The Qatar Stock Exchange on Thursday plummeted more than 153 points to drive the key index below 9,900 levels, and its capitalisation eroded QR9bn amid increasing geopolitical concerns in the region.
The transport, real estate and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 1.54% to 9,801.75 points.
The foreign institutions were seen net profit takers in the main market, whose year-to-date losses widened further to 8.23%.
The local retail investors were increasingly net sellers in the main bourse, whose capitalisation melted QR8.57bn or 1.46% to QR578.54bn with large and small cap segments losing the most.
About 78% of the traded constituents were in the red in the main market, whose index however touched an intraday high of 9,944 points.
On the negative side, only below the strong support line at 9,585 points could shift the tone to a deeper bearish move and lead to 9,000 points, a Kamco Invest analysis note had said, adding medium-term and long-term investors can re-enter the market at levels higher than 11,150 points and 11,270 points, respectively.
The Islamic index was seen declining slower than the main barometer in the main bourse, which saw as many as 0.07mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.54mn trade across 28 deals.
The Gulf individuals turned net profit takers in the main market, which saw no trading of sovereign bonds.
The foreign retail investors continued to be net sellers but with lesser intensity in the main bourse, which saw no trading of treasury bills.
The Total Return Index shed 1.54%, the All Share Index by 1.4% and the Al Rayan Islamic Index (Price) by 1.49% in the main bourse, whose trade turnover and volumes were on the increase.
The transport sector index plummeted 3.39%, realty (2.56%), telecom (.211%), banks and financial services (1.31%), industrials (1.3%) and consumer goods and services (0.37%), while insurance gained 0.64%.
Major losers in the main bourse included Doha Insurance, United Development Company, Nakilat, Qatari Investors Group, Qatari German Medical Devices, Commercial Bank, Masraf Al Rayan, Dukhan bank, Baladna, Qatari Investors Group, Gulf International Services, Estithmar Holding, Qamco, Ezdan, Ooredoo, Milaha and Gulf Warehousing. In the venture market, Mahhar Holding saw its shares depreciate in value.
Nevertheless, Qatar Insurance, Meeza, Widam Food, Qatar Islamic Bank and Al Meera 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 turned net sellers to the tune of QR18.62mn compared with net buyers of QR13.96mn on October 18.
The local retail investors’ net profit booking increased substantially to QR14.05mn against QR0.97mn the previous day.
The Gulf individuals turned net sellers to the extent of QR3.08mn compared with net buyers of QR0.05mn on Wednesday.
However, the Gulf institutions were net buyers to the tune of QR19.79mn against net profit takers of QR9.97mn on October 18.
The domestic institutions’ net buying strengthened perceptibly to QR18.97mn compared to QR14.21mn the previous day.
The Arab institutions turned net buyers to the extent of QR0.11mn against net profit takers of QR0.03mn on Wednesday.
The Arab individual investors’ net selling weakened substantially to QR2.74mn compared to QR14.52mn on October 18.
The foreign individuals’ net profit booking eased markedly to QR0.39mn against QR2.74mn the previous day.
Trade volumes in the main market soared 12% to 169.34mn shares and value by 11% to QR480.5mn, while deals were down 8% to 18,749.
The venture market saw a 27% contraction in trade volumes to 1.03mn equities and 1% in value to QR1.55mn but on 28% jump in transactions to 137.