Foreign funds square off position as QSE settles lower; M-cap make gains

The US Federal Reserve chairman Jerome Powell's testimony, which suggests a cautious approach to rate cuts, had its reflection on the Qatar Stock Exchange, which on Wednesday underwent a rollercoaster ride before settling four points lower.

The foreign funds were seen squaring off their position as the 20-stock Qatar Index fell 0.04% to 10,161.6 points, although it touched an intraday high of 10,180 points.

The Gulf institutions were increasingly net sellers in the main market, whose year-to-date losses widened to 6.18%.

About 53% of the traded constituents were in the red in the main bourse, whose capitalisation however added QR0.35bn or 0.06% to QR587.31bn on the back of microcap segments.

The foreign individuals were increasingly net profit takers in the main market, which saw 4,026 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.03mn trade across 10 deals.

The local retail investors continued to be net sellers but with lesser intensity in the main bourse, which saw no trading of treasury bills.

The domestic institutions were increasingly net buyers in the main market, which saw no trading of sovereign bonds.

The Islamic index was seen declining faster than then other indices in the main bourse, whose trade turnover and volumes were on the increase.

The Total Return Index was down 0.04%, the All Share Index by 0.02% and the All Islamic Index by 0.07% in the main market.

The insurance sector index shed 1.38%, realty (0.61%), industrials (0.09%) and banks and financial services (0.07%); while transport gained 0.61%, telecom (0.6%) and consumer goods and services (0.29%).

Major losers in the main bourse included Qatar Insurance, QIIB, Mannai Corporation, QLM, Qatar General Insurance and Reinsurance, Qatari German Medical Devices, Mesaieed Petrochemical Holding and Mazaya Qatar.

In the venture market, both Al Mahhar Holding and Techno Q saw their shares depreciate in value.

Nevertheless, Ahlibank Qatar, Milaha, Al Meera, Baladna, Estithmar Holding, Vodafone Qatar and Ooredoo were among the gainers in the main bourse.

The foreign institutions turned net sellers to the tune of QR26.81mn compared with net buyers of QR18.56mn on July 9.

The Gulf institutions’ net profit booking increased perceptibly to QR11.54mn against QR9.86mn the previous day.

The foreign individual investors’ net selling expanded markedly to QR4.52mn compared to QR0.84mn on Tuesday.

However, the domestic institutions’ net buying strengthened drastically to QR48.96mn against QR19.86mn on July 9.

The Qatari individual investors’ net selling declined considerably to QR4.51mn compared to QR22.92mn the previous day.

The Arab retail investors’ net profit booking weakened noticeably to QR1.24mn against QR3.34mn on Tuesday.

The Gulf individual investors’ net selling decreased notably to QR0.35mn compared to QR1.44mn on July 9.

The Arab institutions had no major net exposure for the second consecutive day.

Trade volumes in the main market grew 41% to 157.58mn shares, value by 39% to QR508.45mn and transactions by 35% to 19,310.

The venture market saw 477% surge in trade volumes to 1.54mn equities and 26% in value to QR2.86mn but on 16% contraction in deals to 122.