QSE Edges Lower on Selling Pressure in Banks, Consumer Goods and Insurance; M-Cap Adds QR2.13bn

The Qatar Stock Exchange Thursday fell about 11 points on selling pressure especially in the banks, consumer goods and insurance sectors.

The Gulf institutions were increasingly net sellers as the 20-stock Qatar Index was down 0.1% to 10,712.82 points, although it touched an intraday high of 10,792 points.

The local retail investors’ weakened net buying had its influence on the main market, whose year-to-date gains truncated to 1.34%.

More than 44% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR0.5bn or 0.08% to QR639.65bn, mainly on microcap segments.

However, the domestic institutions turned net buyers in the main market, which saw as many as 0.07mn exchange traded funds (sponsored by AlRayan Bank) valued at QR0.15mn trade across 26 deals.

The foreign institutions were increasingly bullish in the main bourse, whose trade turnover and volumes were on the rise.

The Islamic index was seen making gains vis-à-vis declines in the other indices of the main market, which saw no trading of treasury bills.

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

The Total Return Index was down 0.1% and the All Share Index by 0.14%; while the All Islamic Index was up 0.04% in the main market.

The banks and financial services sector index fell 0.24%, consumer goods and services (0.16%), insurance (0.12%) and industrials (0.1%); while transport gained 0.16%, real estate (0.15%) and telecom (0.14%).

As many as 18 stocks gained, while 23 declined and 11 were unchanged.

Major shakers in the main market included Ahlibank Qatar, Industries Qatar, Doha Insurance, Qatar Industrial Manufacturing, Qatar Islamic Bank, Lesha Bank, Dlala, Widam Food, Mekdam Holding and Qatar Electricity and Water.

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

Nevertheless, Qatar Cinema and Film Distribution, Inma Holding, Al Mahhar Holding, Qamco, Qatar Oman Investment, Aamal Company, Mesaieed Petrochemical Holding, Ezdan, Vodafone Qatar and Milaha were among the movers in the main market.

The Gulf institutions’ net profit booking increased substantially to QR45.33mn compared to QR0.4mn on December 3.

The local retail investors’ net buying decreased marginally to QR5.81mn against QR6.98mn the previous day.

However, the domestic funds turned net buyers to the tune of QR19.43mn compared with net sellers of QR2.61mn on Wednesday.

The foreign institutions’ net buying strengthened significantly to QR16.74mn against QR0.23mn on December 3.

The Arab individuals were net buyers to the extent of QR2.15mn compared with net sellers of QR3.17mn the previous day.

The foreign retail investors turned net buyers to the tune of QR1.35mn against net sellers of QR0.41mn on Wednesday.

The Gulf retail investors’ net profit booking eased perceptibly to QR0.14mn compared to QR0.62mn on December 3.

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

The main market saw an 11% jump in trade volumes to 105.91mn shares and 35% in value to QR365.49mn on almost doubled deals to 29,567.

In the venture market, a total of 0.03mn equities valued at QR0.06mn changed hands across 13 transactions.