Profit-booking weighs on Qatar shares

13/10/2010 00:00 AST

Profit-booking, especially in the banking stocks, yesterday dragged Qatar’s bourse by 0.94%. Foreign institutions resorted brisk selling as the 20-stock benchmark settled lower at 7,756.27 points.

The market is however up 11.50% year-to-date.

Prominent losers included QNB, Commercialbank (Cb), Qatar Islamic Bank (QIB), Doha Bank, Industries Qatar and Nakilat.

Maximum selling was seen in banks and financial institutions segment as its group index fell 1.15%, followed by services (0.74%), industry (0.71%) and insurance (0.48%).

Total trading volume shrank 23% to 6.28mn equities, value by 3% to QR278.39mn and transactions by 19% to 2,789.

The services sector saw its trading volume plummet 62% to 1.52mn stocks, value by 61% to QR33.37mn and deals by 38% to 954.

The industrial sector’s trading volume plunged 48% to 0.38mn shares, value by 17% to QR25.55mn and transactions by 10% to 476.

The insurance sector’s trading volume however jumped three-fold to 0.03mn shares, value also rose by a similar proportion to QR2.19mn and deals by 240% to 34.

Banks and financial institutions saw its trading volume gain 28% to 4.34mn equities and value by 23% to QR217.28mn whereas transactions fell 3% to 1,325.

Foreign institutions turned profit-takers that they were net sellers to the tune of 6.50% against net buyers of 12.06% in the previous day.

A much lower 12.25% were into buying compared with 22.06% on Monday, while a higher 18.75% into selling against 10%.

Domestic institutions however turned bullish as they were net buyers to the extent of 0.29% compared with net sellers of 0.79% in the previous day.

A marginally lower 24.44% of them bought stocks compared with 24.72% on Monday and a lower 24.15% sold against 25.51%.

Local retail investors turned bullish as they were net buyers to the tune of 3.41% compared with net sellers of 3.11% in the previous day.

A higher 54.14% of them were into buying against 44.43% on Monday and a higher 50.73% into selling compared with 47.54%.

Non-Qatari retail investors were also bullish as they were net buyers to the extent of 2.79% against net sellers of 8.17% in the previous day.

A marginally higher 9.16% of them bought stocks against 8.79% on Monday, while a much lower 6.37% sold compared with 16.96%.

Gulf Times