Domestic and Gulf institutions’ increased selling pressure masked the robust buying support from local retail investors and foreign institutions that the Qatar Stock Exchange remained under bearish spell for the third consecutive day and its key index retreated below the 9,900 mark.

An across the board selling – particularly in the insurance, transport, real estate and industrials segments–led the 20-stock Qatar Index decline 0.85% to 9,854.85 points, even as oil prices firmed up marginally with market awaiting US inventories data.

The Gulf individual investors turned bearish and there were reduced buying interests of their non-Qatari counterparts in the bourse, which is down 5.51% year-to-date.

Small and microcap equities largely witnessed heavier selling in the market, where trading turnover and volumes were on the fall.

The index that tracks Shariah-principled stocks was seen declining faster than the other indices in the bourse, banking, realty and consumer goods stocks together constituted more than three-fourth of the total trading volume.

Market capitalisation shed 0.81% or more than QR4bn to QR532.09bn with small, micro, mid and large cap equities declining 1.7%, 0.92%, 0.66% and 0.6% respectively.

The Total Return Index fell 0.85% to 15,944.5 points, All Share Index by 0.81% to 2,754.62 points and Al Rayan Islamic Index by 1.17% to 3,834.33 points.

Insurance stocks tanked 1.7%, transport (1.52%), real estate (1.08%), industrials (0.91%), telecom (0.61%), consumer goods (0.52%) and banks and financial services (0.44%).

More than 80% of the stocks were in the red with major losers being Industries Qatar, QNB, Qatari Investors Group, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Insurance, Mazaya Qatar, Barwa, United Development Company, Ooredoo, Milaha, Gulf Warehousing and Nakilat; even as Qatar Islamic Bank, Vodafone Qatar, Doha Bank and Widam Food notably bucked the trend.

Domestic institutions’ net profit booking increased substantially to QR26.88mn against QR3.75mn on May 3.

The GCC (Gulf Cooperation Council) institutions’ net selling also strengthened to QR16.02mn compared to QR5.72mn on Tuesday.

The GCC individual investors turned net sellers to the tune of QR2.45mn against net buyers of QR1.18mn the previous day.

Non-Qatari individual investors’ net buying weakened to QR1.61mn compared to QR9.16mn on May 3.

However, non-Qatari institutions’ net buying rose perceptibly to QR28.76mn against QR3.5mn on Tuesday.

Local retail investors turned net buyers to the extent of QR15.01mn compared with net sellers of QR4.32mn the previous day.

Total trade volume was down 2% to 8.83mn shares, value by 6% to QR298.39mn and deals by 2% to 4,726.

The consumer goods sector saw 33% plunge in trade volume to 1.22mn equities and 51% in value to QR58.6mn but on 7% rise in transactions to 625.

The banks and financial services sector’s trade volume tanked 14% to 3.44mn stocks but value gained 10% to QR113.17mn. Deals shrank 23% to 1,459.

There was 12% decline in the transport sector’s trade volume to 0.36mn shares but on 14% jump in value to QR15.61mn. Transactions shrank 24% to 241.

However, the real estate sector’s trade volume soared 67% to 2mn equities, value by 55% to QR38.11mn and deals by 33% to 844.

The market witnessed 50% surge in the insurance sector’s trade volume to 0.09mn stocks, 45% in value to QR6.88mn and 87% in transactions to 142.

The telecom sector’s trade volume expanded 28% to 0.55mn shares, value by 17% to QR13.09mn and deals by 8% to 554.

The industrials sector reported 10% increase in trade volume to 1.17mn equities, 25% in value to QR52.92mn and 9% in transactions to 861.

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