The Qatar Stock Exchange on Sunday opened the week on a weaker note as its key index lost 59 points, thus failing to break the 10,000 resistance level, mainly dragged by domestic institutions.
Consumer goods and real estate stocks witnessed the maximum selling pressure as the 20-stock Qatar Index fell 0.6% to 9,907.82 points, apparently reflecting the weak sentiments across the region on lower hopes of production cuts by major global players in the energy market.
Foreign institutions’ weakened net buying also exacerbated the decline in the market, where trading turnover and volumes were on the rise.
Large and mid cap equities were the hardest hit in the bourse, which is down 5% year-to-date.
The index that tracks Shariah-principled stocks was seen falling slower than the other indices in the market, where banking, realty and industrials stocks together accounted for more than 88% of the total trading volume.
Market capitalisation eroded 0.43%, or more than QR2bn, to QR526.75bn with large and mid cap stocks losing 0.61% and 0.37%, while small and micro caps gained 1.53% and 0.56% respectively.
The Total Return Index shed 0.6% to 15,452.24 points, the All Share Index by 0.41% to 2,646.7 points and the Al Rayan Islamic Index by 0.32% to 3,522.92 points.
Consumer goods stocks shrank 1.04%, followed by real estate (0.96%), banks and financial services (0.5%) and industrials (0.32%); whereas telecom gained 0.73%, transport (0.43%) and insurance (0.06%).
Major losers included Industries Qatar, Woqod, Qatar Islamic Bank, Commercial Bank, Aamal Company, Ezdan, Mazaya Qatar, Vodafone Qatar and United Development Company; even as QNB, QIIB, Dlala, Qatari Investors Group, Gulf International Services, Barwa, Ooredoo and Nakilat bucked the trend.
Domestic institutions’ net selling increased to QR25.17mn against QR1.76mn the previous trading day.
Non-Qatari institutions’ net buying declined considerably to QR2.75mn compared to QR30.19mn last Thursday.
However, local retail investors turned net buyers to the tune of QR3.71mn against net sellers of QR24.51mn on February 18.
Non-Qatari individual investors’ net buying rose to QR8.8mn compared to QR4.04mn the previous trading day.
GCC (Gulf Cooperation Council) institutions turned net buyers to the extent of QR0.83mn against net sellers of QR6mn last Thursday.
GCC individuals were also net buyers to the tune of QR9.12mn compared with net profit takers of QR1.96mn on February 18.
Total trade volume rose 5% to 12.89mn shares and value by 17% to QR458.48mn, while deals fell 13% to 5,182.
The real estate sector saw a 53% surge in trade volume to 3.72mn equities, 83% in value to QR103.86mn and 26% in transactions to 1,003.
The banks and financial services sector’s trade volume soared 17% to 4.13mn stocks and value by 30% to QR169.14mn; whereas deals were down 8% to 1,577.
The market witnessed an 8% jump in the industrials sector’s trade volume to 3.53mn shares and 26% in value to QR135.36mn but on a 1% dip in transactions to 1,497.
However, the insurance sector’s trade volume plummeted 69% to 0.04mn equities, value by 89% to QR1.02mn and deals by 73% to 31.
The telecom sector saw a 59% plunge in trade volume to 0.25mn stocks, 48% in value to QR8.24mn and 40% in transactions to 374.
The consumer goods sector’s trade volume tanked 51% to 0.7mn shares, value by 47% to QR25.42mn and deals by 43% to 449.
There was a 38% shrinkage in the transport sector’s trade volume to 0.53mn shares, 41% in value to QR15.45mn and 33% in transactions to 251.
In the debt market, there was no trading of treasury bills and government bonds.