Negative Externalities Drag QSE 72 Points; M-Cap Erodes QR4.54bn

Uncertainties encircling the US-Ukraine meet and Federal Reserve rate cuts played spoilsport in the Qatar Stock Exchange (QSE), which on Monday fell for the second straight session as its key barometer shed 72 points and capitalisation eroded in excess of QR4.5bn.

The foreign funds were increasingly net profit takers as the 20-stock Qatar Index declined 0.62% to 11,515.66 points, although it touched an intraday high of 11,602 points.

The telecom, transport and real estate counters witnessed higher than average selling pressure in the main market, whose year-to-date gains truncated further to 8.94%.

More than 60% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR4.54bn or 0.66% to QR684.51bn mainly on midcap segments.

The domestic institutions were increasingly bearish in the main market, which saw as many as 1,883 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR4,588 trade across five deals.

The foreign retail investors turned bearish in the main bourse, whose trade turnover and volumes were on the increase.

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

The Gulf institutions were net profit takers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.38%, the All Share Index by 0.41% and the All Islamic Index by 0.65% in the main market.

The telecom sector index tanked 1.21%, transport (0.74%), realty (0.68%), banks and financial services (0.48%), insurance (0.3%) and consumer goods and services (0.13%); while industrials were up 0.1%.

Major shakers in the main market included Qatar Cinema and Film Distribution, Mannai Corporation, Ooredoo, Qatar Oman Investment, Al Faleh Educational Holding, Industries Qatar, Qamco, Qatari Investors Group, Qatar Insurance, Barwa and Milaha. In the juniour bourse, Techno Q saw its shares depreciate in value.

Nevertheless, QLM, Gulf International Services, Medicare Group, Vodafone Qatar, Lesha Bank, Meeza and Estithmar Holding were among the movers in the main market.

The foreign institutions’ net profit booking increased noticeably to QR11.75mn compared to QR9.99mn the previous day.

The domestic institutions’ net selling expanded significantly to QR9.54mn against QR2.84mn on August 17.

The foreign retail investors turned net sellers to the tune of QR3.74mn compared with net buyers of QR0.72mn on Sunday.

The Gulf institutions were net sellers to the extent of QR3.67mn against net buyers of QR16.54mn the previous day.

The Gulf individual investors’ net profit booking rose marginally to QR0.78mn compared to QR0.61mn on August 17.

However, the local retail investors’ net buying strengthened substantially to QR29.59mn against QR1.91mn on Sunday.

The Arab institutions turned net buyers to the tune of QR0.09mn compared with no major net exposure the previous day.

The Arab retail investors’ net profit booking decreased markedly to QR0.22mn against QR5.73mn on August 17.

The main market saw 2% jump in trade volumes to 180.88mn shares, 17% in value to QR413.76mn and 34% in deals to 20,126.

In the venture market, a total of 0.5mn equities valued at QR1.34mn changed hands across 31 transactions.