By Santhosh V. Perumal/Business Reporter

Qatar Stock Exchange on Wednesday witnessed heavy profit booking, mainly in the banks and financial services stocks.

Both domestic and foreign institutions turned bearish as the 20-stock Qatar Index shed 1.45% to 11,503.72 points as trade volumes were also on the decline.

Large and small cap stocks bore the maximum brunt in the market, which is down 6.37% year-to-date.

The index that tracks Shariah-principled stocks was seen melting slower than the other indices in the bourse, where banking, telecom and real estate stocks accounted for about 78% of the total trading volume.

Market capitalisation eroded 1.39% or about QR9bn to QR622.49bn with large, small, mid and micro cap stocks losing 1.79%, 1.74%, 0.97% and 0.46% respectively.

The Total Return Index fell 1.45% to 17,749.18 points, All Share Index by 1.36% to 3,069.63 points and Al Rayan Islamic Index by 1.08% to 4,200.36 points.

Banks and financial services stocks plunged 2.09%, industrials (1.25%), insurance (1.22%), transport (0.91%), realty (0.62%), telecom (0.26%) and consumer goods (0.16%).

More than 74% of the stocks were in the red with major losers being QNB, Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, Alijarah Holding, Industries Qatar, Gulf International Services, Barwa, Mazaya Qatar, United Development Company and Nakilat; even as Qatar Electricity and Water bucked the trend.

Domestic institutions turned net sellers to the tune of QR23.08mn against net buyers of QR1.62mn the previous day.

Foreign institutions turned net sellers to the extent of QR18.47mn against net buyers of QR16.84mn on Tuesday.

However, Qatari individual investors turned net buyers to the tune of QR41.69mn compared with net sellers of QR30.53mn on March 24.

Non-Qatari retail investors turned net profit takers to the tune of QR0.14mn against net buyers of QR3.72mn the previous day.

Total trade volume fell 25% to 6.04mn shares, value by 32% to QR272.84mn and transactions by 15% to 4,002.

The insurance sector’s trade volume plummeted 96% to 0.01mn stocks, value by 96% to QR0.77mn and deals by 80% to 16.

The real estate sector saw its trade volume plunge 41% to 1.43mn equities, value by 19% to QR54.26mn and transactions by 35% to 560.

The market witnessed 38% decline in the industrials sector’s trade volume to 0.73mn shares, value by 36% to QR70.46mn and deals by 14% to 1,340.

The banks and financial services sector reported 30% decline in trade volume to 1.82mn stocks, 35% value to QR98.77mn and less than 1% in transactions to 1,224.

However, the transport sector’s trade volume soared 57% to 0.33mn equities and value by 19% to QR8.39mn on more than doubled deals to 211.

The telecom sector’s trade volume surged 21% to 1.46mn shares, even as value shrank 3% to QR27.44mn and transactions by 35% to 410.

The consumer goods sector’s trade volume expanded 18% to 0.26mn stocks, while value shrank 32% to QR12.75mn and deals by 15% to 241.

In the debt market, there was no trading of treasury bills and government bonds.