About 93% of the stocks were in the red, capitalisation eroded more than QR22bn and the main index plunged 415 points, sum up the performance of the Qatar Stock Exchange (QSE), which was the worst performer among the Gulf bourses during the week.

The overall bearish overhang comes amidst reiteration from HH the Emir Sheikh Tamim bin Hamad al-Thani that the Qatar’s economy remains robust despite lower oil prices and that the infrastructure development projects would continue unhindered.

Nevertheless, valuation woes have had a material dampening impact on the bourse during the week which saw the listed companies report about 11% decline in their cumulative net profit in the first nine months of this year.

Domestic institutions’ net profit booking strengthened considerably, which dragged the QSE’s main barometer 20-stock Qatar Index 4% during the week which however saw Muscat decline only 0.64%, Dubai (0.6%), Bahrain (0.33%) and Abu Dhabi (0.25%); whereas Saudi Arabia and Kuwait gained 2.09% and 0.21% respectively.

The Qatari bourse’s year-to-date losses have widened to 4.54% compared to 12.32% in Saudi Arabia, 5.88% in Bahrain, 3.66% in Kuwait and 0.6% in Abu Dhabi; even as Dubai and Muscat rose 4.68% and 1.03% respectively.

An across the board selling – particularly in industrials, consumer goods and telecom – was visible during the week, which saw small, micro and midcap equities bore the maximum brunt.

Trade turnover and volumes were otherwise on the rise during the week which witnessed industrials, banking, telecom, real estate and consumer goods together constitute about 94% of the total volumes.

In volumes, the industrials constituted 26% of total, followed by banks and financial services (19%), telecom and realty (17% each), consumer goods (15%), transport (4%) and insurance (2%); while in value, industrials’ share was 34%, consumer goods (24%), banks and financial services (19%), real estate (9%), telecom (7%) and transport and insurance (3% each).

Islamic stocks were seen declining much faster than the conventional ones during the week, which otherwise saw foreign institutions’ increased net buying and the bullish outlook of Qatari and non-Qatari individual investors.

Opening the week weak at 10,142 points, the market nevertheless saw gains for the subsequent two days to reach a high of 10,202 points on Tuesday. But Qatar's stock's plunge on Wednesday broke the technical support at 10,153-10,160 points, leading the index to slip further to 9,956 points on Thursday.

Tracking the main barometer, the 20-stock Total Return Index and All Share Index (comprising wider constituents) by 4% each and Al Rayan Islamic Index by a higher 6.31% during the week, which saw consumer goods and insurance counters record frenzied trading volumes.

Industrials sector saw its index plummet 6.66%, consumer goods (6.03%), telecom (4.86%), real estate (3.68%), banks and financial services (3.32%), transport (1.42%) and insurance (0.87%) during the week which saw Vodafone Qatar, Qatari Investors Group and Medicare Group dominate the trading ring in terms of volumes and value.

Market capitalisation eroded 3.98% to QR536.32bn as small, micro, mid and large cap equities melted 7.12%, 5.42%, 4.41% and 3.63% respectively during the week.

Small, mid, micro and large cap stocks have reported year-to-date losses of 16.29%, 8.16%, 7.7% and 2.45% respectively.

Of the 44 stocks, as many as 39 declined, while only three advanced and two were unchanged. 11 of the 13 banks and financial services; eight each of the nine consumer goods and the eight industrials; four each of the five insurers and the four real estate; and two each of the three transport and the two telecom scrips settled lower during the week.

Among the major losers was Industries Qatar, QNB, Ooredoo, Barwa, Mazaya Qatar, Qatari German Company for Medical Devices, Qatari Investors Group, Aamal Company, Gulf International Services, Vodafone Qatar, Qatar Islamic Bank, Commercial Bank, Doha Bank, Alijarah Holding and Mesaieed Petrochemical Holding; even as al khaliji, Milaha and Qatar Insurance were among the gainers.

Domestic institutions’ net profit booking strengthened considerably to QR527.5mn compared to QR104.26mn the previous week.

However, foreign institutions’ net buying increased substantially to QR513.63mn against QR155.23mn the week ended October 27.

Local retail investors turned net buyers to the tune of QR7.72mn compared with net sellers of QR43.69mn the previous week.

Non-Qatari individual investors were also net buyers to the extent of QR5.99mn against net profit takers of QR7.38mn the week ended October 27.

Total trade volume rose 37% to 40.02mn shares, value by 62% to QR1.58bn and transactions by 50% to 18,183 during the week.

The consumer goods sector’s trade volume grew almost 10-fold to 6.01mn equities and value by about eight-fold to QR379.21mn on more than doubled deals to 3,332.

The insurance sector’s trade volume quadrupled to 0.8mn stocks and value almost tripled to QR42.41mn on 9% jump in transactions to 345.

There was 86% surge in the real estate sector’s trade volume to 6.67mn shares and 95% in value to QR139.77mn on more than doubled deals to 3,992.

The transport sector’s trade volume soared 81% to 1.63mn equities, value by 51% to QR52.98mn and transactions by 40% to 911.

The market witnessed 22% increase in the industrials sector’s trade volume to 10.26mn stocks, 37% in value to QR539.51mn and 21% in deals to 3,513.

However, the banks and financial services sector’s trade volume declined 7% to 7.64mn shares and value by 4% to QR304.13mn; whereas transactions rose 9% to 4,298.

The telecom sector reported 3% fall in trade volume to 7mn equities but on 30% increase in value to QR118.03mn and 32% in deals to 1,792.

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