Real estate and industrials stocks drove the Qatar Stock Exchange below the 10,400 mark.
Foreign and Gulf institutions’ net selling pressure was visible as the 20-stock Qatar Index fell for the sixth consecutive day by 0.4% or 42 points to 10,362.69 points. The market’s year-to-date losses have mounted to 0.64%.
Trade turnover and volumes were otherwise on the rise in the market, where telecom, banking and realty stocks together constituted more than 81% of the total volumes.
Islamic stocks were seen declining faster than the conventional ones on the bourse, where domestic institutions’ buying interests were seen weakening. Gulf and non-Qatari individual investors turned bearish.
A robust 1.06% increase in midcap equities was masked by 0.59% and 0.46% decline respectively in small and large caps that market capitalisation fell 0.5% or about QR3bn to QR558.02bn.
The Total Return Index fell 0.4% to 16,766.14 points, All Share Index by 0.34% to 2,862.31 points and Al Rayan Islamic Index by 0.48% to 3,838.12 points.
Real estate saw their equities’ prices tank 1.12%, industrials (0.58%), consumer goods (0.31%), transport (0.25%) and banks and financial services (0.13%); whereas insurance gained 0.73%. The telecom index largely remained flat.
About 59% of the stocks were in the red with major losers being Industries Qatar, Ooredoo, Gulf International Services, Mesaieed Petrochemical Holding, Ezdan, Barwa, QNB, Masraf Al Rayan, Nakilat, Qatar First Bank, United Development Company and Islamic Holding Group.
Nevertheless, Aamal Company, Vodafone Qatar, Qatar Insurance, Mannai Corporation, Al Khaliji, Qatari Investors Group and Qatar Industrial Manufacturing Company saw their stocks extend gains to investors.
Non-Qatari institutions’ net profit booking increased to QR9.21mn compared to QR1.46mn the previous day.
The GCC (Gulf Cooperation Council) institutions were net sellers to the tune of QR6.38mn against net buyers of QR0.08mn on Tuesday.
The GCC individual investors were also net sellers to the extent of QR0.02mn compared with net buyers of QR1.33mn on October 25.
Non-Qatari individual investors’ net profit booking rose to QR0.82mn against QR0.15mn the previous day.
Domestic institutions’ net buying weakened to QR18.07mn compared to QR21mn on Tuesday.
However, local retail investors’ net profit booking declined perceptibly to QR1.62mn against QR20.81mn on October 25.
Total trade volume rose 92% to 6.29mn shares, value by 34% to QR186.07mn and deals by 57% to 2,878.
The telecom sector’s trade volume grew more than six-fold to 2.49mn equities and value more than quadrupled to QR29.65mn on almost doubled transactions to 375.
The consumer goods sector’s trade volume more than tripled to 0.16mn stocks and value more than quadrupled to QR14.39mn on almost tripled deals to 309.
The industrials sector’s trade volume more than doubled to 0.87mn shares, value soared 68% to QR48.95mn and transactions by 93% to 637.
There was 64% surge in the real estate sector’s trade volume to 1.13mn equities to more than double value to QR25.38mn on more than six-fold increase in deals to 622.
The banks and financial services sector’s trade volume was up 8% to 1.48mn stocks; while value fell 15% to QR61.15mn and transactions by 16% to 769.
However, the market witnessed 61% plunge in the transport sector’s trade volume to 0.13mn shares and 59% in value to QR4.48mn but on 8% rise in deals to 116.
The insurance sector’s trade volume plummeted 50% to 0.03mn equities, value by 56% to QR2.08mn and transactions by 35% to 50.
In the debt market, there was no trading of treasury bills and government bonds.