Selling pressure from local retail investors and foreign funds drag QSE 38 points

The Qatar Stock Exchange on Thursday declined 38 points with local retail investors increasingly resorting to net profit booking.
A higher than average selling pressure in the transport sector was visible as the 20-stock Qatar Index settled 0.35% lower at 10,643.94 points.
The market, which was skewed towards movers, had touched an intraday high 10,700 points.
The foreign institutions were seen net sellers in the main market, whose year-to-date losses widened to 0.35%.
The foreign individuals turned bearish in the main bourse, whose capitalisation was up QR0.08bn or 0.01% to QR628.6bn, mainly on account of microcap segments.
More than 54% of the traded constituents were seen extending gains to investors in the main market, which saw a total of 0.06mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.18mn changed hands across 13 deals.
However, the Gulf institutions were increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining faster than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index shed 0.35%, the All Share Index by 0.12% and the Al Rayan Islamic Index (Price) by 0.51% in the main bourse, whose trade turnover and volumes were on the increase.
The transport sector index tanked 1.22%, consumer goods and services (0.31%), banks and financial services (0.19%), real estate (0.14%) and telecom (0.1%); whereas insurance gained 1.55% and industrials (0.22%).
Major losers in the main market included QLM, Milaha, QIIB, Alijarah Holding, Woqod, Nakilat and Mannai Corporation. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.
Nevertheless, Qatari German Medical Devices, Lesha Bank, Dlala, Inma Holding, Doha Insurance, Medicare Group, Gulf International Services, Estithmar Holding, Qamco, Qatar Insurance and Al Khaleej Takaful were among the gainers in the main market.
The Qatari individuals’ net selling increased perceptibly to QR41.05mn compared to QR36.36mn on May 17.
The foreign funds turned net sellers to the tune of QR31.3mn against net buyers of QR28.72mn the previous day
The foreign individuals were net profit takers to the extent of QR6.4mn compared with net buyers of QR1.01mn on Wednesday.
However, the Gulf institutions’ net buying increased substantially to QR61.49mn against QR45.76mn on May 17.
The domestic institutions turned net buyers to the tune of QR17.97mn compared with net sellers of QR35.7mn the previous day.
The Arab individuals’ net selling weakened markedly to QR0.12mn against QR1.96mn on Wednesday.
The Gulf retail investors’ net profit booking shrank perceptibly to QR0.58mn compared to QR1.46mn on May 17.
The Arab institutions continued to have no major net exposure for the seventh consecutive session.
The main market saw a 12% increase in trade volumes to 280.65mn shares and 8% in value to QR719.9mn but on an 8% fall in deals to 23,155.