QSE Remains Bearish for Second Day, Dragged by Foreign and Gulf Funds; M-Cap Melts QR1.05bn

Profit booking, especially from the foreign and Gulf funds, on Monday extended the bearish run in the Qatar Stock Exchange (QSE) for the second straight session.

The industrials and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed about 45 points or 0.4% to 11,222.06 points, although it touched an intraday high of 11,285 points.

About 58% of the traded constituents were in the red in the main market, whose year-to-date gains truncated to 6.16%.

The foreign individuals continued to be net sellers but with lesser intensity in the main bourse, whose capitalisation melted QR1.05bn or 0.16% to QR674.28bn; mainly on micro and small cap segments.

The local retail investors were seen net buyers in the main market, which saw as many as 1,164 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR9,729 trade across six deals.

The domestic funds were seen bullish in the main bourse, whose trade turnover and volumes were on the increase.

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

The Arab individual investors turned net buyers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.4%, the All Share Index by 0.23% and the All Islamic Index by 0.51% in the main market.

The industrials sector index shrank 0.88%, transport (0.44%), real estate (0.34%) and banks and financial services (0.08%); while consumer goods and services gained 0.27%, telecom (0.16%) and insurance (0.14%).

As many as 20 stocks gained, while 30 declined and two were unchanged.

Major losers in the main market included QLM, Doha Bank, Industries Qatar, Widam Food, Qatar Islamic Bank, Qamco, Barwa, United Development Company and Nakilat.

Nevertheless, Al Faleh Educational Holding, Baladna, Qatar Oman Investment, Medicare Group, Qatar General Insurance and Reinsurance, Mesaieed Petrochemical Holding, Ezdan and Vodafone Qatar were among the gainers in the main bourse. In the venture market, Techno Q saw its shares appreciate in value.

The foreign institutions turned net sellers to the tune of QR24.35mn compared with net buyers of QR9.02mn on September 21.

The Gulf institutions were net profit takers to the extent of QR9.42mn against net buyers of QR9.83mn the previous day.

However, the local retail investors turned net buyers to the tune of QR24.36mn compared with net sellers of QR5.85mn on Sunday.

The domestic funds were net buyers to the extent of QR7.57mn against net profit takers of QR5.5mn on September 21.

The Arab retail investors turned net buyers to the tune of QR1.33mn compared with net sellers of QR6.17mn the previous day.

The Gulf individual investors’ net buying increased noticeably to QR1.2mn against QR0.16mn on Sunday.

The Arab institutions’ net buying was rather flat at QR0.05mn.

The foreign retail investors’ net profit booking eased markedly to QR0.75mn compared to QR1.53mn on September 21.

The main market saw 41% surge in trade volumes to 207.48mn shares, 12% in value to QR460.77mn and 15% in deals to 23,041.

In the venture market, a total of 0.04mn equities valued at QR0.1mn changed hands across 13 transactions.