Sharp corrections, especially in the real estate stocks, on Thursday extended the bearish run in the Qatar Stock Exchange for the second day and its key index fell another 105 points to settle below the 8,600 mark.

Local retail investors turned bearish and there was weakened buying interests of domestic institutions as the 20-stock Qatar Index shrank 1.21% to 8,584.01 points; it’s lowest since 2013.

There was also increased profit booking by Gulf individual investors in the market, where trading turnover and volumes were on the decline.

However, there was lower selling pressure from both Gulf and non-Qatari institutions in the bourse, which is down 17.69% year-to-date.

The index that tracks Shariah-principled stocks was seen melting faster than the other indices in the market, where the realty, industrials and banking sectors together accounted for about 73% of the total trading volume.

Market capitalisation eroded 0.93 or more than QR4bn to QR458.42bn with large, small and mid cap equities falling 1.2%, 0.35% and 0.17% respectively; even as micro caps gained 0.15%.

The Total Return Index shrank 1.21% to 13,342.6 points, All Share Index by 1.09% to 2,287.29 points and Al Rayan Islamic Index by 1.38% to 3,039.03 points.

Real estate stocks plunged 3.66%, banks and financial services (1.01%), insurance (0.97%) and industrials (0.94%); even as transport gained 1.64%, telecom (0.52%) and consumer goods (0.27%).

About 53% of the stocks were in the red with major losers being Ezdan, Barwa, QNB, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Vodafone Qatar, Qatar General Insurance and Qatar Islamic Insurance; whereas Ooredoo, Nakilat, Milaha, QIIB and United Development Company bucked the trend.

Local retail investors turned net sellers to the tune of QR12.25mn against net buyers of QR10.41mn on Wednesday.

Domestic institutions’ net buying declined to QR43.51mn compared to QR69.51mn the previous day.

The GCC (Gulf Cooperation Council) individuals’ net profit booking rose to QR2.71mn against QR1.63mn on January 20.

However, non-Qatari institutions’ net selling weakened to QR17.11mn compared to QR36.08mn on Wednesday.

The GCC institutions’ net selling also declined to QR12.89mn against QR34.36mn the previous day.

However, non-Qatari individual investors turned net buyers to the extent of QR1.42mn compared with net sellers of QR7.85mn on January 20.

Total trade volume fell 31% to 5.37mn shares, value by 37% to QR184.14mn and deals by 36% to 3,457.

The banks and financial services sector reported 63% plunge in trade volume to 0.97mn equities, 63% in value to QR56.01mn and 64% in transactions to 703.

The telecom sector’s trade volume plummeted 52% to 0.66mn stocks, value by 34% to QR18.38mn and deals by 43% to 632.

The transport sector saw 46% shrinkage in trade volume to 0.34mn shares and 38% in value to QR11.12mn but on 1% rise in transactions to 327.

The consumer goods sector’s trade volume tanked 32% to 0.4mn equities, value by 35% to QR11.05mn and deals by 31% to 293.

However, the market witnessed 20% surge in the real estate sector’s trade volume to 1.86mn stocks, 35% in value to QR33.27mn and 16% in transactions to 735.

The insurance sector’s trade volume soared 17% to 0.07mn shares and value by 18% to QR5.02mn; while deals shrank 23% to 46.

There was 6% expansion in the industrials sector’s trade volume to 1.07mn equities and 3% in value to QR49.3mn but on 18% fall in transactions to 721.

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