22/05/2014 06:06 AST
The Qatar Stock Exchange sunk below the 12,700 mark yesterday, mainly dragged by telecom, transport and consumer goods stocks.
Local retail investors’ profit-booking led the 20-stock Qatar Index (based on price data) to knock off another 0.43% to 12,679.53 points.
The market witnessed sharp selling in the first 15 minutes to take the index below 12,650 points, thereafter buying interests kept up the bullish momentum for the next 180 minutes or so, which drove the index to a high of more than 12,750 points. However, selling pressure during the fag end led the main index to settle below 12,700 points.
However, the index that tracks Shariah-principled stock was seen dropping much slower than the other indices in the market, which is, however, up 22.16% year-to-date.
Trading volume declined and was skewed towards real estate, banks and industrials stocks.
The 20-stock Total Return Index fell 0.43% to 18,907.91 points, the All Share Index (with wider constituents) by 0.39% to 3,226.25 and the Al Rayan Islamic Index by 0.04% to 4,229.11.
All the three indices factored in dividend income as well.
Telecom stocks shrank 1.39%, followed by transport (1.1%), consumer goods (0.61%), banks and financial services (0.39%) and realty (0.37%); while insurance gained 0.24% and industrials rose 0.01%.
Major losers included QNB, Ooredoo, Vodafone Qatar, Nakilat, Qatar Islamic Bank, Doha Bank, Mazaya Qatar, Woqod, Gulf International Services and Mesaieed Petrochemical Holding.
However, Industries Qatar, Ezdan, Aamal Company, Mannai Corp, United Development Company, al khaliji, Alijarah Holding and Qatar Insurance bucked the trend. Market capitalisation eroded 0.35%, or more than QR2bn, to QR709.18bn. Large, mid and small cap stocks were seen melting 0.54%, 0.25% and 0.08% respectively; while micro caps gained 0.24%.
Qatari retail investors turned net sellers to the tune of QR34.49mn compared to net buyers of QR80.86mn on Tuesday.
Foreign institutions’ net buying sunk to QR9.48mn against QR22.98mn the previous day.
However, domestic institutions turned net buyers to the extent of QR17.48mn compared with net sellers of QR109.89mn on Tuesday.
Non-Qatari individual investors’ net buying rose to QR7.46mn against QR5.86mn the previous day.
Total trading volume shrank 26% to 16.26mn stocks, value by 19% to QR776.71mn and transactions by 7% to 9,344.
The real estate sector’s trading volume plummeted 45% to 5.73mn equities, value by 46% to QR159.02mn and deals by 40% to 1,911.
The insurance sector saw its trading volume plunge 43% to 0.26mn shares and value by 28% to QR14.25mn but on a 15% rise in transactions to 215.
The market witnessed a 22% decline in the industrials sector’s trading volume to 2.25mn stocks, 8% in value to QR189.14mn and 8% in deals to 2,374.
The telecom sector’s trading volume tanked 17% to 1.89mn equities and value by 24% to QR59.64mn while transactions rose 7% to 892.
The transport sector’s trading volume was down 7% to 1.14mn shares and value by 16% to QR32.26mn whereas deals expanded 16% to 585.
However, the banks and financial services sector reported a 7% surge in trading volume to 4.03mn stocks but value fell 5% to QR257.82mn. Transactions gained 20% to 2,641.
The consumer goods sector’s trading volume was up 2% to 0.96mn equities, value by 20% to QR64.59mn and deals by 23% to 726.
Gulf Times
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