QSE witnesses correction despite foreign funds’ buying interests

Foreign funds were increasingly into net buying on the Qatar Stock Exchange, which otherwise settled in the negative and its key index lost more than 67 points.A higher than average selling pressure at the consumer goods, banking and transport sectors led the 20-stock Qatar Index to settle 0.47% lower at 14,125.07 points, although it touched an intraday high of 14,288 points.The Gulf individuals were seen bullish in the market, whose year-to-date gains were at 21.5%.The local retail investors were increasingly net profit takers in the bourse, whose capitalisation saw QR73mn or 0.09% decrease to QR791.83bn, mainly on the back of microcap segments.The Islamic index was seen declining slower than the other indices in the market, where the industrials and consumer goods and services sectors together accounted for about 66% of the trading volume.About 49% of the traded constituents were in the red in the market, which saw a total of 64,970 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.74mn changed hands across 21 deals.The domestic institutions continued to be net sellers but with lesser vigour in the bourse, which saw no trading of sovereign bonds.Total trade turnover and volumes were on the decline in the market, which saw no trading of treasury bills.The Total Return Index shed 0.47% to 28,819.74 points, the All Share Index by 0.32% to 4,517.15 points and the Al Rayan Islamic Index (Price) by 0.22% to 3,010.2 points.The consumer goods and services sector index declined 0.96%, banks and financial services (0.85%), transport (0.56%) and insurance (0.29%); while industrials gained 1%, telecom (0.99%) and real estate (0.33%).Major losers in the main market included Commercial Bank, Qatar Islamic Bank, Investment Holding Group, Woqod, QIIB, Dlala, Qatar Islamic Insurance and Nakilat. In the venture market, Mekdam Holding saw its shares depreciate in value.Nevertheless, Inma Holding, Qatari German Medical Devices, Industries Qatar, Ooredoo, QLM, Qatar Oman Investment, Gulf International Services and United Development Company were among the gainers in the main market.Qatari individuals’ net selling increased considerably to QR19.33mn compared to QR0.48mn on April 13.The Arab individuals’ net profit booking rose noticeably to QR3.56mn against QR0.79mn the previous day.The Arab institutions turned net sellers to the tune of QR1.08mn compared with net buyers of QR0.37mn on Wednesday.The Gulf institutions’ net buying weakened significantly to QR16.24mn against QR32.54mn on April 13.The foreign individuals’ net buying shrank perceptibly to QR1.93mn compared to QR2.54mn the previous day.However, the foreign funds’ net buying strengthened drastically to QR55.88mn against QR27.73mn on Wednesday.The Gulf individuals were net buyers to the extent of QR2.14mn compared with net sellers of QR1.15mn on April 13.The domestic funds’ net selling decreased significantly to QR32.23mn against QR60.76mn the previous day.Total trade volume in the main market fell 4% to 173.87mn shares, value by 5% to QR653.88mn and transactions by 10% to 13,127.The insurance sector’s trade volume plummeted 65% to 1.8mn equities, value by 63% to QR5.07mn and deals by 35% to 199.There was a 36% plunge in the industrials sector’s trade volume to 57.81mn stocks, 38% in value to QR190.57mn and 20% in transactions to 3,410.The telecom sector’s trade volume tanked 35% to 2.11mn shares, value by 29% to QR14.26mn and deals by 32% to 739.The market witnessed a 9% contraction in the transport sector’s trade volume to 4.41mn equities, 6% in value to QR18mn and 18% in transactions to 421.The banks and financial services sector’s trade volume was down 2% to 27.66mn stocks, while value shot up 32% to QR301.77mn despite 2% lower deals at 6,051.However, the consumer goods and services sector saw a 78% surge in trade volume to 56.4mn shares and 23% in value to QR91.76mn but on a 2% fall in transactions to 1,448.The real estate sector’s trade volume soared 35% to 23.68mn equities, value by 26% to QR32.46mn and deals by 14% to 859.The venture market witnessed a 29.17% drop in trade volumes to 0.17mn stocks but on 5.47% jump in value to QR1.35mn and 1.65% in transactions to 123.