QSE slips on slicky global oil prices; foreign funds square off position

Global weakening of oil prices had its reflection on the Gulf bourses, including the Qatar Stock Exchange, which on Thursday lost more than 39 points.

The foreign institutions were seen net profit takers as the 20-stock Qatar Index shed 0.39% to 10,098.36 points, although it touched an intraday high of 10,137 points.

The realty, consumer goods, telecom and transport counters saw higher than average selling in the main market, whose year-to-date losses widened to 6.76%.

More than 67% of the traded constituents were in the red in the main bourse, whose capitalisation shrank QR1.19bn or 0.2% to QR584.94bn on the back of small cap segments.

The Arab and foreign retail investors’ weakened net buying had its influence on the main market, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank), valued at QR0.09mn change hands across 11 transactions.

The Gulf institutions continued to be net profit takers but with lesser intensity in the main bourse, which saw no trading of treasury bills.

The local retail investors and domestic funds were seen bullish in the main market, which saw no trading of sovereign bonds.

The Islamic index was seen declining faster than the other indices in the main bourse, whose trade turnover grew amidst lower volumes.

The Total Return Index shed 0.33%, the All Islamic Index by 0.6% and the All Share Index by 0.23% in the main market.

The real estate index tanked 1.54%, consumer goods and services (0.97%), telecom (0.74%), transport (0.4%) and banks and financial services (0.18%); while industrials and insurance gained 0.23% and 0.15% respectively.

Major losers in the main bourse included United Development Company, Woqod, Vodafone Qatar, Doha Bank, Qatar Electricity and Water, Qatar Islamic Bank, Dukhan Bank, Qatar German Medical Devices and Estithmar Holding. In the venture market, Techno Q saw its shares depreciate in value.

Nevertheless, Industries Qatar, QLM, Al Meera, Dlala and Qatar Oman Investment were among the movers in the main market. In the junior bourse, Al Mahhar Holding saw its shares appreciate in value.

The foreign institutions turned net sellers to the tune of QR23.93mn compared with net buyers of QR20.53mn on July 24.

The Arab retail investors’ net buying declined significantly to QR0.32mn against QR3.17mn the previous day.

The foreign individual investors’ net buying eased marginally to QR0.09mn compared to QR0.31mn on Wednesday.

However, the Qatari individuals were net buyers to the extent of QR17.2mn against net sellers of QR2.67mn on July 24.

The domestic funds turned net buyers to the tune of QR11.19mn compared with net sellers of QR11.52mn the previous day.

The Gulf institutions’ net profit booking weakened noticeably to QR3.9mn against QR7.65mn on Wednesday.

The Gulf retail investors’ net selling decreased perceptibly to QR1mn compared to QR2.17mn on July 24.

The Arab institutions continued to have no major net exposure for the ninth straight session.

Trade volumes in the main market fell 13% to 100.12mn shares, while value rose less than 1% to QR300.13mn and transactions by 5% to 12,005.

The venture market saw a 21% jump in trade volumes to 0.85mn equities and 30% in value to QR1.77mn but on 18% contraction in deals to 85.