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By Santhosh V Perumal
Business Reporter
An across-the-board selling, especially in the telecom and real estate sectors, led the Qatar Stock Exchange plunge 160 points to settle below the 10,700 mark on Monday.
About 80% of the traded equities were in the red as the 20-stock Qatar Index shrank 1.48% to 10,675.74 points amid higher overall volumes.
Increased net profit-booking by foreign institutions and substantially lower buying interests of local retail investors were mainly instrumental in dragging the market, which is down 13.1% year-to-date.
Gulf individual investors turned bearish and there was also reduced buying support from non-Qatari retail investors in the bourse, where trading was largely skewed towards the banking, realty and industrials sectors, which together constituted about 72% of the volume.
Market capitalisation eroded 1.39%, or about QR8bn, to QR561.26bn with large, mid, small and micro cap equities melting 1.37%, 1.07%, 0.94% and 0.45% respectively.
The Total Return Index shed 1.48% to 16,593.91 points, the All Share Index by 1.36% to 2,848.86 points and the Al Rayan Islamic Index by 1.51% to 4,010.68 points.
Telecom stocks plunged 3.78%, followed by real estate (1.93%), consumer goods (1.45%), banks and financial services (1.21%), insurance (1.08%), industrials (1.07%) and transport (0.5%).
Major losers included Ooredoo, Vodafone Qatar, Ezdan, Mazaya Qatar, Barwa, Al Meera, QNB, QIIB, Masraf Al Rayan, Dlala, Industries Qatar, Aamal Company, Gulf International Services and Mesaieed Petrochemical Holding.
Non-Qatari institutions’ net profit-booking increased to QR33.83mn against QR5.01mn on Sunday.
Local retail investors’ net buying considerably declined to QR7mn compared to QR32.91mn the previous day.
GCC (Gulf Cooperation Council) individual investors turned net sellers to the tune of QR3.33mn against net buyers of QR0.94mn on November 22.
Non-Qatari individual investors’ net buying weakened to QR5.6mn compared to QR20.17mn on Sunday.
However, GCC institutions’ net buying strengthened to QR29.8mn against QR5.23mn the previous day.
Domestic institutions’ net profit-booking plummeted to QR5.17mn compared to QR54.23mn on November 22.
Total trade volume rose 35% to 5.23mn shares and value by 50% to QR214.67mn on more-than-doubled deals to 3,838.
The telecom sector’s trade volume almost quadrupled to 0.57mn equities and value more than doubled to QR10.37mn on more-than-doubled transactions to 391.
The real estate sector’s trade volume more than tripled to 1.24mn stocks and value also more than tripled to QR21.77mn on more-than-doubled deals to 467.
The industrials sector’s trade volume almost doubled to 0.88mn shares and value also almost doubled to QR56.6mn on more-than-doubled transactions to 1,049.
The banks and financial services sector reported a 64% surge in trade volume to 1.62mn equities and 97% in value to QR93.2mn on more-than-doubled deals to 1,229.
However, the transport sector’s trade volume plummeted 53% to 0.75mn stocks and value by 50% to QR20.27mn, while transactions gained 87% to 502.
There was a 50% plunge in the consumer goods sector’s trade volume to 0.13mn shares, 1% in value to QR10.26mn and 11% in deals to 141.
The insurance sector’s trade volume tanked 25% to 0.03mn equities and value by 25% to QR2.19mn but transactions shot up 90% to 59.
In the debt market, there was no trading of treasury bills and government bonds.
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