Global growth concerns weigh on QSE; index tanks 188 points, M-cap erodes QR9bn

Global growth concerns had its toll in the global markets, including the Qatar Stock Exchange which on Wednesday tanked 188 points in key index and QR9bn in capitalisation.The industrials and transport counters witnessed higher than average selling as the 20-stock Qatar Index plummeted 1.38% to 13,425.6 points, although it touched an intraday high of 13,631 points.The foreign and domestic institutions were increasingly net profit takers in the market, whose year-to-date gains were at 15.48.As much as 80% of the traded constituents were in the red in the bourse, whose capitalisation eroded more than QR9bn or 1.21% to QR748.22bn mainly on midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.08mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.87mn changed hands across 64 deals.Trade turnover and volumes were on the rise in the bourse, which saw the Arab individuals’ net buying weaken noticeably.However, the local retail investors were increasingly net buyers in the market, which saw no trading of sovereign bonds.The Gulf institutions were seen bullish, albeit at lower levels, in the bourse, which saw no trading of treasury bills.The Total Return Index shrank 1.38% to 27,499.98 points, All Share Index by 1.26% to 4,258.01 points and Al Rayan Islamic Index (Price) by 0.84% to 2,950.09 points.The industrials sector index plummeted 2.17%, transport (1.55%), banks and financial services (1.28%), insurance (0.33%), real estate (0.32%) and consumer goods and services (0.3%); while telecom gained 2.01%.Major losers in the main market included Commercial Bank, Mannai Corporation, Qatar National Cement, Industries Qatar, Mesaieed Petrochemical Holding, QNB, Qatar Industrial Manufacturing, Qatari German Medical Devices, Qatar Electricity and Water, Estithmar Holding and Nakilat. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.Nevertheless, Ooredoo, Gulf Warehousing, Al Meera Consumer Good, Aamal Company and Barwa were among the gainers in the main market.The foreign institutions’ net selling increased substantially to QR23.24mn compared to QR0.62mn on August 30.The domestic funds’ net profit booking grew significantly to QR21.37mn against QR11.35mn the previous day.The Arab individuals’ net buying declined noticeably to QR7.34mn compared to QR8.84mn on Tuesday.However, Qatari individuals’ net buying strengthened considerably to QR21.49mn against QR13.48mn on August 30.The Gulf institutions were net buyers to the extent of QR10.6mn compared with net sellers of QR9.68mn the previous day.The foreign individuals’ net buying shot up markedly to QR4.29mn against QR0.08mn on Tuesday.The Gulf retail investors were net buyers to the tune of QR0.9mn compared with net sellers of QR0.76mn on August 30.The Arab institutions had no major net exposure for the second straight session.Total trade volume in the main market grew 55% to 251.18mn shares and value more than doubled to QR1.5bn on 3% jump in deals to 24,750.In the venture market, there was 65% decline in trade volumes to 0.14mn equities, 75% in value to QR0.77mn and 68% in transactions to 49.