Reflecting the weak sentiments  in the global bourses owing to decline in oil prices, Qatar Stock Exchange on Wednesday   plummeted 297 points to settle below the 8,700 mark and capitalisation erode more than QR13bn.
Selling pressure – especially in the real estate, industrials and consumer goods – led the 20-stock Qatar Index plunge 3.31% to another almost three-year low of 8,689.37 points, a day after it vaulted on strengthening of oil price.
Increased profit booking by non-Qatari and Gulf institutions were seen instrumental in the overall bearish momentum in the market, where trading turnover and volumes were on the decline.
Lower buying support from local retail investors and net selling of their foreign and Gulf counterparts also played their role in dragging the bourse, which is down 16.68% year-to-date.
The index that tracks Shariah-principled stocks was seen melting faster than the other indices in the market, where the banking, realty, telecom and industrials sectors together accounted for more than 83% of the total trading volume.
Market capitalisation eroded 2.83 to QR462.7bn.
The Total Return Index tanked 3.31% to 13,506.38 points, All Share Index by 3.01% to 2,312.6 points and Al Rayan Islamic Index by 4.18% to 3,081.46 points.
Real estate stocks plunged 6.06%, industrials (3.86%), consumer goods (3.47%), transport (2.85%), banks and financial services (1.98%) and insurance (0.72%); whereas telecom gained 0.58%.
About 79% of the stocks were in the red with major movers being Industries Qatar, QNB, Ezdan, Mazaya Qatar, Barwa, Vodafone Qatar, Aamal Company, Qatari Investors Group, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, United Development Company, Nakilat, Milaha, Islamic Holding Group and Qatari German Company for Medical Devices; even as Ooredoo, al khaliji, Commercial Bank and Doha Insurance bucked the trend.
Non-Qatari institutions’ net profit booking strengthened to QR36.08mn compared to QR12.71mn on Tuesday.
The GCC (Gulf Cooperation Council) institutions’ net selling also increased to QR34.36mn against QR26.26mn on January 19.
Local retail investors’ net buying declined perceptibly to QR10.41mn compared to QR26.89mn the previous day.
The GCC individuals turned net sellers to the tune of QR1.63mn against net buyers of QR2.02mn on Tuesday.
Non-Qatari individual investors were also net profit takers to the extent of QR7.85mn compared with net buyers of QR9.33mn on January 19.
However, domestic institutions’ net buying increased substantially to QR69.51mn against mere QR0.73mn the previous day.
Total trade volume fell 44% to 7.81mn shares, value by 21% to QR290.73mn and deals by 22% to 5,374.
There was 84% plunge in the consumer goods sector’s trade volume to 0.59mn equities, 69% in value to QR17.1mn and 61% in transactions to 423.
The real estate sector’s trade volume plummeted 49% to 1.55mn stocks, value by 52% to QR24.64mn and deals by 40% to 634.
The insurance sector saw 40% shrinkage in trade volume to 0.06mn shares, 35% in value to QR4.26mn and 61% in transactions to 60.
The telecom sector’s trade volume tanked 34% to 1.37mn equities and value by 3% to QR27.8mn; while deals rose 22% to 1,111.
The market witnessed 33% decline in industrials sector’s trade volume to 1.01mn stocks, 27% in value to QR47.72mn and 31% in transactions to 879.
The banks and financial services sector’s trade volume shrank 17% to 2.59mn shares but value rose 3% to QR151.37mn. Deals were down 12% to 1,944.
However, the transport sector saw 21% surge in trade volume to 0.63mn equities, 50% in value to QR17.84mn and 75% in transactions to 323.
In the debt market, there was no trading of treasury bills and government bonds.