Insurance, industrial and telecom sectors weigh on QSE

Qatar Stock Exchange on Sunday opened the week weak, mainly dragged by insurance, industrial and telecom sectors, but remained above 10,200 levels.

Foreign funds turned bearish and domestic institutions were increasingly net sellers as the 20-stock Qatar Index settled 0.23% higher at 10,235.76 points.

However, local retail investors and Gulf institutions turned bullish in the market, whose sensitive index is down 0.61% year-to-date.

Market capitalisation was down QR11mn, or 0.02%, to QR574.73bn mainly owing to microcap segments.

Islamic equities were seen declining faster than the main index in the market, where Gulf individuals continued to be net sellers but with lesser intensity.

Trade turnover and volumes were on the decline in the bourse, where the banking sector alone accounted for more than 53% of the total volume.

The Total Return Index shed 0.23% to 18,834.67 points and the Al Rayan Islamic Index (Price) by 0.28% to 2,405.44 points, while the All Share Index was up 0.09% to 3,132.33 points.

The insurance index shrank 0.94%, industrials (0.82%), telecom (0.47%), transport (0.3%) and consumer goods (0.07%); whereas realty gained 1.81% and banks and financial services 0.19%.

Major shakers included Qatar Insurance, Qatar National Cement, Commercial Bank, Widam Food, Medicare Group, Gulf International Services, Nakilat and Ooredoo; while Al Khaleej Takaful, Ezdan, Qatar First Bank, Alijarah Holding, Dlala and Qatar Islamic Bank were among the prime gainers.

Non-Qatari institutions turned net sellers to the tune of QR5.69mn against net buyers of QR10.6mn on April 11.

Domestic institutions’ net profit booking grew marginally to QR11.26mn compared to QR10mn the previous trading day.

Non-Qatari individuals were also net sellers to the extent of QR0.32mn against net buyers of QR3.45mn last Thursday.

However, local retail investors turned net buyers to the tune of QR12.51mn compared with net sellers of QR1.37mn on April 11.

Gulf institutions were also net buyers to the extent of QR6.55mn against net sellers of QR0.1mn the previous trading day.

Gulf individual investors’ net profit taking fell perceptibly to QR1.74mn compared to QR2.53mn last Thursday.

Total trade volume fell 14% to 16.62mn shares, value by 5% to QR245.28mn and transactions by 28% to 4,666.

The insurance sector’s trade volume plummeted 67% to 0.21mn equities, value by 72% to QR3.69mn and deals by 76% to 92.

The telecom sector reported a 62% plunge in trade volume to 0.73mn stocks, 68% in value to QR7.2mn and 79% in transactions to 178.

The transport sector’s trade volume tanked 59% to 0.11mn shares, value by 60% to QR2.83mn and deals by 55% to 75.

There was a 37% shrinkage in the industrials sector’s trade volume to 2.59mn equities, 27% in value to QR34.81mn and 15% in transactions to 1,561.

The banks and financial services sector’s trade volume declined 13% to 8.89mn stocks, while value grew 12% to QR133.63mn despite 10% lower deals at 1,540.

However, the realty sector’s trade volume almost doubled to 3.18mn shares and value soared 68% to QR35.6mn but on 13% fall in transactions to 877.

The consumer goods sector’s trade volume also almost doubled to 0.92mn equities and value jumped 5% to QR27.51mn but on 34% contraction in deals to 343.

In the debt market, there was no trading of treasury bills and sovereign bonds.