Across the Board Selling Drags QSE Down; M-Cap Melts QR2.62bn

The US President's tariff proposal on the European Union and the geopolitical tension in the region had their impact on the Qatar Stock Exchange, which saw its key index lose as much as 38 points and capitalisation melt more than QR2bn on the first day of the week.

An across the board profit booking led the 20-stock Qatar Index to decline 0.35% to 10,736.41 points, although it touched an intraday high of 10,797 points.

The local retail investors turned net profit takers in the main market, whose year-to-date gains narrowed to 1.56%.

About 68% of the traded constituents were in the red in the main bourse, whose capitalisation lost QR2.62bn or 0.41% to QR633.9bn on the back of midcap segments.

The Gulf individuals were seen bearish in the main market, which saw as many as 210 exchange traded funds (sponsored by AlRayan Bank) valued at QR484 trade across two deals.

The Gulf institutions’ weakened net buying had its influence on the main bourse, whose trade turnover and volumes were on the decline.

The Islamic index was seen declining faster than the other indices of the main market, which saw no trading of treasury bills.

The foreign institutions continued to be net sellers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index fell 0.35%, the All Islamic Index by 0.5% and the All Share Index by 0.4% in the main market.

The insurance sector index declined 1.2%, transport (0.97%), real estate (0.61%), telecom (0.53%), consumer goods and services (0.5%), industrials (0.48%) and banks and financial services (0.2%).

Major shakers in the main market include QLM, Vodafone Qatar, Beema, Nakilat, Baladna, Qatar Electricity and Water, Aamal Company, Qatar Insurance, Industries Qatar and Mazaya Qatar.

Nevertheless, Commercial Bank, Mannai Corporation, Al Faleh Educational Holding, Qatar Oman Investment and Qatar German Medical Devices were among the movers in the main bourse.

The Qatari individual investors turned net sellers to the tune of QR17.39mn compared with net buyers of QR7.08mn last Thursday.

The Gulf retail investors were net sellers to the extent of QR0.15mn against net buyers of QR0.38mn on May 22.

The Gulf institutions’ net buying decreased perceptibly to QR8.34mn compared to QR10.99mn on the previous trading day.

However, the domestic institutions turned net buyers to the tune of QR5.46mn against net sellers of QR3.37mn last Thursday.

The foreign individual investors’ net buying strengthened noticeably to QR3.81mn compared to QR0.88mn on May 22.

The Arab retail investors were net buyers to the extent of QR3.47mn against net sellers of QR0.51mn the previous trading day.

The foreign institutions’ net buying decreased substantially to QR3.54mn compared to QR15.45mn last Thursday.

The Arab institutions had no major net exposure.

The main market witnessed a 24% plunge in trade volumes to 160mn shares, 46% in value to QR274.15mn and 49% in deals to 12,769.