31 May Qatar- QSE settles lower on weakened buying interests of domestic funds
(MENAFN – Gulf Times) The Qatar Stock Exchange on Sunday reopened after Eid holidays but settled lower mainly on substantially weakened buying interests of domestic funds.
Profit booking was seen intense especially within the banking and financial services counter as the 20-stock Qatar Index settled 0.32% or 28 points lower at 8,844.74 points, although it touched a low of 8,833 points within 30 minutes of the opening.
The Gulf funds’ weakened buying support also had its role in dampening the bourse, whose year-to-date losses were at 15.16%.
Market capitalisation saw more than QR3bn or 0.69% shrinkage to QR500.9bn mainly owing to small and microcap segments.
Islamic stocks were however seen gaining vis-à-vis declines in the other indices in the market, where local retail investors turned net buyers and there was considerable weakening of foreign institutions’ net profit booking.
Trade turnover and volumes were on the decline in the market, where the industrials, realty and banking sectors together accounted for about 79% of the total trading volume.
The Total Return Index declined 0.32% to 17,003.72 points and All Share Index by 0.71% to 2,746.15 points, while Al Rayan Islamic Index (Price) was up 0.25% to 1,984.77 points.
The banks and financial services index shrank 1.56%, telecom (0.37%) and industrials (0.14%); whereas insurance shot up 2.79%, transport (1.26%), consumer goods and services (0.69%) and real estate (0.29%).
Major losers included QNB, Qatar Islamic Bank, Masraf Al Rayan, Qatar First Bank, Milaha, Industries Qatar, Aamal Company, Qatari Investors Group, Ooredoo and Baladna; even as Doha Bank, QIIB, Al Khaliji, Islamic Holding Group, Dlala, Alijarah Holding, Nakilat, Qatar National Cement, Qamco, Gulf International Services, Qatar Insurance, Ezdan, Mazaya Qatar, Qatar German Company for Medical Devices and Medicare Group were among the gainers.
The domestic funds’ net buying declined significantly to QR12.29mn compared to QR154.01mn on May 21.
The Gulf institutions’ net buying decreased noticeably to QR5.44mn against QR12.46mn the previous working day.
However, the Arab individuals’ net buying grew substantially to QR10.11mn compared to QR4.77mn last working Thursday.
Local retail investors turned net buyers to the extent of QR2.26mn against net sellers of QR18.28mn on May 21.
The Gulf individuals were net buyers to the tune of QR0.87mn compared with net sellers of QR2.79mn the previous trading day.
Foreign individuals were also net buyers to the extent of QR0.18mn against net sellers of QR1.28mn last working Thursday.
Foreign funds’ net selling plunged substantially to QR31.1mn compared to QR148.08mn on May 21.
The Arab funds’ net profit booking eased perceptibly to QR0.08mn against QR0.76mn the previous trading day.
Total trade volumes fell 74% to 105.22mn shares, value by 77% to QR262.69mn and transactions by 36% to 9,382.
The insurance sector’s trade volume plummeted 95% to 5.3mn equities, value by 95% to QR11.08mn and deals by 91% to 253.
The transport sector reported 86% plunge in trade volume to 8.2mn stocks, 84% in value to QR21.06mn and 78% in transactions to 413.
The consumer goods and services sector’s trade volume tanked 76% to 7.57mn shares, value by 69% to QR20.53mn and deals by 37% to 857.
There was 73% shrinkage in the telecom sector’s trade volume to 1.41mn equities and 73% in value to QR6.76mn but on more than doubled transactions to 863.
The banks and financial services sector’s trade volume shrank 65% to 23.77mn stocks, value by 75% to QR119.69mn and deals by 24% to 3,796.
The industrials sector saw 63% contraction in trade volume to 29.94mn shares, 68% in value to QR54.53mn and 9% in transactions to 2,229.
The real estate sector’s trade volume was down 26% to 29.05mn equities, value by 46% to QR29.04mn and 4% in deals to 971.
In the debt market, there was no trading of sovereign bonds and treasury bills.