The industrials and banking counters witnessed higher than average selling as the 20-stock Qatar Index shed 0.92% to 10,401.92 points, as investors fear that the US Federal Reserve may not cut interest rates as soon as previously expected.
The foreign and Gulf institutions were increasingly net profit takers in the main market, whose year-to-date losses widened to 3.96%.
As much as 71% of the traded constituents were in the red in the main bourse, whose capitalisation tanked QR5.77bn or 0.95% to QR603.02bn with large and midcap segments losing the most.
The foreign individuals were seen net sellers in the main market, which however, touched an intraday high of 10,526 points.
The foreign institutions’ weakened net buying had its influence on the main bourse, which saw as many as 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.12mn trade across six deals.
The local retail investors turned bullish in the main market, which saw no trading of sovereign bonds.
The Islamic index fell slower than the other indices in the main bourse, which witnessed no trading of treasury bills.
The Total Return Index shed 0.92%, the All Islamic Index by 0.59% and the All Share Index by 0.91% in the main bourse, whose trade turnover grew amidst lower volumes.
The industrials sector index plummeted 1.74%, banks and financial services (0.93%), consumer goods and services (0.73%), insurance (0.56%), transport (0.17%) and realty (0.12%); while telecom shot up 1%.
Major shakers in the main market included Qatar General Insurance and Reinsurance, Beema, QLM, Industries Qatar, QNB, Commercial Bank, Masraf Al Rayan, Baladna, Mesaieed Petrochemical Holding and Mazaya Qatar.
Nevertheless, Vodafone Qatar, Ooredoo, Qatar Insurance, Qatar Oman Investment and Milaha were among the gainers in the main bourse.
In the venture market, Mahhar Holding saw its shares appreciate in value.
The foreign institutions’ net selling increased noticeably to QR25.67mn compared to QR17.02mn on January 16.
The Gulf institutions’ net profit booking grew markedly to QR10.32mn against QR7.55mn the previous day.
The foreign individuals turned net sellers to the tune of QR1.62mn compared with net buyers of QR0.43mn on Tuesday.
The domestic institutions’ net buying declined considerably to QR14.84mn against QR26.56mn on January 16.
However, the local retail investors’ net buying rose significantly to QR13.72mn compared to QR2.5mn the previous day.
The Arab individuals were net buyers to the extent of QR8.65mn against net sellers of QR4.97mn on Tuesday.
The Gulf retail investors’ net buying expanded marginally to QR0.42mn compared to QR0.05mn on January 16.
The Arab institutions had no major net exposure for the fifth straight session.
Trade volumes in the main market shrank 12% to 117.31mn shares, whereas value increased by 6% to QR475.38mn and deals by 4% to 14,908.
The venture market saw a 50% plunge in trade volumes to 0.09mn equities, 43% in value to QR0.12mn and 50% in transactions to 11.
