Stronger selling, especially within the realty, industrials and telecom sectors, Tuesday dragged the Qatar Stock Exchange by more than 66 points.
Foreign funds’ increased profit booking pressure drove the 20-stock Qatar Index down 0.68% to 9,703.68 points, recovering from a low of 9,530 points.
Local retail investors’ weakened buying interests also had its role in dampening the market, which is down 6.92% year-to-date.
Market capitalisation saw about QR4bn, or 0.66%, decline to QR536.96bn mainly owing to mid and microcap segments.
Islamic stocks were seen declining faster than the other indices in the bourse, where the domestic institutions were increasingly net buyers.
Trade turnover and volumes were on the increase in the bourse, where the realty, banking and industrials sectors together accounted for more than 76% of the total trading volume.
The Total Return Index fell 0.2% to 18,029.2 points, the All Share Index by 0.23% to 2,922.32 points and the Al Rayan Islamic Index (Price) by 1.17% to 2,078.3 points.
The realty index plunged 2.28%, industrials (1.47%), telecom (1.45%), insurance (0.6%) and consumer goods (0.43%); while transport gained 0.82% and banks and financial services (0.31%).
More than 67% of the traded constituents were in the red with major losers being Mazaya Qatar, Barwa, Ezdan, United Development Company, Vodafone Qatar, Ooredoo, Qatar National Cement, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Islamic Bank, Dlala, Qatar Oman Investment, Salam International Investment and Qatar German Company for Medical Devices; while Gulf Warehousing, Milaha, Doha Bank and Commercial Bank were among the gainers.
Non-Qatari funds’ net profit booking increased substantially to QR35.26mn compared to QR8.75mn on February 24.
The Gulf institutions’ net selling grew considerably to QR21.13mn against QR16.57mn the previous day.
Non-Qatari individuals’ net selling also rose noticeably to QR3.36mn compared to QR1.22mn on Monday.
The Gulf individuals turned net sellers to the extent of QR0.41mn against net buyers of QR0.76mn on February 24.
Qatari retail investors’ net buying weakened significantly to QR5.27mn compared to QR13.92mn the previous day.
However, domestic institutions’ net buying strengthened influentially to QR54.87mn against QR11.86mn on Monday.
Total trade volumes rose 48% to 102.61mn shares, value by 51% to QR317.34mn and transactions by 47% to 9,137.
The telecom sector’s trade volume more than tripled to 8.81mn equities and value more than doubled to QR29.85mn on a 58% increase in deals to 1,418.
The real estate sector’s trade volume more than doubled to 35.34mn stocks and value also more than doubled to QR31.37mn on more-than-doubled transactions to 1,187.
The transport sector’s trade volume soared 88% to 3.45mn shares and value more than doubled to QR9.11mn on an 86% jump in deals to 335.
There was an 18% surge in the industrials sector’s trade volume to 21.25mn equities, 16% in value to QR50.16mn and 33% in transactions to 1,955.
The insurance sector’s trade volume shot up 10% to 4.21mn stocks, value by 75% to QR12.29mn and deals by 55% to 331.
The banks and financial services sector saw a 5% rise in trade volume to 21.29mn shares, 41% in value to QR149.35mn and 34% in transactions to 3,085.
However, the consumer goods sector’s trade volume declined 11% to 8.27mn equities, whereas value expanded 60% to QR35.22mn and deals by 48% to 826.
In the debt market, there was no trading of sovereign bonds and treasury bills.