Regional Uncertainties Play Spoilsport in QSE as Index Loses 63 Points; M-Cap Melts QR3.08bn

Fears of regional instability, owing to Iran-Israel dispute, continued to dampen sentiments in the Qatar Stock Exchange (QSE), whose key index lost more than 63 points and capitalisation melt in excess of QR3bn.

The foreign funds turned net profit takers as the 20-stock Qatar Index shed 0.61% to 10,347.91 points, although it touched an intraday high of 10,420 points.

The transport, telecom and consumer goods counters witnessed higher than average selling pressure in the main market, whose year-to-date losses widened further to 2.11%.

More than 78% of the traded constituents were in the red in the main bourse, whose capitalisation shed QR3.08bn or 0.5% to QR610.44bn mainly on account of small and microcap segments.

The Gulf retail investors and funds were seen bearish in the main market, which saw as many as 804 exchange traded funds (sponsored by AlRayan Bank) valued at QR1,768 trade across three deals.

The local retail investors continued to be net sellers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the decline.

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

The Arab individuals continued to be bearish but with lesser vigour in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index declined 0.61%, the All Share Index by 0.5% and the All Islamic Index by 0.45% in the main market.

The transport sector index plummeted 2.58%, telecom (1.09%), consumer goods and services (0.65%), real estate (0.51%), banks and financial services (0.3%) and insurance (0.22%); while industrials was unchanged.

Major shakers in the main market include Nakilat, Estithmar Holding, Mannai Corporation, Lesha Bank, Commercial Bank, Dukhan Bank, Alijarah Holding, Dlala, Qatar German Medical Devices, Salam International Investment, Medicare Group, Al Faleh Educational Holding, Aamal Company, Ezdan, Mazaya Qatar and Vodafone Qatar.

Nevertheless, Qatar National Cement, Ahlibank Qatar, Mesaieed Petrochemical Holding, Meeza, Qatar Islamic Insurance and Industries 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 QR6.03mn compared with net buyers of QR13.69mn the previous day.

The Gulf individuals were net profit takers to the extent of QR2.68mn against net buyers of QR2.9mn on June 17.

The Gulf institutions turned net sellers to the tune of QR1.59mn compared with net buyers of QR3.81mn on Tuesday.

However, the domestic funds’ net buying increased significantly to QR27.09mn against QR15.61mn the previous day.

The foreign retail investors were net buyers to the extent of QR2.07mn compared with net sellers of QR6.47mn on June 17.

The local individual investors’ net selling weakened noticeably to QR11.75mn against QR14.6mn on Tuesday.

The Arab retail investors’ net profit booking eased perceptibly to QR7.12mn compared to QR14.93mn the previous day.

The Arab institutions had no major net exposure for the fourth consecutive day.

The main market saw 14% contraction in trade volumes to 182.95mn shares, 20% in value to QR399.39mn and 23% in deals to 18,932.

In the venture market, a total of 4,500 equities valued at QR0.1mn changed hands across three transactions.