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Trading volumes were on the decline and was mainly skewed towards real estate, banking and consumer goods equities.
The Qatar Stock Exchange yesterday opened the week weak mainly on lower buying interests from both domestic and foreign institutions and saw about QR19bn erosion in capitalisation.
Profit booking was seen intense in the telecom, industrials and banking counters as the 20-stock Qatar Index (based on price data) fell another 0.73% to 12,860.34 points.
The index that tracks Shariah-principled stocks was seen losing faster than the other indices in the bourse, which is, however, up 23.9% year-to-date.
Trading volumes were on the decline and was mainly skewed towards real estate, banking and consumer goods equities.
The 20-stock Total Return Index shed 0.73% to 19,177.55 points, All Share Index (with wider constituents) by 0.82% to 3,306.73 and Al Rayan Islamic Index by 0.89% to 4,237.6. All the three indices factored in dividend income as well.
Telecom stocks shrank 1.92%, industrials (1.35%), banks and financial services (1%) and insurance (0.93%); whereas transport gained 0.94%, realty (0.81%) and consumer goods (0.58%).
More than 67% of the stocks were in the red with major losers being QNB, Industries Qatar, Ooredoo, Ezdan, Mazaya Qatar, Barwa, Vodafone Qatar, Aamal Company, Commercial Bank, Doha Bank, Qatar Islamic Bank, Masraf Al Rayan, al khaliji, Widam Food and Qatari Investors Group.
However, Nakilat, United Development Company and Milaha were seen to buck the trend.
Market capitalisation eroded 2.38% to QR777.29bn. Large, mid and small cap equities melted 1.34%, 0.91% and 0.75% respectively; even as micro caps rose by a meager 0.01%. Domestic institutions’ net profit booking soared to QR42.3mn against QR26.96mn last Thursday.
Foreign institutions turned net sellers to the tune of QR2.23mn compared with net buyers of QR70.5mn the previous trading day.
However, Qatari retail investors turned net buyers to the extent of QR34.33mn against net sellers of QR45.21mn last Thursday. Non-Qatari individual investors’ net buying rose to QR10.31mn compared to QR1.43mn the previous trading day. Total trading volume was down 5% to 28.78mn stocks, value by 11% to QR1.06bn and transactions by 9% to 12,158.
The telecom sector’s trading volume plummeted 63% to 1.63mn equities, value by 60% to QR36.58mn and deals by 40% to 637. The insurance sector saw its trading volume plunge 52% to 1.1mn shares, value by 50% to QR59.83mn and transactions by 42% to 723. The consumer goods sector’s trading volume tanked 51% to 3.76mn stocks; value by 47% to QR136.36mn and deals by 33% to 1,814.
The banks and financial services sector reported 31% decline in trading volume to 4.79mn equities, 40% in value to QR226.83mn and 30% in transactions to 2,530.
However, the real estate sector’s trading volume more than doubled to 13.24mn shares and value also more than doubled to QR389.42mn on 74% jump in deals to 3,360.
The industrials sector saw its trading volume surge 27% to 2.32mn stocks, value by 9% to QR144.72mn and transactions by 10% to 2,344. The market witnessed 16% expansion in the transport sector’s trading volume to 1.95mn equities, 35% in value to QR69.01mn and 10% in deals to 750. In the debt market, there was no trading of treasury bills and government bonds.
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