Qatar Stock Exchange on Wednesday fell 40 points to retreat below the 10,400 levels, mainly dragged by consumer goods and real estate stocks.
Selling was more pronounced in the small and micro cap segments as the 20-stock Qatar Index fell 0.38% to 10,378.7 points, amidst strengthening of oil price on hopes that top producers are reportedly set to meet later this month to decide on whether to freeze the output or not.
Weakened net buying by local and non-Qatari retail investors as well as foreign institutions led an overall bearish run in the bourse, which is down 0.49% year-to-date.
There was also a marginal increase in the net selling by Gulf institutions in the market, where trading turnover and volumes were on the decline.
The index that tracks Shariah-principled stocks was seen dropping faster than the other indices in the market, where industrials, realty and banking stocks together accounted for about 77% of the total trading volume.
Market capitalisation was down 0.36% or about QR2bn to QR545.66bn with small, micro and large cap equities falling 1.44%, 0.44% and 0.27% respectively; while mid caps rose 0.52%.
The Total Return Index fell 0.21% to 16,510.35 points, All Share Index by 0.24% to 2,808.06 points and Al Rayan Islamic Index by 0.33% to 3,877.65 points.
Consumer goods stocks shrank 0.74%, real estate (0.55%), banks and financial (0.32%), transport (0.27%) and industrials (0.05%); whereas insurance and telecom gained 0.42% and 0.3% respectively.
About 67% of the stocks were in the red with major shakers being Gulf International Services, United Development Company, Barwa, Vodafone Qatar, QNB, Industries Qatar, Ezdan, Commercial Bank, Qatar Islamic Bank and Qatari German Company for Medical Devices.
However, Qatar Insurance, Ooredoo, Aamal Company, Islamic Holding Group, al khaliji and Doha Bank bucked the trend.
Local retail investors’ net buying declined perceptibly to QR13.45mn compared to QR26.31mn the previous day.
Non-Qatari individual investors’ net buying also weakened considerably to QR4.23mn against QR12.54mn on March 8.
Non-Qatari institutions’ net buying weakened to QR32.77mn compared to QR34.1mn on Tuesday.
The GCC (Gulf Cooperation Council) institutions’ net profit booking increased to QR26.64mn against QR25.08mn the previous day.
However, domestic institutions turned net selling plummeted to QR25.96mn compared to QR47.6mn on March 8.
The GCC individuals turned net buyers to the tune of QR2.16mn against net profit takers of QR0.18mn on Tuesday.
Total trade volume fell 38% to 7.53mn shares, value by 38% to QR283.7mn and deals by 39% to 3,812.
The transport sector saw 60% plunge in trade volume to 0.2mn equities, 37% in value to QR9.94mn and 49% in transactions to 92.
The consumer goods sector’s trade volume plummeted 59% to 0.73mn stocks, value by 63% to QR20.29mn and deals by 53% to 434.
The banks and financial services sector reported 55% shrinkage in trade volume to 1.73mn shares, 46% in value to QR94.16mn and 50% in transactions to 1,126.
The telecom sector’s trade volume tanked 36% to 0.72mn equities but value rose 16% to QR26.84mn. Deals were down 15% to 528.
There was 30% decline in the industrials sector’s trade volume to 2.3mn stocks, 43% in value to QR80.37mn and 41% in transactions to 919.
However, the real estate sector’s trade volume increased 16% to 1.76mn shares, value by 12% to QR47.06mn and deals by 6% to 600.
Although the insurance sector’s trade volume was flat at 0.08mn equities, there was 2% fall in value to QR5.06mn but on 5% rise in transactions to 113.
In the debt market, there was no trading of treasury bills and government bonds.