18/03/2015 05:20 AST
The global oil price volatility-led bearish run in the Qatar Stock Exchange continued for the fifth consecutive day and the main index settled below the 11,700 mark on Tuesday.
Selling pressure – especially in the banks, consumer goods and industrials counters – led the 20-stock Qatar Index shed 0.63% to 11,687.17 points as trade volumes also fell.
Local retail investors and domestic institutions’ buying interests weakened and non-Qatari individuals turned profit takers in the market, which is down 4.87% year-to-date.
The latest reports suggest that oil fell to around $54 a barrel, its lowest for more than a month, on rising global inventories and signs of a possible nuclear deal with Tehran that could allow more Iranian oil exports.
Small and micro cap stocks witnessed faster erosion in their values in the bourse, where banking, telecom and real estate stocks together cornered about 74% of the total trading volume.
Market capitalisation eroded 0.83% or more than QR5bn to QR635.7bn with small, micro, large and mid cap equities losing 2.86%, 2.58, 0.77% and 0.55% respectively.
The Total Return Index lost 0.59% to 17,957.65 points, All Share Index by 0.7% to 3,110.31 points and Al Rayan Islamic Index by 0.36% to 4,256.41 points.
Insurance stocks plunged 1.17%, banks and financial services (0.99%), consumer goods (0.82%), industrials (0.77%), transport (0.6%) and realty (0.03%); while telecom gained 0.36%.
More than 69% of the stocks were in the red with major shakers being QNB, Industries Qatar, Commercial Bank, International Islamic, Masraf Al Rayan, Gulf International Services, Mesaieed Petrochemical Holding, United Development Company, Mazaya Qatar, Vodafone Qatar, Milaha and Salam International Investment; even as Barwa, Ezdan and Islamic Holding Group bucked the trend.
Qatari retail investors’ net buying sunk to QR28.21mn against QR58.48mn the previous day.
Domestic institutions’ net buying also fell to QR25.28mn compared to QR33.03mn on Monday.
Non-Qatari individual investors turned net sellers to the tune of QR7.37mn against net buyers of QR6.85mn on March 16.
Foreign institutions’ net profit booking weakened to QR46.08mn compared to QR98.36mn the previous day.
Total trade volume was down 4% to 7.33mn shares, value by 15% to QR322.02mn and transactions by 7% to 4,785.
There was 36% plunge in the real estate’s trade volume to 1.38mn stocks, 45% in value to QR37.95mn and 36% in deals to 603.
The industrials sector saw its trade volume plummet 24% to 0.84mn equities, value by 34% to QR70.49mn and transactions by 15% to 1,221.
The banks and financial services sector reported 14% slippage in trade volume to 2.2mn shares, 3% in value to QR138.99mn and 17% in deals to 1,348.
However, the insurance sector’s trade volume almost tripled to 0.12mn stocks and value more than doubled to QR7.91mn on more than doubled transactions to 121.
Although the consumer goods sector’s trade volume more than doubled to 0.72mn equities, there was 14% fall in value to QR19.57mn and 13% in deals to 300.
The transport sector’s trade volume expanded 50% to 0.24mn shares, value by 30% to QR9.23mn and transactions by 37% to 164.
The telecom sector witnessed its trade volume soar 46% to 1.83mn stocks, value by 41% to QR37.89mn and deals by 62% to 1,028.
In the debt market, there was no trading of treasury bills and government bonds.
Gulf Times
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