15/12/2014 05:32 AST
More than 58% of the stocks either touched the lower 10% circuit filter or came close to it as Qatar Stock Exchange on Sunday saw a steep 691 points erosion to settle below 11,200 levels and capitalisation melt QR38bn.
The precipitous decline came amid apprehensions that crude may touch $55 a barrel this week, a level that may put many of the oil exporting countries’ economy in a fix due to higher budgeted prices for the crude.
An across-the-board selling -- particularly in the real estate, consumer goods and insurance – led the 20-stock Qatar Index (based on price data) plummet 5.85% to 11,114.43 points amid rising volumes.
Both local and non-Qatari retail investors heavily offloaded their holdings in the market, which is, however, up 7.08% year-to-date.
The index that tracks Shariah-principled stocks was seen melting much faster than the other indices in the market.
The Total Return Index tanked 5.85% to 16,577.07 points, All Share Index by 6.27% to 2,835.29 points and Al Rayan Islamic Index by 7.87% to 3,661.79 points.
Market capitalisation eroded 5.75% to QR614.72bn with micro, small, mid and large cap equities substantially losing 9.45%, 8.13%, 6.96% and 4.47% respectively.
Realty stocks plunged 9.93%, consumer goods (8.89%), insurance (6.26%), banks and financial services (5.65%), industrials (5.64%), transport (4.86%) and telecom (2.77%).
All the 43-listed companies were in the red with major losers being Industries Qatar, QNB, Qatar Islamic Bank, Vodafone Qatar, Gulf International Services, Aamal Company, Ezdan, Mazaya Qatar, Barwa, Al Khaliji, Masraf Al Rayan, International Islamic, Woqod and Mesaieed Petrochemical Holding.
Qatari retail investors turned net sellers to the tune of QR68.05mn compared with net buyers of QR72.01mn the previous trading day.
Non-Qatari individual investors also turned net profit takers to the extent of QR65.18mn against net buyers of QR19.53mn on December 12.
However, domestic institutions’ net buying surged to QR131.59mn compared to QR30.2mn last Thursday.
Foreign institutions turned net buyers to the tune of QR1.63mn against net sellers of QR120.6mn the previous trading day.
Total trade volume rose 72% to 22.54mn shares, value by 33% to QR957.05mn and transactions by 23% to 9,804.
The consumer goods sector’s trade volume more than tripled to 1.77mn equities and value more than doubled to QR120.99mn on 52% jump in deals to 1,134.
The telecom sector’s trade volume more than doubled to 2.95mn stocks and value to QR70.74mn on more than doubled transactions to 1,096.
The real estate sector witnessed 89% surge in trade volume to 7.46mn shares, 71% in value to QR159.22mn and 33% in deals to 2,164.
The banks and financial services sector reported 69% expansion in trade volume to 5.86mn equities, 21% in value to QR330.98mn and 16% in transactions to 2,829.
The insurance sector’s trade volume rose 37% to 0.37mn stocks and value by 70% to QR21.42mn; while deals were down 8% to 246.
There was 23% surge in the industrials sector’s trade volume to 2.77mn shares and 4% in value to QR207.12mn but on 1% fall in transactions to 1,782.
The transport sector saw its trade volume shoot up 11% to 1.36mn equities; whereas value shrank 16% to QR46.58mn and deals by 10% to 553.
In the debt market, there was no trading of treasury bills and government bonds.
Gulf Times
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