QSE key index sheds 90 points; M-cap erodes QR7.27bn

Global apprehensions over an expected economic slowdown in the US on tariff tensions and the regional uncertainties had their reflections on the Qatar Stock Exchange (QSE), which closed 90 points lower this week.The foreign funds were increasingly net profit takers as the 20-stock Qatar Index shrank 0.86% this week which saw the QSE completely waive trading fees on exchange-traded funds (ETFs), effective next week.The real estate witnessed higher than average selling pressure in the main bourse this week which saw global credit rating agency Fitch affirm ratings on Nakilat Inc's $850mn series A senior secured bonds (senior debt) due 2033 at 'AA-' and the $300mn series A subordinated second-priority secured bonds (junior debt) due 2033 at 'A+' with "stable" outlook.The Gulf institutions’ higher net selling had its influence in the main market this week which saw Meeza’s plans to scale its infrastructure to meet the growing needs of enterprises, government agencies, and hyperscalers.The Arab individual investors were increasingly net profit takers in the main bourse this week which saw a total of 0.17mn AlRayan Bank-sponsored exchange traded fund QATR worth QR0.4mn trade across 46 deals.However, the domestic institutions were increasingly bullish in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.07mn change hands across 11 transactions.The local individual investors turned net buyers in the main bourse this week which saw no trading of sovereign bonds.The Islamic index was seen declining faster than the other indices of the main market this week, which saw Nakilat mark a significant milestone with the steel cutting ceremony for eight of its new liquefied natural gas carriers at Hanwha Ocean Shipyard in South Korea.Market capitalisation eroded QR7.27bn or 1.18% to QR608.8bn on the back of large and midcap segments this week which saw an International Monetary Fund working paper view a financial conditions index as imperative for Qatar to assess the current state of financial conditions and evaluate the relationship between financial indicators and future growth distribution.Trade turnover and volumes were on the increase in both the main and junior markets this week which saw no trading of treasury bills.The Total Return Index shrank 0.39%, the All Islamic Index by 1.33% and the All Share Index by 0.52% this week which saw the industrials and banking sectors together constitute about 58% of the total trade volumes.The realty sector index tanked 1.16%, insurance (0.85%), banks and financial services (0.68%), industrials (0.42%), transport (0.23%) and telecom (0.07%); while consumer goods and services gained 0.13% this week.About 68% of the traded constituents in the main market were in the red with major losers being Salam International Investment, Barwa, United Development Company, Qatar Industrial Manufacturing, Ooredoo, QNB, Lesha Bank, Dukhan Bank, Dlala, Qatar German Medical Devices, Baladna, Al Faleh Educational Holding, Estithmar Holding, Ezdan and Vodafone Qatar. In the junior bourse, Techno Q saw its shares depreciate in value this week.Nevertheless, QLM, Mekdam Holding, Qatar Cinema and Film Distribution, Qamco, Nakilat and Alijarah Holding were among the movers in the main bourse this week.The foreign institutions’ net selling increased significantly to QR170.13mn compared to QR136.98mn the week ended March 6.The Gulf institutions’ net profit booking strengthened drastically to QR73.38mn against QR23.77mn the previous week.The Arab retail investors’ net selling expanded perceptibly to QR10.83mn compared to QR9.18mn a week ago.However, the domestic institutions’ net buying grew substantially to QR210.2mn against QR191.89mn the week ended March 6.The Qatari individuals turned net buyers to the tune of QR30.64mn compared with net sellers of QR4.8mn the previous week.The foreign retail investors were net buyers to the extent of QR12.02mn against net profit takers of QR12.52mn a week ago.The Gulf individuals turned net buyers to the tune of QR1.77mn compared with net sellers of QR4.64mn the week ended March 6.The Arab funds had no major net exposure for the second week in succession.The main market witnessed a 38% surge in trade volumes to 704.5mn shares, 24% in value to QR1.91bn and 7% in deals to 68,285 this week.In the venture market, trade volumes grew more than six-fold to 0.43mn equities and value also rose more than six-fold to QR1.22mn on more than quadrupled deals to 106.