The Qatar Stock Exchange on Sunday opened the week weak as its key index lost 56 points to settle below the 10,250 mark, mainly dragged by insurance stocks.
Increased net selling by domestic institutions and lower buying support from their foreign counterparts led the 20-stock Qatar Index shrink 0.55% for the third consecutive day to 10,229.02 points.
However, local retail investors were increasingly bullish and their Gulf counterparts turned bullish in the bourse, which is down 1.92% year-to-date.
The index that tracks Shariah-principled stocks was seen gaining against declines in the other indices in the market, where turnover and volumes were on the decline.
Large cap stocks came under profit booking in the market, where industrials, banking and real estate stocks together accounted for about 74% of the total trading volume.
Market capitalisation was up 0.15% or QR81mn to QR545.51bn as small and microcap equities gained 1.82% and 1.03% respectively; even as large caps fell 0.31%.
The Total Return Index fell 0.55% to 16,425.87 points and All Share Index by 0.11% to 2,827.51 points; while Al Rayan Islamic Index rose 0.44% to 3,962.72 points.
Insurance stocks shrank 0.86%, banks and financial services (0.39%) and telecom (0.21%); whereas industrials gained 0.36%, consumer goods (0.22%) and transport (0.2%). The real estate index was unchanged.
About 53% of the stocks were in the red with major shakers being Industries Qatar, Mannai Corporation, Aamal Company, Vodafone Qatar, Nakilat, Commercial Bank, Qatar Islamic Bank, Islamic Holding Group and United Development Company.
However, Mesaieed Petrochemical Holding, Gulf Warehousing, Mazaya Qatar, Qatari Investors Group, Dlala and Al Khaliji bucked the trend.
Domestic institutions’ net selling increased to QR15.82mn compared to QR9.19mn the previous trading day.
Non-Qatari institutions’ net buying weakened further to QR2.84mn against QR13.81mn last Thursday.
However, local retail investors’ net buying strengthened to QR121.87mn compared to QR2.73mn on March 24.
The GCC (Gulf Cooperation Council) institutions’ net profit booking weakened to QR0.98mn against QR12.29mn the previous day.
The GCC individual investors turned net buyers to the tune of QR1.12mn compared with net sellers of QR2.46mn last Thursday.
Total trade volume fell 9% to 8.82mn shares, value by 19% to QR273.25mn and deals by 31% to 3,661.
The insurance sector saw 86% plunge in trade volume to 0.06mn equities, 72% in value to QR3.09mn and 69% in transactions to 50.
The real estate sector’s trade volume plummeted 47% to 1.55mn stocks, value by 52% to QR29.04mn and deals by 51% to 516.
However, the market witnessed 40% surge in the telecom sector’s trade volume to 1.01mn shares, even as there was 26% fall in value to QR12.38mn 52% in transactions to 245.
The consumer goods sector’s trade volume soared 17% to 0.75mn equities, while value shrank 15% to QR33.46mn and deals by 12% to 519.
The banks and financial services sector reported 11% expansion in trade volume to 2.48mn stocks and 5% in value to QR104.15mn but on 26% decline in transactions to 974.
The transport sector’s trade volume expanded 11% to 0.49mn shares, value by 7% to QR21.5mn and deals by 9% to 280.
There was 9% jump in the industrials sector’s trade volume to 2.49mn equities but on 22% fall in value to QR69.63mn and 22% in transactions to 1,077.
In the debt market, there was no trading of treasury bills and government bonds.