Local retail investors turned bearish and foreign institutions’ net buying weakened as the 20-stock Qatar Index plunged more than 1% to 9,748.78 points, even as global oil prices rose to breach $45 a barrel on worries over output from Canada and Libya.
Mid and large cap equities suffered the most in the market, which is down 6.53% year-to-date.
However, there was reduced selling pressure from domestic institutions and marginally increased buying interests of non-Qatari individual investors in the bourse, where trading turnover and volumes were on the decline.
The index that tracks Shariah-principled stocks was seen declining slower than the other indices in the bourse, banking, realty, telecom and consumer goods stocks together constituted about three-fourth of the total trading volume.
Market capitalisation eroded 1% or more than QR5bn to QR526.76bn with mid, large, small and microcap equities dropping 1.57%, 0.96%, 0.29% and 0.17% respectively.
The Total Return Index shrank 1.08% to 15,772.87 points, All Share Index by 0.96% to 2,728.17 points and Al Rayan Islamic Index by 0.62% to 3,810.42 points.
Telecom stocks plummeted 3.23%, insurance (2.32%), banks and financial services (1.03%), real estate (0.85%), transport (0.72%), industrials (0.33%) and consumer goods (0.12%).
More than 68% of the stocks were in the red with major losers being Ooredoo, Vodafone Qatar, Qatar Insurance, QNB, Qatar Islamic Bank, Doha Bank, Barwa, Ezdan, United Development Company, Nakilat, Mesaieed Petrochemical Holding and Aamal Company; even as Gulf International Services, Mazaya Qatar, Dlala and Medicare Group bucked the trend.
Local retail investors turned net sellers to the tune of QR9.82mn against net buyers of QR15.01mn the previous day.
Non-Qatari institutions’ net buying weakened considerably to QR17.59mn compared to QR28.76mn on Wednesday.
However, domestic institutions’ net profit booking weakened substantially to QR13.45mn against QR26.88mn on May 4.
Non-Qatari individual investors’ net buying strengthened to QR5.05mn compared to QR1.61mn the previous day.
The GCC (Gulf Cooperation Council) institutions turned net buyers to the extent of QR0.2mn against net sellers of QR16.02mn on Wednesday.
The GCC individual investors were also net buyers to the tune of QR0.45mn compared with net sellers of QR2.45mn on May 4.
Total trade volume fell 16% to 7.39mn shares, value by 15% to QR252.43mn and deals by 17% to 3,923.
The banks and financial services sector saw 54% plunge in trade volume to 1.58mn equities, 52% in value to QR54.75mn and 38% in transactions to 902.
The real estate sector’s trade volume plummeted 29% to 1.42mn stocks, value by 25% to QR28.46mn and deals by 27% to 620.
The industrials sector reported 17% shrinkage in trade volume to 0.97mn shares, 15% in value to QR45.2mn and 21% in transactions to 678.
The consumer goods sector’s trade volume was down 6% to 1.15mn equities, value by 7% to QR54.61mn and deals by 28% to 449.
However, the insurance sector’s trade volume more than tripled to 0.32mn stocks and value also more than tripled to QR23.37mn but on 22% decline in transactions to 111.
The telecom sector’s trade volume more than doubled to 1.38mn shares and value also more than doubled to QR30.17mn on 63% expansion in deals to 901.
There was 64% surge in the transport sector’s trade volume to 0.59mn equities, 2% in value to QR15.86mn and 9% in transactions to 262.
In the debt market, there was no trading of treasury bills and government bonds.
