29/04/2014 05:38 AST
The Qatar Stock Exchange yesterday witnessed heavy profit-booking, especially at the insurance, industrials, consumer goods, telecom and banking counters, and the key index retreated below the 12,700 mark.
As much as QR23bn in capitalisation was wiped off with the 20-stock Qatar Index (based on price data) dropping 1.28% to 12,696.24 points.
Net selling was seen intense among foreign institutions in the market, which is however up 22.32% year-to-date.
However, the index that tracks Shariah-principled stocks was seen losing slower than the other indices in the bourse where trading activities were on the higher side.
Overall, volumes were mainly skewed towards real estate, banking, industrials and consumer goods equities.
The 20-stock Total Return Index shed 1.28% to 18,932.83 points, the All Share Index (with wider constituents) by 1.64% to 3,252.58 and the Al Rayan Islamic Index by 0.89% to 4,199.68.
All the three indices factored in dividend income as well.
Insurance stocks plummeted 2.57%, followed by industrials (2.01%), consumer goods (1.85%), telecom (1.73%), banks and financial services (1.71%) and transport (1.37%); whereas realty gained 1.14%.
More than 83% of the stocks were in the red with major losers being QNB, Industries Qatar, Qatar Islamic Bank, Commercial Bank, Doha Bank, al khaliji, Aamal Company, Ooredoo, Vodafone Qatar, Nakilat, Ezdan, Mazaya Qatar, United Development Company, Mesaieed Petrochemical Holding, Gulf International Services, Doha Insurance, Qatar Insurance, Al Khaleej Takaful, Qatar Islamic Insurance, Salam International Investment, Widam Food and Milaha.
However, Masraf Al Rayan, Qatari Investors Group and Barwa were seen to buck the trend.
Market capitalisation eroded 2.92% to QR754.61bn. Large, micro, small and mid cap equities melted 2.26%, 1.76%, 1.25% and 0.83% respectively.
Foreign institutions’ net selling surged to QR52.15mn compared to QR2.23mn the previous day.
Domestic institutions’ net profit-booking was up to QR49.72mn against QR42.3mn on Sunday.
However, Qatari retail investors’ net buying rose to QR82.6mn compared to QR34.33mn the previous day.
Non-Qatari individual investors’ net buying rose to QR19.13mn against QR10.31mn on Sunday.
Total trading volume rose 29% to 37.1mn stocks, value by 27% to QR1.35bn and transactions by 2% to 12,354.
The real estate sector’s trading volume shot up 75% to 23.21mn equities, value by 74% to QR679.3mn and deals by 37% to 4,597.
The insurance sector saw its trading volume surge 31% to 1.44mn shares, even as value fell 25% to QR44.91mn and transactions by 35% to 473.
The industrials sector’s trading volume expanded 14% to 2.65mn stocks, value by 40% to QR202.08mn and deals by 12% to 2,617.
The telecom sector’s trading volume was up 6% to 1.72mn equities and value by 11% to QR40.46mn, while transactions were down 2% to 626.
However, the consumer goods sector’s trading volume plummeted 35% to 2.43mn shares, value by 19% to QR110mn and deals by 32% to 1,225.
The transport sector saw its trading volume plunge 18% to 1.59mn stocks, value by 19% to QR56.12mn and transactions by 29% to 536.
The banks and financial services sector reported 15% decline in trading volume to 4.06mn equities, 5% in value to QR214.58mn and 10% in deals to 2,280.
In the debt market, there was no trading of treasury bills and government bonds.
Gulf Times
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