QSE loses 35 points as rate concerns loom large

The Qatar Stock Exchange (QSE), which on Sunday experienced technical snag in the pre-opening, saw its key index lose more than 35 points, reflecting the last week’s continued rate concerns in the global markets.
A higher than average selling pressure, especially in the insurance, consumer goods and banking counters led the 20-stock Qatar Index 0.35% to 10,216.15 points.
The Gulf individuals turned net profit takers in the main market, whose year-to-date losses widened further to 4.35%.
The Arab retail investors were net sellers in the main bourse, whose capitalisation melted QR2.8bn or 0.46% to QR601.15bn with midcap segments losing the most.
The foreign individuals turned bearish, albeit at lower levels, in the main market, which however touched an intraday high of 10,284 points.
The Islamic index declined slower than the other indices in the main bourse, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.32mn changed hands across 12 deals.
The domestic individuals’ lower net buying had its influence in the main market, which saw no trading of sovereign bonds.
The Gulf funds’ weakened net buying also had its say in the main market, which saw no trading of treasury bills.
The Total Return Index fell 0.35%, All Share Index by 0.53% and Al Rayan Islamic Index (Price) by 0.16% in the main bourse, whose trade turnover fell amidst higher volumes.
The insurance sector index tanked 4.84%, consumer goods and services (0.84%), banks and financial services (0.63%) and industrials (0.11%); while transport shot up 0.66%, real estate (0.52%) and telecom (0.06%).
Major losers in the main market included Qatar Insurance, Al Khaleej Takaful, Dukhan Bank, Woqod, Doha Bank and Widam Food. In the venture market, Mahhar Holding saw its shares depreciate in value.
Nevertheless, Doha Insurance, Salam International Investment, Lesha Bank, Qamco, United Development Company, Milaha and Gulf Warehousing were among the gainers in the main bourse.
The Gulf retail investors turned net sellers to the tune of QR2.91mn compared with net buyers of QR0.15mn on September 28.
The Arab individuals were net sellers to the extent of QR2.84mn against net buyers of QR3.87mn the previous trading day.
The foreign individuals turned net profit takers to the tune of QR0.22mn compared with net buyers of QR0.19mn last Thursday.
The domestic institutions’ net buying decreased significantly to QR20.51mn against QR37.7mn on September 28.
The Gulf institutions’ net buying weakened noticeably to QR9.85mn compared to QR16.96mn the previous trading day.
However, the local retail investors’ net profit booking declined substantially to QR5.75mn against QR26.6mn last Thursday.
The foreign institutions’ net profit booking shrank markedly to QR18.65mn compared to QR32.68mn on September 28.
The Arab institutions had no major net exposure against net sellers to the extent of QR0.11mn last Thursday.
Trade volumes in the main market rose 8% to 197.87mn shares, while value declined 27% to QR414.02mn and deals by 34% to 11,656.
The venture market saw a 17% contraction in trade volumes to 0.4mn equities, 19% in value to QR0.79mn and 15% in transactions to 74.