Foreign funds drag QSE as index loses 17 points

The Qatar Stock Exchange (QSE) on Sunday witnessed a higher than average selling, notably in the transport, insurance and telecom counters, as it overall settled 17 points lower despite movers outnumber shakers.

The foreign institutions were seen net profit takers as the 20-stock Qatar Index decline more than 17 points to 10,105.33 points, although it touched an intraday high of 10,132 points.

The domestic institutions’ weakened net buying had its influence in the main market, whose year-to-date losses widened to 6.7%.

However, the local retail investors were seen bullish in the main bourse, whose capitalisation was down QR0.15bn or 0.03% to QR585.03bn on the back of microcap segments.

The Gulf funds turned net buyers in the main market, which saw 10 exchange traded funds (sponsored by Doha Bank) valued at QR97 trade across one deal.

The foreign retail investors were increasingly net buyers in the main bourse, which saw no trading of treasury bills.

The Arab individuals turned bullish in the main market, which saw no trading of sovereign bonds.

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

The Total Return Index was down 0.17%, the All Share Index by 0.1% and the All Islamic Index by 0.14% in the main market.

The transport sector index declined 0.53%, insurance (0.38%), telecom (0.28%), consumer goods and services (0.18%) and banks and financial services (0.14%); while industrials gained 0.25% and real estate 0.12%.

Major shakers included Qatar Insurance, Nakilat, Commercial Bank, Mannai Corporation, Qatar National Cement, Meeza, Qatar Islamic Bank and QIIB.

Nevertheless, as much as 55% of the traded constituents extended gains in the main bourse with movers being Al Faleh Educational Holding, Qatar General Insurance and Reinsurance, QLM, Mekdam Holding, Medicare Group, Qatar Electricity and Water, Aamal Company, Mazaya Qatar, Gulf International Services, Gulf Warehousing and Vodafone Qatar. In the venture market, both Al Mahhar Holding and Techno Q saw their shares appreciate in value.

The foreign institutions turned net sellers to the tune of QR10.21mn compared with net buyers of QR15.44mn on August 22.

The domestic institutions’ net buying decreased markedly to QR0.02mn against QR4.27mn the previous trading day.

However, the Qatari individuals were net buyers to the extent of QR6.22mn compared with net sellers of QR11.44mn last Thursday.

The Gulf institutions turned net buyers to the tune of QR1.45mn against net profit takers of QR7.07mn on August 22.

The foreign individuals’ net buying increased marginally to QR1.27mn compared to QR1.21mn the previous trading day.

The Arab retail investors were net buyers to the extent of QR1.11mn against net profit takers of QR1.6mn last Thursday.

The Gulf individual investors turned net buyers to the tune of QR0.15mn compared with net sellers of QR0.8mn on August 22.

The Arab institutions had no major net exposure for the third straight session.

Trade volumes in the main market fell about 1% to 128.95mn shares, value by 22% to QR245.72mn and transactions by 18% to 9,732.

In the venture market, trade volumes more than doubled to 2.73mn equities and value also more than doubled to QR6.29mn on 56% surge in deals to 246.