QSE Index Sheds 44 Points; M-Cap Melts QR2.21bn

A caution ahead of US-China trade talks and falling oil prices had their reflection on the Qatar Stock Exchange (QSE), which on Monday lost about 44 points in index and more than QR2bn in capitalisation.

A higher than average selling pressure especially in the industrials, banks and insurance sectors led the 20-stock Qatar Index shed 0.42% to 10,455.7 points, although it touched an intraday high of 10,529 points.

The domestic institutions were seen increasingly into net selling in the main market, whose year-to-date losses widened to 1.09%.

More than 60% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR2.21bn or 0.36% to QR614.61bn on the back of midcap segments.

The foreign individuals turned net profit takers in the main market, which saw no trading of exchange traded funds.

The Gulf retail investors were seen bearish in the main bourse, whose trade turnover grew amidst lower volumes.

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’ weakened net buying had its influence on the main bourse, which saw no trading of sovereign bonds.

The Total Return Index fell 0.42%, the All Islamic Index by 0.47% and the All Share Index by 0.37% in the main market.

The industrials sector index shed 0.74%, banks and financial services (0.47%), insurance (0.45%) and consumer goods and services (0.18%); while transport gained 0.51%, telecom (0.13%) and real estate (0.06%).

Major losers in the main market included Qatar General Insurance and Reinsurance, Beema, QIIB, Lesha Bank, Ahlibank Qatar, Mannai Corporation, Industries Qatar, Mesaieed Petrochemical Holding, Qatar Electricity and Water and Estithmar Holding.

Nevertheless, Milaha, Widam Food, Baladna, Doha Insurance, Vodafone Qatar, Mazaya Qatar and Gulf Warehousing were among the gainers in the main bourse.

The domestic institutions’ net selling increased substantially to QR40.33mn compared to QR13.26mn the previous day.

The foreign individuals turned net sellers to the tune of QR1.1mn against net buyers of QR1.91mn on May 4.

The Gulf retail investors were net profit takers to the extent of QR0.42mn compared with net buyers of QR1.31mn on Sunday.

The Gulf institutions’ net buying decreased considerably to QR1.29mn against QR12.68mn the previous day.

The Arab retail investors’ net buying weakened perceptibly to QR1.02mn compared to QR3.03mn on May 4.

However, the foreign funds’ net buying strengthened significantly to QR30.41mn against QR7.99mn on Sunday.

The Qatari retail investors were net buyers to the extent of QR9.04mn compared with net sellers of QR13.55mn the previous day.

The Arab institutions turned net buyers to the tune of QR0.1mn against net profit takers of QR0.1mn on May 4.

The main market witnessed a 20% slump in trade volumes to 140.31mn shares but on 4% jump in value to QR356.25mn and 12% in deals to 14,264.