12/03/2014 08:40 AST
Market heavyweight Industries Qatar’s substantial slippage in share price, post dividend, led the country’s bourse weaken and its key index settled a tad above the 11,500 mark yesterday.
Local retail investors’ profit-booking pressure rather dragged the 20-stock Qatar Index (based on price index) by 1.72% to 11,509.16 points.
Foreign institutions’ lesser inclination towards buying was also visible in the market, which is however up 10.86% year-to-date.
Stronger selling was seen at the banking, transport and telecom counters in the market; as trading volumes rose and was largely skewed towards industrials, banking and realty stocks.
The index that tracks Shariah-principled stocks was seen to gain compared to declines in the other indices in the market.
The 20-stock Total Return Index fell 0.82% to 16,922.15 points and the All Share Index (with wider constituents) by 0.91% to 2,932.13 while the Al Rayan Islamic Index rose 0.44% to 3,437.26 points.
All the three indices factored in dividend income as well.
Banks and financial services stocks lost 1.48%, followed by transport (0.93%), transport (0.77%), insurance (0.68%), industrials (0.4%), realty (0.25) and consumer goods (0.04%).
About 59% of the stocks were in the red with other major losers being QNB, Doha Bank, Commercial Bank, al khaliji, Mesaieed Petrochemical Holding, United Development Company, Mazaya Qatar, Ooredoo and Nakilat.
However, Barwa, Vodafone Qatar, Salam International, Qatari Investors Group and Widam Food were seen to buck the trend.
Market capitalisation eroded more than 2%, or about QR14bn, to QR652.4bn.
Qatari retail investors’ net selling stood at QR72.76mn against QR49.53mn on Monday.
Non-Qatari individual investors’ net selling was QR2.55mn compared to QR6.13mn the previous day.
Domestic institutions’ net buying amounted to QR74.39mn against QR33.28mn on Monday.
Foreign institutions’ net buying was mere QR0.85mn compared to QR22.38mn the previous day.
Total trading volume was up 8% to 15.63mn stocks, value by 1% to QR654.29mn and transactions by 30% to 10,513.
The consumer goods sector saw its trading volume almost triple to 1.7mn equities, but value rose only by 4% to QR56.77mn and deals by 52% to 829.
The industrials sector’s trading volume soared 50% to 4.36mn shares, value by 80% to QR242.5mn and transactions by 69% to 5,235.
The telecom sector witnessed a 27% surge in trading volume to 1.07mn stocks, less than 1% in value to QR27.54mn and 25% in deals to 335.
However, the real estate sector’s trading volume plummeted 27% to 3.23mn equities, value by 31% QR83.57mn and transactions by 17% to 988.
The insurance sector’s trading volume plunged 27% to 0.33mn shares and value by 24% to QR18.4mn whereas deals rose 4% to 274.
The banks and financial services sector reported a 5% slippage in trading volume to 4.1mn stocks and 23% in value to QR200.75mn, but on a 7% rise in transactions to 2,526.
The transport sector’s trading volume was down 3% to 0.85mn equities, while value rose 9% to QR24.76mn. Deals were down 13% to 326.
In the debt market, there was no trading of treasury bills and government bonds.
Gulf Times
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