QSE index edges lower despite strong buying interests at insurance counter

The Qatar Stock Exchange Sunday opened the week weak with its key index losing about 29 points despite strong buying interests at the insurance counter.
The buying interests of the Gulf funds and local retail investors was seen weakening sizeably, as the 20-stock Qatar Index shrank 0.26% to 10,961.22 points, although it touched an intraday high of 11,007 points.
About 50% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 2.62%.
The domestic institutions’ weakened net buying also had its influence on the main bourse, whose capitalisation saw QR0.34bn or 0.05% decrease to QR620.86bn, mainly led by microcap segments.
The consumer goods, real estate and banking counters witnessed higher than average selling pressure in the main market, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.12mn change hands across 13 deals.
The Arab retail investors’ net buying declined perceptibly in the main bourse, which saw no trading of sovereign bonds.
The Islamic index declined slower than the main barometer in the main market, which saw no trading of treasury bills.
The Total Return Index fell 0.26%, the All Share Index by 0.17% and the Al Rayan Islamic Index (Price) by 0.19% in the main bourse, whose trade turnover volumes were on the decline.
The consumer goods and services sector index tanked 1.74%, followed by realty (0.78%), banks and financial services (0.28%) and transport (0.03%); while insurance shot up 3.69%, telecom (0.51%) and industrials (0.07%).
Major shakers in the main market included Qatar German Medical Devices, Zad Holding, Doha Bank, Woqod, Aamal Company, Salam International Investment, Mannai Corporation, Estithmar Holding, Barwa and Mazaya Qatar.
Nevertheless, General Insurance and Reinsurance, Qatar Insurance, Medicare Group, Qamco, Mekdam Holding and Vodafone Qatar were among the gainers in the main market.
The Gulf institutions’ net buying declined significantly to QR1.57mn compared to QR35.44mn on January 12.
The local retail investors’ net buying shrank considerably to QR2.24mn against QR37.29mn the previous trading day.
The domestic institutions’ net buying weakened markedly to QR7.96mn compared to QR16.2mn last Thursday.
The Arab individuals’ net buying decreased noticeably to QR3.9mn against QR5.55mn on January 12.
The Gulf individuals’ net buying eased perceptibly to QR0.07mn compared to QR2.05mn the previous trading day.
However, the foreign retail investors’ net buying strengthened notably to QR3.71mn against QR2.68mn last Thursday.
The Arab institutions’ net buying grew marginally to QR0.14mn compared to QR0.07mn on January 12.
The foreign funds’ net profit booking decreased substantially to QR19.58mn against QR99.28mn the previous trading day.
The main market saw a 33% shrinkage in trade volume to 89.88mn shares, 53% in value to QR286.09mn and 57% in deals to 10,582.