Large caps weigh on Qatar index

05/05/2010 00:00 AST

Qatar’s bourse yesterday fell 0.15%, paced by large cap stocks as foreign institutions and local retail investors booked profit.

Lower exposure by domestic institutions notwithstanding, the 20-stock benchmark settled down at 7,516.75 points amid falling volumes.

Commercialbank and QNB stocks witnessed some influential declines in the market, which is up 8.06% year-to-date.

The indices of services, industry and lenders fell 0.21%, 0.17% and 0.10% respectively, while that of insurance surged 5.42%.

Of the 43 stocks; 18 gained, while 17 declined, seven were unchanged and one was not traded.

Market capitalisation fell 0.41% to QR413.24bn as large cap stocks lost 0.11%, even as micro and small caps rose 0.89% and 0.69% respectively.

Total volume sunk 13% to 13.37mn stocks, value by 20% to QR242.45mn and transactions by 11% to 4,853.

Banks and financial institutions’ trading volume plummeted 62% to 0.99mn shares, value by 51% to QR34.51mn and deals by 34% to 683.

Industries’ trading volume plunged 42% to 0.68mn stocks, value by 42% to QR22.08mn and transactions by 28% to 522.

Trading volume within services was down 4% to 11.05mn equities, value by 14% to QR157.47mn and deals by 12% to 3,092.

The insurance sector however saw a more than five-fold jump in trading volume to 0.65mn stocks. Value also rose more than five-fold to QR28.38mn on a more than three-fold jump in transactions to 556.

Foreign institutions continued to be profit-takers but with lesser intensity as their net selling (in terms of value) fell to 1.39% from 5.87% in the previous day.

A higher 10.11% of them were into buying compared with 7.33% on Monday, while a lower 11.49% into selling against 13.20%.

Qatari institutions were on an inflection point that their net selling and net buying was equal compared to net buying of 1.53% in the previous day.

A lower 16.55% of them bought equities against 23.35% on Monday and a lower 16.55% offloaded compared with 21.82%.

Local retail investors turned marginally bearish as they were net sellers to the tune of 0.25% against net buyers of 2.55% in the previous day.

A marginally higher 50.29% of them were into buying against 49.58% on Monday and a higher 50.54% into selling compared with 47.03%.

Non-Qatari retail investors continued to be bullish but with a lesser vigour as their net buying fell to 1.63% from 1.80% in the previous day. A higher 23.05% of them bought equities against 19.75% on Monday and a higher 21.42% offloaded compared with 17.95%.

Actively traded stocks (in terms of volume) were Vodafone Qatar (7.81mn stocks); Nakilat (992,365); Masraf Al Rayan (527,756); Mawashi (469,724) and Medicare Group (369,293).

Gulf Times