Global factors weigh as QSE index plummets 178 points; M-cap erodes QR10bn

Global factors such as expectations of sharper US rate hike and volatile Russia-Ukraine crisis played spoilsport in the markets, including the Qatar Stock Exchange, which saw its key index plunge 178 points and capitalisation erode QR10bn.The banking and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index tanked 1.38% to 12,758.25 points, although it touched an intraday high of 12,930 points.The foreign institutions were seen net profit takers in the market, whose year-to-date gains truncated to 9.74%.More than 70% of the traded constituents were in the red in the bourse, whose capitalisation eroded QR9.92bn or 1.39% to QR705.74bn, mainly on the back of large and midcap segments.The Islamic index declined slower than the other indices in the market, which saw a total of 0.1mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.75mn changed hands across 27 deals.Trade turnover and volumes were on the decline in both the main and venture markets.The Arab retail investors were seen bearish in the bourse, which saw no trading of sovereign bonds.However, both local individuals and domestic institutions turned net buyers in the market, which saw no trading of treasury bills.The Total Return Index shed 1.38% to 26,133.04 points, the All Share Index by 1.35% to 4,052.31 points and the Al Rayan Islamic Index (Price) by 0.79% to 2,811.98 points.The banks and financial services sector index plummeted 1.82%, industrials (1.43%), real estate (0.57%), transport (0.48%) and telecom (0.08%); while insurance gained 0.11% and consumer goods and services 0.01%.Major losers in the main market included QLM, Qatar Islamic Bank, Industries Qatar, Mannai Corporation, Qatari German Medical Devices, QNB, Commercial Bank, Estithmar Holding, Ezdan and Nakilat. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.Nevertheless, Qatar Industrial Manufacturing, Gulf Warehousing, Qatar Insurance, Qatar Oman Investment, Woqod and Mesaieed Petrochemical Holding were among the gainers in the main market.The foreign institutions turned net sellers to the tune of QR43.12mn compared with net buyers of QR130.83mn on September 20.The Arab individuals were net sellers to the extent of QR4.16mn against net buyers of QR0.58mn the previous day.The Arab institutions’ net buying weakened noticeably to QR0.94mn compared to QR2.44mn on Tuesday.However, the local retail investors turned net buyers to the tune of QR27.83mn against net sellers of QR110.03mn on September 20.The domestic institutions were net buyers to the extent of QR10.58mn compared with net sellers of QR14.18mn the previous day.The foreign individuals turned net buyers to the tune of QR9.97mn against net profit takers of QR0.35mn on Tuesday.The Gulf institutions’ net selling weakened markedly to QR1.85mn compared to QR7.89mn on September 20.The Gulf retail investors’ net profit booking eased perceptibly to QR0.2mn against QR1.4mn the previous day.Total trade volume in the main market shrank 28% to 100.29mn shares, value by 29% to QR382.08mn and deals by 19% to 13,663.The venture market saw 19% shrinkage in trade volumes to 0.21mn equities, 29% in value to QR0.95mn and 24% in transactions to 87.