QSE Index Tanks 109 Points: M-Cap Erodes QR4.96bn

Defying the general market trend in the Gulf Cooperation Council, the Qatar Stock Exchange on Wednesday lost as much as 109 points in key index and about QR5bn in capitalisation.

The foreign institutions were increasingly net profit takers as the 20-stock Qatar Index tanked 1.02% to 10,539.41 points, although it touched an intraday high of 10,671 points.

The telecom and transport counters witnessed higher than average selling pressure in the main market, which reported 0.3% year-to-date losses.

About 72% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR4.96bn or 0.79% to QR624.23bn mainly on account of large and midcap segments.

The Gulf individual investors turned bearish in the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.11mn trade across 15 deals.

The Gulf institutions’ weakened net buying had its influence on 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 domestic institutions were however seen increasingly into net buying in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index tanked 1.02% and the All Islamic Index by 1.06% and the All Share Index by 0.87% in the main market.

The telecom sector index plummeted 1.63%, transport (1.46%), banks and financial services (1%), industrials (0.47%), real estate (0.38%) and consumer goods and services (0.27%); while insurance was up 0.07%.

Major shakers in the main market included Qatar General Insurance and Reinsurance, Qatar Islamic Bank, Beema, Qatar Oman Investment, Ooredoo, Doha Bank, QIIB, Lesha Bank, Al Faleh Educational Holding, Industries Qatar, Mazaya Qatar, Milaha and Nakilat.

Nevertheless, Widam Food, Qatar Insurance, Estithmar Holding, Inma Holding and Qatari Investors Group were among the gainers in the main bourse.

The foreign institutions’ net profit booking increased substantially to QR79.61mn compared to QR44.47mn on Tuesday.

The Gulf retail investors turned net sellers to the tune of QR0.35mn against net buyers of QR2.57mn the previous day.

The Gulf institutions’ net buying weakened noticeably to QR3.56mn compared to QR9.84mn on May 27.

However, the domestic institutions’ net buying strengthened significantly to QR38.8mn against QR6.6mn on Tuesday.

The local retail investors’ net buying rose marginally to QR30.47mn compared to QR29.71mn the previous day.

The Arab individual investors were net buyers to the extent of QR4.28mn against net sellers of QR7.06mn on May 27.

The foreign individuals’ net buying edged up marginally to QR2.86mn compared to QR2.83mn on Tuesday.

The main market witnessed a 16% contraction in trade volumes to 157.07mn shares and 1% in value to QR450.96mn but on 22% jump in deals to 27,794.

In the venture market, as many as 161 equities valued at mere QR435 changed hands across one transaction.