Foreign funds’ increased net selling pressure drives QSE down; M-cap melts QR1.98bn

Reflecting the concerns over geopolitical tensions in the region, the Qatar Stock Exchange's key index yesterday lost more than 20 points.A higher than average net selling pressure at the telecom, industrials and banking counters led the 20-stock Qatar Index to shed 0.21% to 9,618.57 points, recovering from an intraday low of 9,579 points.The foreign institutions were increasingly net profit takers in the main market, whose year-to-date losses widened further to 11.19%.As much as 58% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR1.98bn or 0.35% to QR560.31bn on account of microcap segments.The domestic funds’ weakened net buying interests had its influence on the main market, which saw as many as 500 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR1,136 trade across one deal.The Arab individuals’ lower net buying had its say in the main bourse, which saw no trading of sovereign bonds.However, the local retail investors were seen net buyers in the main market, which saw no trading of treasury bills.The Islamic index was seen declining slower than the other indices in the main bourse, whose trade turnover and volumes were on the increase.The Total Return Index shed 0.21%, the All Share Index by 0.2% and the All Islamic Index by 0.07% in the main market.The telecom sector index declined 0.87%, industrials (0.76%), banks and financial services (0.28%) and consumer goods and services (0.19%); while real estate gained 1.85%, transport (0.91%) and insurance (0.54%).Major losers in the main market included Al Faleh Educational Holding, Qatari Investors Group, Ahlibank Qatar, Doha Insurance, Qatar Islamic Insurance, Doha Bank, Dlala, Industries Qatar, Qamco, Qatar Electricity and Water and Ooredoo.Nevertheless, Qatar German Medical Devices, Qatar General Insurance and Reinsurance, United Development Company, Inma Holding, Milaha, Mannai Corporation, Meeza, Barwa and Gulf Warehousing were among the gainers in the main bourse.In the venture market, Al Mahhar Holding saw its shares appreciate in value.The foreign institutions’ net selling increased significantly to QR25.57mn compared to QR8.83mn on May 6.The domestic institutions’ net buying weakened substantially to QR9.67mn against QR22.82mn the previous day.The Arab individual investors’ net buying shrank noticeably to QR0.61mn compared to QR1.62mn on Monday.However, the Qatari individuals turned net buyers to the tune of QR19.43mn against net sellers of QR6.5mn on May 6.The foreign retail investors’ net buying expanded perceptibly to QR1.46mn compared to QR0.81mn the previous day.The Gulf individuals were net buyers to the extent of QR0.33mn against net sellers of QR0.21mn on Monday.The Gulf institutions’ net profit booking decreased markedly to QR5.92mn compared to QR9.72mn on May 6.The Arab institutions had no major net exposure for the tenth straight session.Trade volumes in the main market rose 2% to 188.06mn shares, value by 1% to QR477.48mn and transactions by 2% to 16,451.The venture market saw a 38% plunge in trade volumes to 0.21mn equities, 40% in value to QR0.34mn and 30% in deals to 38.