Gulf institutions turned bearish and there was increased net selling by their domestic counterparts as the 20-stock Qatar Index shed 0.27% to 10,403.04 points.
Trading turnover and volumes were also on the decline in the bourse, which was again back in the negative trajectory year-to-date with 0.25% losses.
Islamic stocks were seen declining faster than the conventional ones in the market, where the telecom sector alone constituted about 52% of the total volumes.
Lower buying interests from foreign institutions also had its role in dampening the bourse, which saw small and large-cap equities decline faster.
Market capitalisation was down 0.24%, or more than QR1bn, to QR558.98bn as small, large and micro-cap equities fell 0.61%, 0.19% and 0.03% respectively; while midcaps were up 0.08%.
The Total Return Index fell 0.27% to 16,831.43 points, the All Share Index by 0.23% to 2,870.37 points and the Al Rayan Islamic Index by 0.35% to 3,904.36 points.
Industrials stocks shrank 0.62%, followed by consumer goods (0.51%), transport (0.37%), real estate (0.34%), insurance (0.09%) and telecom (0.08%); while banks and financial services rose 0.04%.
More than 54% of the stocks were in the red with major losers being Industries Qatar, Vodafone Qatar, Aamal Company, Qatar Insurance, Ezdan, Mazaya Qatar, Nakilat, QNB, Masraf Al Rayan, Qatar Electricity and Water, Qatari Investors Group, Gulf International Services and Salam International Investment.
However, Ooredoo, Barwa, Al Khaliji, Commercial Bank, Doha Bank, Alijarah Holding and Widam Food saw their stocks extend gains modestly.
Most active stocks by volumes were Ezdan, Masraf Al Rayan, Vodafone Qatar, Salam International Investment and Barwa; while those by value included Ooredoo, QNB, Industries Qatar and Ezdan.
GCC (Gulf Cooperation Council) institutions turned net sellers to the tune of QR1.45mn against net buyers of QR0.29mn on Tuesday.
Domestic institutions’ net selling strengthened to QR3.93mn compared to QR3.06mn the previous day.
Non-Qatari institutions’ net buying weakened to QR12.3mn against QR17.69mn on October 11.
However, local retail investors’ net profit-booking declined to QR6.95mn compared to QR14.93mn on Tuesday.
Non-Qatari individual investors’ net selling fell marginally to QR0.16mn against QR0.17mn the previous day.
GCC individual investors’ net buying strengthened marginally to QR0.2mn compared to QR0.17mn on October 11.
Total trade volume fell 22% to 2.97mn shares, value by 38% to QR95.42mn and deals by 35% to 1,865.
The market witnessed a 75% plunge in the insurance sector’s trade volume to 0.02mn equities, 67% in value to QR1.49mn and 28% in transactions to 58.
The real estate sector’s trade volume plummeted 70% to 0.32mn stocks, value by 68% to QR6.87mn and deals by 64% to 207.
There was a 64% shrinkage in the industrials sector’s trade volume to 0.19mn shares, 65% in value to QR12.01mn and 45% in transactions to 306.
The transport sector’s trade volume tanked 63% to 0.06mn equities, value by 60% to QR2.23mn and deals by 54% to 95.
The consumer goods sector reported a 49% decline in trade volume to 0.2mn stocks but on a 29% increase in value to QR16.78mn and 17% in transactions to 302.
The banks and financial services sector’s trade volume shrank 37% to 0.65mn shares, value by 50% to QR26.19mn and deals by 33% to 510.
However, the telecom sector’s trade volume more than doubled to 1.53mn equities and value soared 27% to QR29.87mn; whereas transactions slumped 14% to 387.
In the debt market, there was no trading of treasury bills and government bonds.