US-Russia Talks Imbroglio Reflects in QSE as Index Falls 61 Points; M-Cap Melts QR3.79bn

The US-Russia talks’ failure to yield any tangible agreement to resolve the Ukraine conflict had its reflection on the Qatar Stock Exchange (QSE), which Sunday opened the week weak.

The foreign funds turned net profit takers as the 20-stock Qatar Index shed 61 points or 0.52% to 11,588.02 points, after touching an intraday high of 11,655 points.

The industrials, insurance and banking counters witnessed higher than average selling pressure in the main market, whose year-to-date gains truncated to 9.62%.

About 68% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.79bn or 0.55% to QR689.05bn mainly on small and microcap segments.

The Arab individuals were increasingly net sellers in the main market, which saw as many as 4,105 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across six deals.

The Gulf retail investors turned bearish 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 domestic institutions continued to be net sellers but with lesser vigour in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.48%, the All Share Index by 0.4% and the All Islamic Index by 0.57% in the main market.

The industrials sector index declined 0.93%, insurance (0.78%), banks and financial services (0.54%), transport (0.51%), consumer goods and services (0.48%) and telecom (0.15%); while real estate gained 0.28%.

Major shakers in the main market included Qamco, Gulf International Services, Doha Bank, Al Faleh Educational Holding, Mannai Corporation, QNB, Mekdam Holding, Meeza, Industries Qatar, Estithmar Holding and Mazaya Qatar.

 In the junior bourse, Techno Q saw its shares depreciate in value.

Nevertheless, Qatar German Medical Devices, Qatar Cinema and Film Distribution, Ezdan, Qatar Oman Investment, Qatar Islamic Bank and Al Mahhar Holding were among the gainers in the main market.

The foreign institutions turned net profit takers to the tune of QR9.99mn compared with net buyers of QR6.2mn last Thursday.

The Arab retail investors’ net selling increased noticeably to QR5.73mn against QR2.09mn the previous trading day.

The Gulf retail investors were net sellers to the extent of QR0.61mn compared with net buyers of QR0.25mn on August 14.

The local individual investors’ net buying declined substantially to QR1.91mn against QR15.26mn last Thursday.

However, the Gulf institutions’ net buying strengthened perceptibly to QR16.54mn compared to QR15.07mn the previous trading day.

The foreign retail investors turned net buyers to the tune of QR0.72mn against net sellers of QR3.38mn on August 14.

The domestic funds’ net profit booking weakened drastically to QR2.84mn compared to QR31.05mn last Thursday.

The Arab institutions had no major net exposure against net sellers to the extent of QR0.25mn the previous trading day.

The main market saw 22% contraction in trade volumes to 176.73mn shares, 43% in value to QR352.91mn and 49% in deals to 15,013.

In the venture market, a total of 0.03mn equities valued at QR0.08mn changed hands across seven transactions.