Across the board selling drags Qatar bourse 46 points

An across the board profit booking pressure on Wednesday dragged the Qatar Stock Exchange (QSE) more than 46 points and its key index settled below 10,400 levels.

The Gulf institutions were seen increasingly into net selling as the 20-stock Qatar Index shed 0.45% to 10,361.45 points, although it touched an intraday high of 10,426 points.

The foreign institutions were also seen increasingly bearish in the main bourse, whose capitalisation melted QR3.45bn or 0.56% to QR613.655bn primarily on the back of small and microcap segments.

The Arab individuals’ weakened net buying had its influence in the main market, which saw as many as 1,500 ETFs or the exchange traded funds (sponsored by AlRayan Bank and Doha Bank), valued at QR0.01mn change hands across two deals.

The telecom, transport and consumer goods counters witnessed higher than average selling pressure in the main bourse, whose trade turnover and volumes were on the increase.

The Islamic index was seen declining slower than the other indices of the main bourse, which saw as much as 72% of the traded constituents in the red.

However, the domestic funds were seen increasingly net buyers in the main market, which saw no trading of treasury bills.

The local retail investors turned bullish in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index shed 0.45%, the All Islamic Index by 0.38% and the All Share Index by 0.48% in the main market.

The telecom sector index tanked 1.12%, transport (1.04%), consumer goods and services (0.61%), industrials (0.49%), realty (0.48%), banks and financial services (0.33%) and insurance (0.16%).

Major losers in the main bourse included Aamal Company, Inma Holding, Qatar Oman Investment, Ooredoo, Al Faleh Educational Holding, QNB, Woqod, Mesaieed Petrochemical Holding, Milaha and Nakilat. In the venture market, Techno Q saw its shares depreciate in value.

Nevertheless, Meeza, Qatari Investors Group, Commercial Bank, AlRayan Bank and Qatar General Insurance and Reinsurance were among the gainers in the main market. In the junior bourse, Al Mahhar Holding saw its shares appreciate in value.

The Gulf institutions’ net profit booking increased substantially to QR30.12mn compared to QR9.45mn on November 26.

The foreign institutions’ net selling expanded drastically to QR19.59mn against QR7.84mn the previous day.

The Arab retail investors’ net buying weakened perceptibly to QR1.54mn compared to QR3.25mn on Tuesday.

However, the domestic institutions’ net buying strengthened noticeably to QR31.38mn against QR22.8mn on November 26.

The Qatari individuals turned net buyers to the tune of QR11.54mn compared with net sellers of QR3.02mn the previous day.

The foreign retail investors were net buyers to the extent of QR6.07mn against net sellers of QR1.28mn on Tuesday.

The Gulf individual investors’ net selling declined markedly to QR0.8mn compared to QR4.45mn on November 26.

The Arab institutions had not major net exposure for the eighth straight session.

Trade volumes in the main market shot up 8% to 97.06mn shares, value by 32% to QR317.69mn and transactions by 35% to 12,631.

In the venture market, trade volumes more than doubled to 0.16mn equities and value also more than doubled to QR0.42mn on 84% jump in deals to 35.

(Ends)