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Increased net selling pressure from domestic institutions yesterday landed the Qatar Stock Exchange in the negative turf, although capitalisation was on the rise.
Profit-booking at the insurance and bank counters led the 20-stock Qatar Index (based on price data) to fall 0.11% to 13,160.6 points.
The market witnessed sporadic selling in the first 45 minutes to drive the index down, after which it gained for a short period but only to see selling for the next one hour or so to drop below the 13,100 mark. However, some last minute buying propped up the market at the fag end, but again to see some strong profit-booking. Buying pressure once again dominated the trading ring at the closing hours.
Local retail investors were seen exerting bullish momentum to the market, which is up 26.79% year-to-date.
The index that tracks Shariah-principled stocks was seen to fall faster than the other indices in the market, where trading volumes were on the rise.
Overall, trading was skewed towards realty, banks, industrials and transport equities.
The 20-stock Total Return Index was down 0.11% to 19,625.3 points, the All Share Index (with wider constituents) by 0.05% to 3,351.54 and the Al Rayan Islamic Index by 0.21% to 4,310.43, while.
All the three indices factored in dividend income as well.
Insurance stocks plunged 2.48% and banks and financial services (0.29%); whereas telecom gained 0.86%, transport 0.37%, industrials 0.33%, real estate 0.17% and consumer goods rose 0.16%.
Major losers include Industries Qatar, QNB, Qatar Insurance, Doha Insurance, Doha Bank, International Islamic, Masraf Al Rayan, United Development Company, Mazaya Qatar and Salam International Investment.
However, Ezdan, Ooredoo, Vodafone Qatar, Qatar Islamic Bank, Commercial Bank, al khaliji, Aamal Company, Nakilat and Gulf International Services bucked the trend.
Market capitalisation expanded 0.49% to QR742.11bn. Small cap equities notably gained 1% and large cap 0.09%; whereas micro and mid caps lost 0.93% and 0.55% respectively.
Domestic institutions’ net profit-taking surged to QR68.29mn against QR35.7mn the previous day.
Foreign institutions’ net buying sunk to QR31.69mn compared to QR43.65mn on Tuesday.
Qatari retail investors’ net buying soared to QR46.85mn against QR12.28mn the previous day.
Non-Qatari individual investors’ net profit-booking fell to QR10.26mn compared to QR22.23mn on Tuesday.
Total trading volume rose 15% to 26.91mn stocks, value by 12% to QR1.14bn and transactions by 2% to 11,684.
The real estate sector’s trading volume shot up 77% to 7.97mn equities, value by 76% to QR232.08mn and deals by 97% to 3,148.
The transport sector saw its trading volume surge 28% to 3.14mn shares and value by 28% to QR89.88mn, while transactions fall 8% to 909.
The market witnessed a 7% expansion in the industrials sector’s trading volume to 4.22mn stocks, 5% in value to QR204.18mn and 2% in deals to 2,966.
The banks and financial services sector reported a 6% gain in trading volume to 6.55mn equities and 25% in value to QR410.92mn but on a 7% fall in transactions to 2,761.
However, the consumer goods sector’s trading volume plummeted 35% to 1.44mn shares, value by 52% to QR76.27mn and deals by 46% to 858.
The insurance sector’s trading volume plunged 30% to 0.6mn stocks, value by 37% to QR34.02mn and transactions by 41% to 364.
The telecom sector’s trading volume declined 11% to 2.98mn equities, while value soared 20% to QR92.67mn. Deals were down 9% to 678.
In the debt market, there was no trading of treasury bills and government bonds.
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