Qatar index declines on bank stocks

19/10/2010 00:00 AST

Qatar’s bourse yesterday fell 0.34% mainly on banking and services stocks. Led by Qatar Islamic Bank, QNB and Doha Bank, the 20-stock benchmark settled lower at 7,784.24 points.

Domestic institutions had a lower penchant for buying while selling was rather brisk among their foreign counterparts.

The market is up 11.90% year-to-date.

The indices of lenders and services fell 0.58% and 0.31%, while those of insurance and industry rose 0.60% and 0.42% respectively.

Of the 43 stocks; only nine gained, while 21 fell, nine were unchanged and four were not traded.

Market capitalisation was down 0.29% or more than QR1bn to QR411.17bn mainly on micro and large cap equities, which lost 0.58% and 0.41% respectively.

Total trading volume fell 13% to 7.38mn equities whereas value was almost flat at QR212mn. Transactions were down 19% to 3,988.

The insurance sector’s trading volume plummeted 75% to 0.02mn shares, value by 75% to QR1.26mn and deals by 54% to 43.

The services sector saw its trading volume plunge 29% to 4.86mn stocks, value by 32% to QR85.79mn and deals by 36% to 2,228.

Industries however saw a 56% jump in trading volume to 0.89mn shares, value by 75% to QR43.28mn and transactions by 25% to 640.

Banks and financial institution’s trading volume surged 52% to 1.60mn equities, value by 59% to QR81.67mn and deals by 32% to 1,077.

Domestic institutions turned profit-takers as they were net sellers to the tune of 1.78% against net buyers of 5.56% in the previous day.

A lower 16.50% of them bought stocks compared with 23.45% on Sunday, while a marginally higher 18.28% sold against 17.89%.

Foreign institutions however turned bullish as they were net buyers to the extent of 5.41% compared with net sellers of 2.58% in the previous day.

A much higher 31.59% were into buying against 16.59% on Sunday, while a higher 26.18% into selling compared with 19.17%.

Local retail investors continued to be profit-takers but with lesser intensity as their net selling fell to 2.07% from 7.56% in the previous day.

A marginally lower 37.98% of them were into buying against 39.92% on Sunday and a lower 40.05% into selling compared with 47.48%.

Non-Qatari retail investors turned bearish as they were net sellers to the tune of 1.56% against net buyers of 4.58% in the previous day.

A lower 13.93% of them bought stocks against 20.04% on Sunday, while a marginally higher 15.49% sold compared with 15.46%.

Actively traded stocks (in terms of volume) were Mazaya Qatar (2.36mn shares); Masraf Al Rayan (682,552); Vodafone Qatar (567,504); Nakilat (460,736) and Barwa (431,136).

Gulf Times