QSE Index Falls 111 Points; M-Cap Erodes QR6.37bn

Reflecting the fading rate cut hopes in the US; the Qatar Stock Exchange (QSE) Sunday saw as much as 83% of the constituents end in the red, resulting in more than 111 points plunge in the key index and more than QR6bn erosion in capitalisation.

The Gulf institutions were seen net profit takers as the 20-stock Qatar Index shed 1.01% to 10,846.84 points, although it touched an intraday high of 10,955 points.

The local individuals’ weakened net buying had its influence on the main market, whose year-to-date gains truncated to 2.61%.

The foreign funds continued to be net sellers but with lesser intensity in the main bourse, whose capitalisation melted QR6.37bn or 0.97% to QR649.46n, mainly on large and midcap segments.

The domestic institutions were seen net buyers in the main market, which saw as many as 0.03mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.08mn trade across 27 deals.

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

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

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

The Total Return Index shed 1.01%, the All Share Index by 0.87% and the All Islamic Index by 1.28% in the main market.

The telecom sector index plummeted 2.91%, industrials (1.56%), transport (1.48%), real estate (0.98%), consumer goods and services (0.61%) and banks and financial services (0.43%); while insurance gained 0.64%.

As many as 44 stocks declined, while only five gained and four were unchanged.

Major shakers in the main market include Vodafone Qatar, Ooredoo, Qatar Oman Investment, Industries Qatar, Baladna, Qatar Islamic Insurance, Meeza, Al Faleh Educational Holding, Gulf International Services, Qamco, Barwa, Milaha, Gulf Warehousing and Nakilat.

Nevertheless, Qatar Insurance, Commercial Bank, Ahlibank Qatar, Inma Holding and Al Khaleej Takaful were among the movers in the main bourse.

The Gulf institutions turned net sellers to the tune of QR4.25mn compared with net buyers of QR19.25mn the previous trading day.

The local individual investors’ net buying declined substantially to QR20.98mn against QR40.82mn on November 13.

However, the domestic institutions were net buyers to the extent of QR12.64mn compared with net sellers of QR16mn on Sunday.

The Gulf retail investors’ net buying strengthened noticeably to QR4.39mn against QR2.4mn the previous trading day.

The Arab individual investors’ net buying expanded perceptibly to QR2.38mn compared to QR1.77mn on November 13.

The foreign retail investors’ net buying rose markedly to QR1.36mn against QR0.65mn on Sunday.

The Arab funds were seen net buyers to the tune of QR0.83mn compared with no major net exposure the previous trading day.

The foreign institutions’ net selling weakened significantly to QR38.31mn against QR48.99mn on November 13.

The main market saw 33% contraction in trade volumes to 82.94mn shares, 42% in value to QR218.64mn and 33% in deals to 14,485.

In the venture market, a total of 0.01mn equities valued at QR0.02mn changed hands across six transactions.