Business
Foreign funds’ selling pressure dampens QSE sentiments as index edges down
August 30, 2023 | 08:56 PM
The Qatar Stock Exchange (QSE) Wednesday lost 21 points despite buying support from local retail investors and domestic funds. The transport, insurance, consumer goods and banking sectors witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.2% to 10,350.12 points.The foreign institutions were seen increasingly into net profit booking in the main market, whose year-to-date losses widened to 3.1%.About 53% of the traded constituents were in the red in the main bourse, which touched an intraday high of 10,392 points.The Arab retail investors turned bearish in the main market, whose capitalisation was down QR0.74bn or 0.12% to QR611.52bn with microcap cap segments losing the most.The foreign individuals’ weakened net buying had its marginal influence on the main bourse, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.03mn changed hands across 14 deals.The Gulf institutions turned net buyers in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.2%, the All Share Index by 0.24% and the Al Rayan Islamic Index (Price) by 0.13% in the main bourse, whose trade turnover grew amidst lower volumes.The transport sector index declined 0.96%, followed by insurance (0.39%), consumer goods and services (0.38%), banks and financial services (0.22%) and industrials (0.11%); while telecom gained 0.21%. The real estate index was rather flat.Major shakers in the main market included Meeza, Qatar National Cement, Baladna, Doha Insurance, Milaha, Industries Qatar, Milaha and Gulf Warehousing.In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, QLM, Qamco, Gulf International Services, Ahlibank Qatar, Salam International Investment, Alijarah Holding, Mannai Corporation and Qatar General Insurance and Reinsurance were among the gainers in the main market.In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value.The foreign institutions’ net selling increased significantly to QR64.18mn compared to QR21.53mn on August 29.The Arab retail investors were net sellers to the tune of QR1.18mn against net buyers of QR12.91mn on Tuesday.The foreign individual investors’ net buying shrank marginally to QR1.38mn compared to QR1.57mn the previous day.However, the domestic funds’ net buying strengthened substantially to QR25.74mn against QR1.1mn on August 29.The local retail individuals’ net buying expanded perceptibly to QR23.19mn compared to QR22.02mn on Tuesday.The Gulf institutions turned net buyers to the extent of QR14.5mn against net sellers of QR14.34mn the previous day.The Gulf individual investors were net buyers to the tune of QR0.54mn compared with net profit takers of QR1.71mn on August 29.The Arab institutions had no major net exposure against net sellers to the extent of QR0.02mn on Tuesday.Trade volumes in the main market were up 7% to 25.84mn shares, while value declined 8% to QR542.59mn and deals by 9% to 19,529.The venture market saw a 65% plunge in trade volumes to 0.64mn equities, 66% in value to QR1.4mn and 57% in transactions to 143.
August 30, 2023 | 08:56 PM