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By Santhosh V. Perumal
Business Reporter
Qatar Stock Exchange on Monday plummeted 463 points to settle below the 10,100 mark with more than 76% of the stocks, especially the large caps and blue-chips, in the red, as a reaction to MSCI index revision and concerns on domestic economy.
Domestic institutions hurriedly squared off their position as the 20-stock Qatar Index plunged 4.38% to a two-year low of 10,090.81 points and capitalisation eroded about QR23bn.
Real estate, telecom and industrials counters witnessed higher than average profit booking in the market, which is down 17.87% year-to-date.
Foreign institutions, which were increasingly net sellers, were seen frenetic in both selling and buying in the market, where overall trading volume grew more than 13-fold.
The index that tracks Shariah-principled stocks was however seen melting slower than the other indices in the bourse, where the transport sector alone constituted more than 57% of the total volume.
A Reuters report suggested that traders cited outflows of funds due to changes in MSCI's emerging market index and concern about the impact of low oil and gas prices on the Qatari economy.
Global index compiler MSCI had included Nakilat in its Qatar Index replacing Gulf International Services (GIS) as it rebalanced the index, effective from closing hours of Monday.
Market capitalisation eroded 4.09% to QR532.66bn with large, small, micro and mid cap equities melting 5.08%, 4.75%, 1.54% and 0.99% respectively.
The Total Return Index tanked 4.38% to 15,684.72 points, All Share Index by 4.16% to 2,698.51 points and Al Rayan Islamic Index by 3.78% to 3,799.88 points.
Realty stocks nosedived 6.84%, telecom (5.93%), industrials (4.43%), banks and financial services (3.88%), insurance (3.84%) and consumer goods (1.31%); while transport rose 0.42%.
Major losers included QNB, Industries Qatar, Barwa, GIS, Commercial Bank, Masraf Al Rayan, al khaliji, Qatari Investors Group, Qatar Electricity and Water, Aamal Company, United Development Company, Ezdan and Ooredoo; whereas Doha Bank and Nakilat bucked the trend.
Domestic institutions turned net sellers to the tune of QR146.25mn against net buyers of QR20.34mn the previous day.
Non-Qatari institutions’ net profit booking increased to QR10.39mn compared to QR9.08mn on November 29.
However, local retail investors turned net buyers to the extent of QR115.44mn against net sellers of QR7.04mn on Sunday.
Non-Qatari individual investors were also net buyers to the tune of QR23.49mn compared with net sellers of QR6.04mn the previous day.
The GCC (Gulf Cooperation Council) individual investors turned net buyers to the extent of QR3.54mn against net sellers of QR0.09mn on November 29.
The GCC institutions’ net buying increased to QR14.16mn compared to QR1.9mn on Sunday.
Total trade volume grew more than 13-fold to 34.59mn shares and value by about 11-fold to QR1.18bn on almost quadrupled deals to 8,005.
The transport sector’s trade volume rose almost 31-fold to 19.94mn equities and value by 26-fold to QR489.31mn on more than five-fold transactions to 1,677.
The industrials sector’s trade volume soared more than 11-fold to 5.86mn stocks and value by 12-fold to QR332.39mn on about six-fold in deals to 2,960.
The real estate sector’s trade volume expanded more than 10-fold to 2.87mn shares and value by nine-fold to QR57.61mn on more than quadrupled transactions to 804.
The telecom sector saw about seven-fold jump in trade volume to 1.53mn equities and more than six-fold in value to QR49.05mn on more than tripled deals to 514.
The insurance sector’s trade volume vaulted more than five-fold to 0.22mn stocks and value by 11-fold to QR17.05mn on almost five-fold in transactions to 171.
There was an almost five-fold growth in the banks and financial services sector’s trade volume to 3.98mn shares and more than five-fold in value to QR229.02mn on more than doubled deals to 1,708.
The consumer goods sector’s trade volume more than doubled to 0.19mn equities, value grew 15% to QR5.99mn and transactions by 46% to 171.
In the debt market, there was no trading of treasury bills and government bonds.
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