US Tariff Concerns Drag Sentiments in QSE As Foreign Funds Seen Increasingly Bearish; M-Cap Melts QR1.33bn

Concerns on the US President’s proposal to double tariff on steel and aluminium had its reflection on the Qatar Stock Exchange (QSE), which on Monday fell more than 17 points.

The foreign funds were seen increasingly net sellers as the 20-stock Qatar Index shed 0.16% to 10,484.06 points, although it touched an intraday high of 10,505 points.

The real estate, industrials and transport counters witnessed higher than average selling pressure in the main market, whose year-to-date losses widened to 0.82%.

More than 54% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR1.33bn or 0.21% to QR620.6bn mainly on account of microcap segments.

The foreign individuals turned net profit takers in the main market, which saw as many as 0.03mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.07mn trade across four deals.

The local retail investors’ weakened net buying had its influence on the main bourse, whose trade turnover and volumes were on the rise.

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

However, the domestic funds were increasingly net buyers in the main bourse, which saw no trading of sovereign bonds

The Total Return Index, the All Islamic Index and the All Share Index were all down 0.16% in the main market.

The realty sector index tanked 1.05%, industrials (0.66%) and transport (0.61%); while telecom gained 0.37%, banks and financial services (0.07%), consumer goods and services (0.02%) and insurance (0.02%).

Major losers in the main market included Dlala, Qatar Islamic Insurance, Aamal Company, Commercial Bank, Alijarah Holding, Inma Holding, Salam International Investment, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Ezdan, Mazaya Qatar, Nakilat and United Development Company.

Nevertheless, Mannai Corporation, Al Faleh Educational Holding, Meeza, Qatar Islamic Bank, Qatar General Insurance and Reinsurance and Qamco were among the movers in the main bourse.

The foreign institutions’ net selling increased considerably to QR30.39mn compared to QR19.25mn the previous day.

The Arab individual investors’ net profit booking expanded noticeably to QR7.75mn against QR2.11mn on June 1.

The foreign retail investors turned net sellers to the tune of QR0.2mn compared with net buyers of QR2.06mn on Sunday.

The local individual investors’ net buying decreased marginally to QR13.65mn against QR14.38mn the previous day.

However, the domestic institutions’ net buying strengthened drastically to QR21.7mn compared to QR5.98mn on June 1.

The Gulf retail investors were net buyers to the extent of QR1.56mn against net profit takers of QR0.91mn on Sunday.

The Gulf funds turned net buyers to the tune of QR1.42mn compared with net sellers of QR0.16mn the previous day.

The Arab institutions had no major exposure against net buyers to the extent of QR0.01mn on June 1.

The main market saw 1% jump in trade volumes to 144.6mn shares, 20% in value to QR380.1mn and 76% in deals to 27,706.

There was no trading in the venture market.