared with net buyers of QR9.49mn the previous trading day.
Domestic institutions’ net selling stood at QR11.71mn against QR31.22mn last Thursday.
Foreign institutions turned net buyers to the extent of QR19.33mn compared with net sellers of QR0.05mn the previous trading day.
Non-Qatari individual investors’ net buying amounted to QR2.42mn against QR21.28mn last Thursday.
Total trading volume rose 14% to 11.71mn stocks, while value fell 5% to QR440.32mn but transactions gained 27% to 8,430.
The industrials sector’s trading volume more than doubled to 4.82mn equities and value doubled to QR205.18mn on more than doubled deals to 5,022.
The telecom sector’s trading volume more than doubled to 0.73mn shares but value shrank 35% to QR14.68mn; even as transactions rose 50% to 229.
The market witnessed a 51% jump in the transport sector’s trading volume to 0.59mn stocks, 10% in value to QR17.48mn and 21% in deals to 345.
The consumer goods sector saw its trading volume gain 4% to 0.76mn equities but on a 17% decline in value to QR43.45mn and 24% in transactions to 512.
However, the insurance sector’s trading volume plummeted 81% to 0.05mn shares, value by 80% to QR2.4mn and deals by 67% to 53.
The real estate sector saw its trading volume plunge 31% to 3.09mn stocks, value by 33% to QR72.95mn and transactions by 30% to 849.
The banks and financial services sector reported a 24% shrinkage in trading volume to 1.66mn equities, 43% in value to QR84.18mn and 20% in deals to 1,420.
In the debt market, there was no trading of treasury bills and government bonds.
QGMD widens net losses by 70% to QR7.9mn
A substantial fall in revenue and higher costs led Qatari German Company for Medical Devices (QGMD) to widen its net losses by 70% to QR7.9mn in 2013. Revenue fell 17% to QR11.41mn, but direct costs also shrank 14% to QR10.8mn, yet translating into a 38% plunge in gross profit to QR1.14mn, according to its financial statement filed with the Qatar Exchange.
However, other income rose 22% to QR0.23mn and fair value of investment property by 78% to QR5.09mn.
Nevertheless, the company’s selling and distribution expenses shot up 25% to QR2.45mn and general and administrative costs by 58% to QR9.46mn, leading to a 78% increase in operating loss to QR5.45mn. Moreover, finance costs escalated 53% to QR2.44mn.
Total assets were valued at QR243.76mn comprising current assets of QR29.81mn and non-current assets of QR213.95mn.
Total equity stood at QR177.48mn on a capital base of QR115.5mn and loss-per-share was QR0.68 at the end of December 31, 2013.
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