Qatar Stock Exchange on Tuesday lost heavily to settle just above the 10,700 mark as domestic institutions were increasingly net sellers.

Ahead of Eid holidays, which would begin next week, the 20-stock Qatar Index closed 1.17% lower at 10,713.23 points on an across the board selling, particularly in the banking, telecom and consumer goods sectors. The market is however up 2.72% year-to-date.

More than 80% of the stocks were in the red with large and midcap segments taking heavy toll on expectations of weak earnings potential.

Nevertheless, trade turnover and volumes were on the increase – especially on account of telecom, banking and transport -- in the bourse, where banking, telecom, realty and industrials scrips together accounted for more than 85% of the total volume.

Islamic stocks were seen dropping relatively faster than the conventional ones in the market, where non-Qatari individual investors’ buying support weakened.

Amidst an overall pessimism in the market; local and Gulf retail investors as well as foreign institutions were increasingly net buyers.

Market capitalisation eroded 1.42% or more than QR8bn to QR572.2bn as mid, large, small and microcap equities fell 1.39%, 1.35%, 0.97% and 0.9% respectively.

The Total Return Index fell 1.17% to 17,333.29 points, All Share Index by 1.25% to 2,943 points and Al Rayan Islamic Index by 1.55% to 4,028.11 points.

Banks and financial services stocks shrank 1.74%, telecom (1.73%), consumer goods (1.22%), industrials (1.08%), real estate (0.97%), transport (0.49%) and insurance (0.03%).

Influential losers included Industries Qatar, QNB, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Mesaieed Petrochemical Holding, Mazaya Qatar, United Development Company, Barwa, Vodafone Qatar and Ooredoo.

Domestic institutions’ net profit booking strengthened considerably to QR115.06mn against QR68.06mn on September 5.

Non-Qatari individual investors’ net buying declined to QR7.73mn compared to QR9.85mn on Monday.

However, non-Qatari institutions’ net buying increased to QR95.18mn against QR60.4mn the previous day.

Local retail investors’ net buying strengthened to QR10.52mn compared to QR5.42mn on September 5.

The GCC (Gulf Cooperation Council) individual investors’ net buying rose to QR5.85mn against QR3.16mn the previous day.

The GCC institutions’ net profit booking shrank further to QR4.21mn compared to QR10.79mn on Monday.

Total trade volume rose 44% to 8.01mn shares, value by 40% to QR348.27mn and deals by 31% to 6,132.

The telecom sector’s trade volume more than doubled to 1.4mn equities, value soared 68% to QR37.84mn and transactions by 55% to 897.

The banks and financial services sector saw 58% surge in trade volume to 3.21mn stocks, 65% in value to QR165.57mn and 16% in deals to 1,831.

The transport sector’s trade volume expanded 45% to 0.71mn shares, value by 59% to QR24.4mn and transactions by 23% to 469.

The consumer goods sector reported 23% increase in trade volume to 0.32mn equities, 1% in value to QR14.07mn and 7% in deals to 344.

The real estate sector’s trade volume shot up 14% to 1.16mn stocks, value by 4% to QR25.03mn and transactions by 69% to 1,133.

The market witnessed 7% jump in the insurance sector’s trade volume to 0.15mn shares, 17% in value to QR13.12mn and 26% in deals to 210.

The industrials sector’s trade volume gained 6% to 1.05mn equities, value by 11% to QR68.24mn and transactions by 26% to 1,248.

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