QSE Edges Lower Amid Profit Booking; M-Cap Melts QR2.11bn

Mirroring the concerns over the independence of the US Federal Reserve, the Qatar Stock Exchange (QSE) Wednesday witnessed profit booking as its key index lost as much as 67 points and capitalisation melted in excess of QR2bn.

The banks and consumer goods sectors experienced higher than average selling pressure as the 20-stock Qatar Index shed 0.58% to 11,338.81 points, although it touched an intraday high of 11,420 points.

The Arab individuals were seen increasingly net profit takers in the main market, whose year-to-date gains truncated to 7.26%.

The Gulf retail investors’ higher net selling had its influence on the main bourse, whose capitalisation melted QR2.11bn or 0.31 to QR677.68bn mainly on small and microcap segments.

The Gulf funds’ substantially weakened net buying had its effect on the main market, which saw as many as 1,500 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.01mn trade across three deals.

The local retail investors continued to be bearish but with lesser vigour in the main bourse, whose trade turnover and volumes were on the decrease.

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

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

The Total Return Index shed 0.58% and the All Share Index by 0.45% and the All Islamic Index by 0.43% in the main market.

The banks and financial services sector declined 0.72%, consumer goods and services (0.53%), transport (0.38%), real estate (0.34%), telecom (0.06%) and industrials (0.05%); even as insurance gained 1.24%.

Major shakers in the main market included Woqod, QIIB, Qatar Islamic Bank, Inma Holding, Nakilat, Widam Food, Gulf International Services and Barwa.

Nevertheless, Meeza, Estithmar Holding, Qatar Insurance, Doha Bank, QLM, Ezdan, Gulf Warehousing and Milaha were among the movers in the main bourse.

In the venture market, Techno Q saw its shares appreciate in value.

The Arab individual investors’ net selling increased noticeably to QR3.38mn compared to QR1.98mn the previous day.

The Gulf retail investors’ net profit booking expanded marginally to QR0.59mn against QR0.52mn on August 26.

The Gulf institutions’ net buying weakened substantially to QR8.3mn compared to QR180.48mn on Tuesday.

However, the domestic funds turned net buyers to the tune of QR31.4mn against net sellers of QR22.51mn the previous day.

The foreign individuals were net buyers to the extent of QR1.86mn compared with net buyers of QR3.24mn on August 26.

The foreign institutions’ net profit booking decreased drastically to QR31.06mn against QR105.83mn on Tuesday.

The local retail investors’ net selling shrank significantly to QR6.35mn compared to QR45.84mn the previous day.

The Arab institutions’ net profit booking eased marginally to QR0.18mn against QR0.56mn on August 26.

The main market saw a 42% plunge in trade volumes to 139.42mn shares, 64% in value to Q3449962mn and 51% in deals to 17,159.

In the venture market, a total of 0.09mn equities valued at QR0.24mn changed hands across 22 transactions.