Reflecting the global apprehensions that the US Federal Reserve may delay lowering the interest rate, the Qatar Stock Exchange (QSE) on Wednesday fell 103 points and capitalisation eroded more than QR6bn.
The foreign funds were seen increasingly into net selling as the 20-stock Qatar Index tanked 1.05% to 9,691.93 points, the lowest in five months. The market had touched an intraday high of 9,840 points.
The telecom, insurance, banks and transport counters witnessed higher than average selling pressure in the main market, whose year-to-date losses widened to 10.51%.
The Gulf institutions were increasingly net profit takers in the main bourse, whose capitalisation eroded QR6.06bn or 1.06% to QR563.26bn on account of large and midcap segments.
The foreign individuals’ weakened net buying had its influence on the main market, which saw as many as 0.02mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.03mn trade across eight deals.
The Gulf retail investors’ lower net buying also had its say on the main bourse, which saw no trading of sovereign bonds.
The Islamic stocks were seen declining slower than the other indices in the market, which saw no trading of treasury bills.
The Total Return Index declined 1.05%, the All Share Index by 1.09% and the All Islamic Index by 0.86% in the main bourse, whose trade turnover and volumes were on the increase.
The telecom sector index plummeted 3.89%, insurance (2.15%), banks and financial services (1.52%), transport (1.49%) and consumer goods and services (0.43%); while industrials rose 0.43%. The real estate index was rather unchanged.
More than 69% of the traded constituents in the main bourse were in the red with major losers being Ooredoo, Mannai Corporation, Qatar Insurance, Mekdam Holding, Inma Holding, QNB, Qatar Islamic Bank, Commercial Bank, QIIB, Meeza, Mesaieed Petrochemical Holding, Vodafone Qatar, Milaha and Nakilat.
In the venture market, Al Mahhar Holding saw its shares depreciate in value.
Nevertheless, Industries Qatar, Gulf International Services, Qatar German Medical Devices, Qatari Investors Group and United Development Company were among the gainers in the main bourse.
The foreign institutions’ net selling strengthened considerably to QR26.26mn compared to QR17.12mn on April 2.
The Gulf institutions’ net profit booking increased marginally to QR19.48mn against QR18.14mn the previous day.
The foreign retail investors’ net buying declined noticeably to QR3.21mn compared to QR7.86mn on Tuesday.
The Gulf individual investors’ net buying eased marginally to QR0.32mn against QR0.36mn on April 2.
However, the Qatari individuals’ net buying strengthened markedly to QR30.17mn compared to QR27.32mn the previous day.
The domestic institutions’ net buying expanded substantially to QR8.57mn against QR0.63mn on Tuesday.
The Arab individual investors were net buyers to the extent of QR3.47mn compared with net sellers of QR0.36mn on April 2.
The Arab institutions had no major net exposure for the ninth straight session.
Trade volumes in the main market grew 8% to 145mn shares, value by 18% to QR493.17mn and deals by 26% to 18,956.
The venture market saw a 33% surge in trade volumes at 0.04mn equities, 75% in value to QR0.07mn and 33% in transactions to 4.
The QSE
