An across-the-board selling pressure – especially within the real estate, industrials, telecom and consumer goods – on Monday weakened the Qatar Stock Exchange further to settle below 10,400 levels. The increased selling pressure from domestic and Gulf funds and substantially lower buying interests from foreign institutions led the 20-stock Qatar Index to settle 0.85% lower at 10,390.08 points. However, local retail investors turned bullish in the market, whose key benchmark is up 0.86% year-to-date.Market capitalisation fell 0.6%, or more than QR3bn, to QR575.13bn mainly owing to mid and small cap segments.
Islamic equities were seen declining faster than the other indices in the market, where non-Qatari individuals were net buyers. Trade turnover and volume were on the increase in the bourse, where the banking sector alone accounted for about 65% of the total volume. The Total Return Index declined 0.85% to 19,118.62 points, the Al Rayan Islamic Index (Price) by 0.98% to 2,364.67 points and the All Share Index by 0.7% to 3,079.1 points.The real estate index tanked 1.46%, industrials (1.37%), telecom (1.34%), consumer goods (1.11%), insurance (0.75%), transport (0.27%) and banks and financial services (0.18%). Some three-fourth of the traded stocks were in the red with major losers being Industries Qatar, Commercial Bank, Qatar Islamic Bank, Gulf International Services, Barwa, Ezdan, Mazaya Qatar, Ooredoo, Gulf Warehousing and Qatar First Bank; even as Al Khaleej Takaful, QNB, Masraf Al Rayan and Qatar Oman Investment were among the prime gainers.
Domestic institutions’ net selling increased significantly to QR21.08mn compared to QR2.96mn the previous day. Gulf institutions’ net profit booking grew considerably to QR9.94mn against QR0.92mn on June 14.Non-Qatari institutions’ net buying weakened influentially to QR12.04mn compared to QR22.28mn on Sunday. However, local retail investors turned net buyers to the extent of QR12.52mn against net sellers of QR16.96mn the previous day. Non-Qatari individual investors were also net buyers to the extent of QR3.86mn compared with net sellers of QR0.37mn on June 14. Gulf individual investors turned net buyers to the tune of QR1.63mn against net profit takers of QR1.05mn on Sunday. Total trade volume grew 69% to 30.9mn shares and value more than doubled to QR271.6mn on more-than-doubled transactions to 7,351. The telecom sector’s trade volume grew nine-fold to 3.06mn equities and value almost quadrupled to QR25.33mn on a 27% rise in deals to 319.
The transport sector’s trade volume almost quadrupled to 0.69mn stocks and value more than tripled to QR15.35mn on a 46% growth in transactions to 217. The insurance sector’s trade volume more than tripled to 0.55mn shares and value almost tripled to QR11.58mn on more-than-quadrupled deals to 315. The consumer goods sector’s trade volume almost doubled to 2.85mn equities and value more than doubled to QR39.71mn on a 61% increase in transactions to 705. The banks and financial services sector saw a 54% surge in trade volume to 20.04mn stocks and value more than doubled to QR113.54mn on an 81% expansion in deals to 2,207. The industrials sector’s trade volume soared 40% to 1.82mn shares and value by 73% to QR47.32mn on more-than-tripled transactions to 2,992. However, there was a a 1% dip in the real estate sector’s trade volume to 1.89mn equities but on a 24% surge in value to QR18.77mn and 60% in deals to 596.In the debt market, there was no trading of treasury bills and sovereign bonds.
Sources and photo-credits: Gulf Times