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Qatar Stock Exchange opened the week weak as its key index plunged 93 points to settle below the 9,700 mark and capitalisation erode QR6bn on lingering concerns over low oil prices, geopolitical tension in the Arab region and Chinese currency devaluation.
Weaker buying support from local retail investors was instrumental in dragging the 20-stock Qatar Index 0.96% to 9,673.9 points.
Banking, consumer goods and industrials counters witnessed higher than average selling pressure in the market, which is down 7.24% year-to-date.
The bearish grip of non-Qatari individual investors also played their part in dampening the bourse, where trading turnover was also on the decline.
The index that tracks Shariah-principled stocks was seen melting faster than the other indices in the market, where banking, real estate and industrials sectors together accounted about 73% of the total trading volume.
Market capitalisation eroded 1.12% to QR514.6n with large, small and micro mid cap equities melting 1.58%, 1.42% and 0.61% respectively.
The Total Return Index shrank 0.96% to 15,036.69 points, All Share Index by 0.99% to 2,580.71 points and Al Rayan Islamic Index by 1.04% to 3,547.94 points.
Banks and financial services stocks fell 1.81%, consumer goods (1.6%), industrials (1.57%), telecom (0.43%) and realty and transport (0.04% each); while insurance gained 3.18%.
About 72% of the stocks were in the red with major losers being QNB, Industries Qatar, Aamal Company, Gulf International Services, Barwa, Ooredoo, Commercial Bank, Qatar Islamic Bank, Doha Bank, al khaliji, Masraf Al Rayan and United Development Company; even as Ezdan, Vodafone Qatar and Qatar Insurance bucked the trend.
Local retail investors’ net buying declined to QR20.12mn compared to QR41.32mn the previous trading day.
Non-Qatari individual investors turned net sellers to the tune of QR0.35mn against net buyers of QR6.94mn on January 7.
However, Non-Qatari institutions’ net profit booking fell to QR17.25mn compared to QR18.57mn last Thursday.
Domestic institutions’ net selling declined to QR2.66mn against QR20.64mn the previous day.
The GCC (Gulf Cooperation Council) institutions’ net selling weakened to QR7.67mn compared to QR9.78mn on January 7.
The GCC individuals’ net buying surged perceptibly to QR7.8mn against QR0.72mn last Thursday.
Total trade volume fell 45% to 3.55mn shares, value by 54% to QR123.3mn and deals by 31% to 2,898.
There was 92% plunge in the insurance sector’s trade volume to 0.01mn equities, 93% in value to QR0.63mn and 84% in transactions to 24.
The transport sector’s trade volume plummeted 80% to 0.13mn stocks, value by 79% to QR3.8mn and deals by 56% to 97.
The real estate sector saw 51% shrinkage in trade volume to 0.82mn shares, 46% in value to QR17.59mn and 33% in transactions to 463.
The industrials sector’s trade volume tanked 45% to 0.78mn equities, value by 47% to QR38.46mn and deals by 38% to 695.
The banks and financial services sector reported 43% decline in trade volume to 0.99mn stocks, 55% in value to QR46.84mn and 1% in transactions to 1,094.
The telecom sector’s trade volume shrank 19% to 0.51mn shares, value by 56% to QR8.37mn and deals by 84% to 97.
However, there was 20% surge in the consumer goods sector’s trade volume to 0.3mn equities but on 45% decline in value to QR7.61mn and 22% in transactions to 205.
In the debt market, there was no trading of treasury bills and government bonds.
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