The Qatar Stock Exchange continued its bearish run for the seventh consecutive day on Monday to lose 188 points, thus settling below 9,800 levels, mainly dragged by foreign funds.
An across-the-board selling – especially in realty, transport, insurance, telecom and banking shares – led the 20-stock Qatar Index to decline 1.89% to 9,740.2 points, reflecting the global woes resulting from the US-China trade war.
A Kamco technical analysis suggests that medium-term and long-term investors can stay in the market with a stop-loss below 10,200 points and 9,700 points, respectively.
However, domestic institutions were increasingly net buyers and local retail investors turned bullish in the market, whose sensitive index is down 5.43% year-to-date.
Market capitalisation eroded about QR11bn, or 1.97%, to QR542.14bn mainly owing to large and midcap segments.
Islamic equities were seen declining slower than the main index in the market, where Gulf individuals were also bullish.
Trade turnover and volumes were on the increase in the bourse, where the banking, industrials and real estate sectors together accounted for about 82% of the total volume.
The Total Return Index shed 1.89% to 17,922.8 points, the All Share Index by 2.33% to 2,929.83 points and the Al Rayan Islamic Index (Price) by 1.55% to 2,228.9 points.
The real estate index plummeted 4.84%, transport (3.61%), insurance (2.66%), telecom (2.59%), banks and financial services (2.56%), industrials (0.44%) and consumer goods (0.3%).
More than 82% of the traded constituents were in the red with major losers being Ezdan, Mazaya Qatar, Barwa, Nakilat, Milaha, Gulf Warehousing, Qatar Insurance, QNB, Commercial Bank, Masraf Al Rayan, Qatar First Bank, Alijarah Holding, Medicare Group, Aamal Company, Qatari Investors Group and Qatar National Cement; even as Mesaieed Petrochemical Holding and Al Khaleej Takaful were among the prime gainers.
Non-Qatari institutions’ net profit booking increased substantially to QR77.44mn against QR6.35mn on May 10.
However, domestic institutions’ net buying grew significantly to QR43.53mn compared to QR12.49mn on Sunday.
Local retail investors turned net buyers to the tune of QR28.92mn against net sellers of QR0.42mn the previous day.
The Gulf institutions’ net buying strengthened perceptibly to QR5mn compared to QR0.63mn on May 10.
The Gulf individuals were net buyers to the extent of QR2.27mn against net sellers of QR1.38mn the previous day.
Non-Qatari individuals’ net profit booking weakened perceptibly to QR2.3mn compared to QR5mn on Sunday.
Total trade volume more than doubled to 15.71mn shares and value more than doubled to QR328.99mn on more-than-doubled transactions to 8,353.
The banks and financial services sector’s trade volume grew almost six-fold to 6.23mn equities and value by more than five-fold to QR136.95mn on almost-tripled-deals to 2,802.
The transport sector’s trade volume rose more than five-fold to 0.76mn stocks and value by almost eight-fold to QR24.89mn on more-than-tripled transactions to 372.
The insurance sector’s trade volume more than tripled to 0.25mn shares and value also more than tripled to QR7.23mn on more-than-tripled deals to 236.
The consumer goods sector’s trade volume soared 96% to 0.45mn equities, value by 91% to QR34.56mn and transactions by 54% to 462.
The realty sector reported a 72% surge in trade volume to 2.68mn stocks and value more than doubled to QR34.77mn on more-than-doubled deals to 1,662.
The telecom sector’s trade volume expanded 49% to 1.42mn shares and value more than doubled to QR18.84mn on more-than-doubled transactions to 726.
There was a 12% jump in the industrials sector’s trade volume to 3.94mn equities, 60% in value to QR71.75mn and 49% in deals to 2,093.
In the debt market, there was no trading of treasury bills and sovereign bonds.
