By Santhosh V. Perumal
Business Reporter

More than 90% of the stocks, which include a majority of blue-chips, were in the red and as much as QR12bn in capitalisation was lost as the Qatar Stock Exchange’s key index plummeted 222 points to settle below the 11,000 mark on Tuesday.

An across-the-board selling – particularly in the telecom, real estate and insurance counters – led the 20-stock Qatar Index plunge about 2% to 10,947.02 points, apparently reflecting nervousness in view of the need for tough fiscal measures owing to lower oil prices and expectations on the US interest rate hike in December.

Foreign institutions turned bearish and there was also significantly lower buying interests from local retail investors in the market, which is down 10.9% year-to-date, making it the worst performer among the Gulf peers.

However, domestic institutions were increasingly bullish in the bourse, where trading was largely skewed towards the telecom, banking and realty sectors, which together constituted more than 72% of the volume.

Market capitalisation fell 2.02% to QR575.4bn with small, mid, large and micro cap equities eroding 2.48%, 2.33%, 1.76% and 0.74% respectively.

The Total Return Index shrank 1.99% to 17,015.57 points, All Share Index by 1.95% to 2,917.5 points and Al Rayan Islamic Index by 2.22% to 4,122.76 points.

Telecom stocks plummeted 2.92%, realty (2.6%), insurance (2.33%), industrials (1.95%), consumer goods (1.75%), banks and financial services (1.66%) and transport (1.24%).

Major losers included QNB, Industries Qatar, Ooredoo, Vodafone Qatar, Qatar Islamic Bank, Commercial Bank, Doha Bank, QIIB, Alijarah Holding, Qatar Electricity and Water, Mesaieed Petrochemical Holding, Aamal Company, Ezdan, Barwa, United Development Company and Nakilat.

Non-Qatari institutions turned net sellers to the tune of QR9.42mn compared with net buyers of QR6.74mn on November 9.

Local retail investors’ net buyers weakened considerably to QR0.24mn against QR16.37mn the previous day.

Non-Qatari individual investors’ net profit booking rose to QR4.59mn compared to QR22.01mn on Monday.

However, domestic institutions’ net buying strengthened to QR23.93mn against QR3.22mn on November 9.

The GCC (Gulf Cooperation Council) individual investors’ net selling weakened considerably to QR11.17mn compared to QR22.01mn the previous day.

The GCC institutions turned net buyers to the extent of QR0.98mn against net profit takers of QR1.94mn on Monday.

Total trade volume rose 62% to 9.27mn shares, value by 41% to QR337.56mn and deals by 50% to 5,003.

The telecom sector’s trade volume grew more than five-fold to 3.38mn equities and value more than quadrupled to QR49.6mn on almost tripled transactions to 978.

The insurance sector’s trade volume almost quadrupled to 0.11mn stocks and value more than quadrupled to QR8.5mn on almost tripled deals to 104.

The transport sector’s trade volume more than doubled to 0.88mn shares, value soared 74% to QR24.73mn and transactions by 57% to 401.

The banks and financial services sector reported 45% surge in trade volume to 1.83mn equities, 62% in value to QR110.79mn and 48% in deals to 1,292.

The consumer goods sector’s trade volume expanded 37% to 0.59mn stocks, value by 57% to QR23.63mn and transactions by 72% to 451.

However, the market witnessed 22% plunge in the industrials sector’s trade volume to 0.97mn shares and 5% in value to QR78.71mn but on 14% jump in deals to 1,048.

The real estate sector’s trade volume shrank 12% to 1.5mn equities and value by 10% to QR41.6mn, while transactions grew 16% to 729.

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