Across the board selling drags QSE 116 points; 75% of stocks in red

The rising risks of a wider geopolitical conflict in the region had cast its spell on the Gulf bourses, including the Qatar Stock Exchange (QSE), which closed this week 116 points lower.The Gulf institutions were seen increasingly into net profit booking as the 20-stock Qatar Index plunged 1.1% this week which saw QNB receive node from the Qatar Financial Market Authority for its share buyback programme.An across the board selling - notably in the real estate, telecom, transport and insurance counters – dragged the main bourse this week which saw Alijarah Holding launch its QR55mn residential project in Jeddah.About three-fourth of the traded constituents were in the red in the main market this week which Dukhan Bank’s $800mn sukuk oversubscribe more than three times.The foreign individuals were net sellers in the main bourse this week which saw Commercial Bank Financial Services start market making for Qamco, Masraf Al Rayan, QIIB, Milaha and Gulf Warehousing.The foreign funds were also seen bearish in the main market this week, which saw Moody’s, a global credit rating agency, find that a "significant" lending to the low-risk Qatari government and public-sector organisations and personal loans to nationals helped Qatar's banks maintain asset quality.The Arab retail investors continued to be net sellers but with lesser intensity in the main bourse this week which saw a total of 0.07mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.15mn trade across 35 deals.The domestic funds turned net buyers in the main market this week which saw as many as 0.02mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.28mn change hands across 24 transactions.The Gulf individuals were increasingly bullish in the main bourse this week which saw the realty and banking sectors together constitute more than 57% of the total trade volumes.The Islamic index was seen declining faster than the other indices in the main market this week, which saw as many as 0.11mn sovereign bonds valued at QR1/08bn trade across two deals.Market capitalisation eroded QR4.74bn or 0.77% to QR613.33bn on the back of small and microcap segments this week, which saw no trading of treasury bills.Trade turnover grew amidst lower volumes in the main market this week, which saw Mekdam Holding seek withdrawal of credit rating from Standard and Poor as the company, having successfully strengthened its financial position and financed most of its operations through operating profits and capital increases, no longer intends to go for long-term borrowing.The Total Return Index tanked 1.1%, the All Share Index by 0.96% and the All Islamic Index by 1.49% this week, which saw the rejig of the QSE indices.The telecom sector index plummeted 2.96%, realty (2.58%), transport (1.85%), insurance (1.26%), banks and financial services (0.84%), consumer goods and services (0.39%) and industrials (0.31%) this week which saw Qatar’s trade surplus at QR19.81bn in August 2024.Major losers in the main market included Qatar German Medical Devices, QIIB, Mazaya Qatar, United Development Company, Al Faleh Educational Holding, Commercial Bank, Masraf Al Rayan, Lesha Bank, Alijarah Holding, Qatar Oman Investment, Baladna, Qatari Investors Group, Aamal Company, QLM, Ooredoo and Nakilat. In the juniour bourse, both Al Mahhar Holding and Techno Q saw their shares depreciate in value this week which saw Qatar ports witness higher vessel calls, cargoes and container movement in September 2024.Nevertheless, Gulf Warehousing, Ezdan, Al Meera, Medicare Group and Mannai Corporation were among the gainers in the main market this week which saw the International Monetary Fund managing director Kristalina Georgieva held that the Gulf region remains a bright spot despite the numerous shocks over the past few years and its growth is slated to rebound this year and strengthen to close to 4% in 2025 as oil production cuts are gradually unwound.The Gulf institutions’ net selling increased substantially to QR36.62mn compared to QR3.88mn the week ended September 26.The foreign individuals turned net sellers to the tune of QR16.7mn against net buyers of QR0.92mn the previous week.The foreign funds were net profit takers to the extent of QR11.83mn compared with net buyers of QR157.26mn a week ago.However, the domestic funds turned net buyers to the tune of QR57.77mn against net sellers of QR53.63mn the week ended September 26.The Qatari individuals were net buyers to the extent of QR9.16mn compared with net sellers of QR76.09mn the previous week.The Gulf individual investors’ net buying strengthened noticeably to QR4.54mn against QR0.88mn a week ago.The Arab institutions’ net buying expanded perceptibly to QR1.43mn compared to QR0.47mn the week ended September 26.The Arab individuals’ net profit booking weakened substantially to QR7.76mn against QR25.95mn the previous week.The main market witnessed a 3% contraction in trade volumes to 956.18mn shares but on 7% jump in value to QR2.22bn and 3% in deals to 78,555 this week.In the venture market, trade volumes were up 9% to 1.53mn equities, value by 8% to QR3.52mn and transactions by 19% to 149.