An “exceptional” cut in production by oil producers last week, after an eight-year hiatus, appears not to have enthused sentiments in the Qatar Stock Exchange, which opened the week weak and its key index lost 32 points.
Selling was seen more pronounced within the telecom, industrials, transport and realty counters as the 20-stock Qatar Index fell for the fourth consecutive session by 0.31% to 10,403.38 points on lower trade turnover amid marginally higher volumes.
Foreign individual investors and institutions turned net profit takers to drive down the bourse, which reported 0.25% losses year-to-date.
Islamic stocks were seen declining faster than the conventional ones in the market, where telecom, banking and real estate stocks accounted for about 82% of the total volumes.
However, domestic and Gulf institutions turned bullish in the bourse, where micro and large cap equities lost their sheen.
Market capitalisation fell 0.29% or about QR2bn to QR559.13bn as micro and large cap stocks shrank 0.49% and 0.19%; while small and mid-caps gained 0.48% and 0.03% respectively.
The Total Return Index shed 0.31% to 16,831.99 points, All Share Index by 0.2% to 2,872.6 points and Al Rayan Islamic Index by 0.57% to 3,907.38 points.
Telecom stocks declined 0.98%, industrials (0.9%), transport (0.47%), realty (0.42%) and insurance (0.06%); whereas banks and financial services gained 0.33% and consumer goods (0.01%).
About 54% of the traded equities were in the red with major losers being Industries Qatar, Ooredoo, Milaha, Nakilat, Masraf Al Rayan, Mesaieed Petrochemical Holding, Barwa, Qatar Insurance, Qatar First Bank, Alijarah Holding, Salam International Investment and United Development Company.
Nevertheless, QNB, Commercial Bank, Doha Bank, Aamal Company, Gulf International Services, Vodafone Qatar and Al Khaliji witnessed their stocks make modest gains.
Non-Qatari institutions’ net buying weakened perceptibly to QR15.08mn compared to QR32.88mn on September 29.
Non-Qatari individual investors turned net sellers to the tune of QR4.19mn against net buyers of QR2.86mn last Thursday.
However, domestic institutions’ net buying strengthened to QR7.92mn compared to QR2.27mn the previous trading day.
The GCC (Gulf Cooperation Council) institutions turned net buyers to the extent of QR2.59mn against net sellers of QR1.82mn on September 29.
The GCC individual investors’ net selling declined to QR2.64mn compared to QR10.4mn last Thursday.
Local retail investors’ net profit booking weakened to QR18.79mn against QR25.78mn the previous trading day.
Total trade volume was up 1% to 6.99mn shares, while value shrank 34% to QR186mn and deals by 24% to 3,323.
There was 69% plunge in the insurance sector’s trade volume to 0.04mn equities, 65% in value to QR3.22mn and 54% in transactions to 58.
The transport sector’s trade volume plummeted 67% to 0.17mn stocks, value by 59% to QR6.51mn and deals by 25% to 176.
The banks and financial services sector saw 46% shrinkage in trade volume to 1.1mn shares, 40% in value to QR59.93mn and 32% in transactions to 898.
The industrials sector’s trade volume tanked 44% to 0.69mn equities, value by 66% to QR24.44mn and deals by 44% to 585.
The real estate sector witnessed 13% decline in trade volume to 0.94mn stocks but on 3% rise in value to QR24.1mn; even as there was 5% fall in transactions to 616.
However, the telecom sector’s trade volume more than doubled to 3.68mn shares and value soared 42% to QR60.91mn; while deals shrank 21% to 551.
The consumer goods sector reported 80% surge in trade volume to 0.36mn equities but on 57% decline in value to QR6.88mn. Transactions shot up 52% to 439.
In the debt market, there was no trading of treasury bills and government bonds.