27/07/2010 00:00 AST
Corrections in services and industries stocks yesterday dragged Qatar’s bourse by 0.81%.
Qatari investors were largely instrumental in imparting bearish momentum, resulting in the 20-stock benchmark to settle lower at 6,915.39 points.
Industries Qatar, Qatar Navigation, Barwa and Commercialbank were among the influential shakers in the market, which is down 0.59% year-to-date.
Services saw its index plummet 1.43%, followed by industry (1%), banks and financial institutions (0.43%) and insurance (0.30%).
Of the 42 stocks, only six gained, while 30 declined, four were unchanged and two not traded.
Market capitalisation fell 0.76% or about QR3bn to QR369.80bn as mid and large cap equities notably lost 0.95% and 0.81% respectively.
Total trading volume rose 39% to 4.30mn equities, value more than doubled to QR161.35mn and transactions by 15% to 2,605.
The insurance sector saw a more than doubled trading volume to 0.15mn shares, value also more than doubled to QR6.14mn on 31% jump in deals to 114.
The industrial sector’s trading volume grew 58% to 0.41mn shares, value by 66% to QR16.82mn and transactions by 2% to 304.
Services’ trading volume surged 56% to 2.89mn stocks, value more than doubled to QR100.92mn and deals rose 24% to 1,635.
Banks and financial institutions trading volume was down 7% to 0.86mn equities but value gained 82% to QR37.47mn and transactions by less than 1% to 552.
Local retail investors’ bearish grip strengthened as their net selling (in terms of value) rose to 7.92% from 3.45% in the previous day.
A lower 40.63% of them bought equities against 49.98% on Sunday and a lower 48.55% offloaded compared with 53.43%.
Non-Qatari individual investors however turned bullish as they were net buyers to the tune of 3.48% against net sellers of 0.86% in the previous day.
A lower 13.45% of them were into buying compared with 22.30% on Sunday and a much lower 9.97% into selling against 23.16%.
Foreign institutions continued to be bullish but with lesser intensity as their net buying sunk to 6.49% from 7.26% in the previous day.
A lower 13.87% of them were into buying compared with 16.52% on Sunday and a lower 7.38% were into selling against 9.26%.
Domestic institutions’ profit-booking became less intense as their net selling fell to 2.05% from 2.95% in the previous day.
A much higher 32.05% of them were into buying compared with 11.20% on Sunday and a much 34.10% into selling against 14.15%.
Actively traded stocks (in terms of volume) were Barwa (652,777 shares), Gulf International Services (543,018), Nakilat (367,327), Masraf Al Rayan (346,515) and Qatar Navigation (322,753).
Reuters adds: Saudi Basic Industries Corp (Sabic) fell yesterday after affiliate Saudi Kayan Petrochemical Co said it needed more money to cover a $2.4bn rise in building costs for a new plant.
Most Gulf benchmarks edge higher amid light trading was light.
Saudi Arabia’s index climbed 0.7% to 6,217 points.
Dubai’s measure rose 0.2% to 1,510 points. Abu Dhabi’s index edged up 0.03% to 2,559 points.
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