Foreign Funds Square Off As QSE Enters Fourth Day of Bearish Spell; M-Cap Melts QR4.73bn

Foreign institutions were seen squaring off position in the Qatar Stock Exchange, which closed in the negative for the fourth straight session, resulting in 96 points plunge in index and about QR5bn in capitalisation.

The banks, consumer goods and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.86% to 11,078.5 points, although it touched an intraday high of 11,199 points.

More than 73% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 4.8%.

The Gulf institutions were seen net profit takers in the main bourse, whose capitalisation eroded QR4.73bn or 0.71% to QR664.32bn; mainly on midcap segments.

The Gulf retail investors turned bearish in the main market, which saw as many as 2,936 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across six deals.

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

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

However, the domestic funds turned net buyers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.86%, the All Share Index by 0.85% and the All Islamic Index 0.68% in the main market.

The banks and financial services sector index tanked 1.24%, consumer goods and services (0.98%), telecom (0.94%), transport (0.26%), industrials (0.15%) and insurance (0.06%); while real estate was unchanged.

As many as 10 stocks gained, while 38 declined and four were unchanged.

Major losers in the main market included Medicare Group, Qatar Islamic Bank, QIIB, Qatar Oman Investment, Meeza, QNB, Dukhan Bank, Barwa, Ooredoo and Nakilat.

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

Nevertheless, Estithmar Holding, Mazaya Qatar, Ezdan, Mekdam Holding, Gulf Warehousing and Vodafone Qatar were among the movers in the main market.

The foreign institutions’ net profit booking increased substantially to QR44.51mn compared to QR5.55mn the previous day.

The Gulf institutions turned net sellers to the tune of QR13.29mn against net buyers of QR12.47mn on September 23.

The Gulf individual investors were net sellers to the extent of QR0.71mn compared with net buyers of QR1.31mn on Tuesday.

The Arab institutions’ net buying weakened marginally to QR0.02mn against QR0.05mn the previous day.

However, the domestic funds turned net buyers to the tune of QR43.53mn compared with net sellers of QR2.24mn on September 23.

The local retail investors were net buyers to the extent of QR13.09mn against net sellers of QR5.02mn on Tuesday.

The foreign individual investors’ net buying strengthened perceptibly to QR5.21mn compared to QR4.7mn the previous day.

The Arab retail investors’ net profit booking shrank noticeably to QR3.33mn against QR5.72mn on September 23.

The main market saw a 22% jump in trade volumes to 217.05mn shares, 22% in value to QR572.05mn and 3% in deals to 24,303.

In the venture market, a total of 0.23mn equities valued at QR0.6mn changed hands across 18 transactions.