Foreign Funds’ Selloff Drags QSE Below 11,200 Points; M-Cap Erodes QR3.49bn

Tracking weaker oil prices, the Qatar Stock Exchange Wednesday fell more than 41 points and its key barometer retreated below 11,200 levels as foreign funds hurriedly squared off their position.

The telecom, industrials and real estate counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.37% to 11,142.37 points, although it touched an intraday high of 11,212 points.

The foreign individuals were seen increasingly net sellers in the main market, whose year-to-date gains truncated to 5.4%.

About 61% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR3.49bn or 0.52% to QR664.85bn, mainly on small and microcap segments.

However, the Gulf institutions were seen net buyers in the main market, which saw as many as 3,122 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR7,490 trade across seven deals.

The local retail investors were increasingly bullish in the main bourse, whose trade turnover and volumes were on the rise.

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

The Arab individuals were increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.37%, the All Share Index by 0.4% and the All Islamic Index by 0.27% in the main market.

The telecom sector declined 0.71%, industrials (0.64%), realty (0.48%), banks and financial services (0.37%), insurance (0.36%) and transport (0.26%); while consumer goods and services was up 0.05%.

Major shakers in the main market included Estithmar Holding, Commercial Bank, Al Mahhar Holding, Meeza, Mazaya Qatar, QNB, Baladna, Industries Qatar, Ezdan, Ooredoo, Vodafone Qatar and Milaha.

In the junior bourse, Techno Q saw its shares depreciate in value.

Nevertheless, Mannai Corporation, Qatar Islamic Bank, QIIB, Inma Holding and Widam Food were among the gainers in the main market.

The foreign institutions turned net sellers to the tune of QR43.06mn compared with net buyers of QR10.76mn the previous day.

The foreign retail investors’ net profit booking increased marginally to QR0.66mn against QR0.41mn on September 2.

However, the Gulf institutions were net buyers to the extent of QR11.81mn compared with net sellers of QR6.07mn on Tuesday.

The local retail investors’ net buying strengthened significantly to QR11.65mn against QR2.15mn the previous day.

The Arab individual investors’ net buying expanded substantially to QR10.86mn compared to QR3.91mn on September 2.

The domestic funds turned net buyers to the tune of QR8.63mn against net profit takers of QR10.75mn on Tuesday.

The Gulf individual investors’ net buying increased marginally to QR0.77mn compared to QR0.4mn the previous day.

The Arab institutions had no major net exposure for the third straight session.

The main market saw a 57% jump in trade volumes to 134.27mn shares and 54% in value to QR401.92mn on more than doubled deals to 30,365.

In the venture market, a total of 0.69mn equities valued at QR1.87mn changed hands across 107 transactions.