By Santhosh V. Perumal/Business Reporter

Slippery global oil path led Qatar Stock Exchange (QSE) plunge as much as 434 points in its key index and more than QR21bn in capitalisation during the week.
Foreign institutions hurriedly squared off their position, leading the 20-stock Qatar Index plummet 3.66% during the week that otherwise saw global index compiler FTSE Russell decide to upgrade QSE into secondary emerging market.
Reflecting the weak oil prices, regional bourses were largely on the slide with Saudi Arabia falling 3.22%, Abu Dhabi (1.29%), Muscat (0.97%), Kuwait (0.88%) and Bahrain (0.56%); even as Dubai was up 0.11%.
QSE is down 7.06% year-to-date against Kuwait’s fall of 12.57%, Saudi Arabia (10.36%), Bahrain (10.02%), Muscat (9.43%), Dubai (3.94%) and Abu Dhabi (1.1%).
An across the board selling, particularly in the industrials and banking, was visible during the week that saw Gulf Warehousing shareholders approve QR458mn rights issue.
Large and mid cap equities witnessed higher than average profit booking pressure during the week that saw QSE chief executive Rashid bin Ali al-Mansoori say the rating upgrades is value added to the exchange.
Nevertheless, local and non-Qatari retail investors turned bullish and there was also substantially lower net selling pressure from domestic institutions during the week that saw Islamic Holding Group line up its QR100mn rights issue.
The 20-stock Total Return Index tanked 3.66%, All Share Index (comprising wider constituents) by 3.22% and Al Rayan Islamic Index by 3.48% during the week that witnessed a top French delegation visit QSE to explore options on mutual cooperation.
Industrials stocks lost 4.03%, banks and financial services (3.89%), insurance (3.33%), realty (1.95%), consumer goods (1.9%), transport (1.5%) and telecom (1.27%) during the week that saw QSE announce that Al Meera Consumer Goods Company will replace Qatari Investors Group in the broad 20-stock benchmark Qatar Index, effective from October 1.
More than 74% of the stocks were in the red as of the 43 stocks, only 11 gained, while 32 fell during the week that saw real estate, banking and industrials together constitute about 82% of the overall trading volume.
Eight of the 12 banks and financial services; six each of the eight consumer goods and the nine industrials; four of the five insurers; all of the four realty; and two each of the two transport and the three telecom sector equities close higher during the week.
Major losers included QNB, Industries Qatar, Qatari Investors Group, QIIB, Masraf Al Rayan, Qatar Islamic Bank, Doha Bank, al khaliji, Qatar Industrial Manufacturing, Gulf International Services, Aamal Company, Qatar Insurance, Mazaya Qatar, Barwa, Ezdan, United Development Company, Vodafone Qatar and Nakilat; even as Commercial Bank, Alijarah Holding, Mannai Corporation and Qatar Islamic Insurance bucked the trend during the week.
Market capitalisation eroded 3.43% to QR602.39bn with large, mid, micro and small cap equities melting 4%, 2.54%, 2.5% and 0.38% respectively during the week that saw Mazaya Qatar, Masraf Al Rayan and Barwa dominate the trading ring in terms of volume and value.
Large, micro and mid cap equities are down 13.46%, 5.42% and 3.76% respectively year-to-date; whereas small caps gained 3.48%.
Foreign institutions turned net sellers to the tune of QR185.2mn against net buyers of QR308.82mn the previous week.
However, local retail investors turned net buyers to the extent of QR138.01mn compared with net sellers of QR122.61mn the week ended September 10.
Non-Qatari retail investors were also net buyers to the tune of QR66.76mn against net sellers of QR78.35mn the previous week.
Domestic institutions’ net profit booking weakened to QR19.7mn compared to QR107.66mn the week ended September 10.
Total trade volume fell 30% to 32.5mn shares, value by 34% to QR1.32bn and transactions by 28% to 19,537 during the week.
The transport sector saw 75% plunge in trade volume to 1.05mn equities, 79% in value to QR29.79mn and 62% in deals to 701.
The consumer goods sector’s trade volume plummeted 66% to 0.89mn stocks, value by 37% to QR56.35mn and transactions by 49% to 812.
There was 35% shrinkage in the industrials sector’s trade volume to 4.89mn shares, 31% in value to QR319.2mn and 30% in deals to 5,661.
The telecom sector’s trade volume tanked 31% to 2.99mn equities, value by 22% to QR84.34mn and transactions by 18% to 2,379.
The market witnessed 21% decline in the real estate sector’s trade volume to 12.68mn stocks, 31% in value to QR266.11mn and 34% in deals to 3,447.
The banks and financial services sector’s trade volume shrank 17% to 9.06mn shares, value by 31% to QR520.93mn and transactions by 13% to 6,149.
The insurance sector’s trade volume was down 8% to 0.94mn equities, value by 19% to QR45.17mn and deals by 11% to 388.
In the debt market, there was no trading of treasury bills; while as many as 70,000 government bonds valued at QR701.43mn changed hands across five transactions during the week.