Industrials and banking counters witness higher than average sell pressure on QSE

Industrials and banking counters witness higher than average sell pressure on QSE

Publication: – English (English | Website)

The bearish outlook of the Gulf institutions and the weakened buying interests of their domestic counterparts Sunday drove the Qatar Stock Exchange down 57 points.
The industrials and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.62% lower at 9,128.05 points, although it touched a low of 9,107 points, minutes before closing.
The Arab individuals were however seen increasingly bullish in the bourse, whose year-to-date losses were at 12.45%.
Market capitalisation saw about QR2bn or 0.36% decrease to QR523.05bn mainly owing to microcap segments.
Islamic stocks were seen declining faster than the other indices in the market, which saw foreign funds continue to be net sellers but with lesser intensity.
Trade turnover and volumes were on the decline in the market, where the industrials and real estate sectors together accounted for about 57% of the total trading volume.
The Total Return Index shed 0.62% to 17,548.37 points, All Share Index by 0.53% to 2,848.48 points and Al Rayan Islamic Index (Price) by 0.72% to 2,047.72 points.
The industrials index tanked 0.86%, banks and financial services (0.64%), consumer goods and services (0.59%), realty (0.06%) and telecom (0.02%); whereas insurance and transport gained 0.93% and 0.24% respectively.
More than 63% of the traded constituents were in the red with major losers being Qatar National Cement, Qatar Electricity and Water, Industries Qatar, Aamal Company, Gulf International Services, Qatar Islamic Bank, Doha Bank, Dlala, Qatar Oman Investment, Medicare Group, Al Khaleej Takaful, Gulf Warehousing and United Development Company.
Nevertheless; Ezdan, Qatari Investors Group, Qatar General Insurance and Reinsurance, Qatari German Company for Medical Devices, Salam International Investment and Widam Food were among the gainers.
The Gulf institutions turned net sellers to the tune of QR4.87mn compared with net buyers of QR1.04mn on June 25.
Domestic funds’ net buying declined considerably to QR4.08mn against QR13.13mn the previous trading day.
However, the Arab individuals’ net buying increased significantly to QR4.18mn compared to QR2.86mn last Thursday.
The Gulf individuals were net buyers to the extent of QR0.8mn against net sellers of QR0.22mn on June 25.
Foreign individuals turned net buyers to the tune of QR0.25mn compared with net sellers of QR0.66mn the previous trading day.
Foreign institutions’ net selling weakened noticeably to QR2.09mn against QR12.66mn last Thursday.
Local retail investors’ net profit booking fell marginally to QR2.36mn compared to QR3.55mn on June 25.
The Arab institutions continued to have no major exposure.
Total trade volumes fell 12% to 167.1mn shares, value by 21% to QR248.71mn and transactions by 26% to 5,549.
The transport sector’s trade volume plummeted 45% to 4.85mn equities, value by 43% to QR14.5mn and deals by 66% to 218.
There was 36% plunge in the consumer goods and services sector’s trade volume to 29.87mn stocks, 19% in value to QR61.33mn and 28% in transactions to 1,269.
The banks and financial services sector’s trade volume tanked 24% to 29.13mn shares, value by 47% to QR58.69mn and deals by 41% to 1,216.
The real estate sector saw 9% shrinkage in trade volume to 46.8mn equities, 8% in value to QR45.62mn and 19% in transactions to 909.
However, the insurance sector’s trade volume soared 37% to 2.61mn stocks and value by 14% to QR4.74mn; while deals were down 2% to 133.
The market witnessed 36% surge in the telecom sector’s trade volume to 6.08mn shares, 21% in value to QR9.88mn and 3% in transactions to 379.
The industrials sector’s trade volume shot up 27% to 47.75mn equities, value by 33% to QR53.94mn and deals by 6% to 1,425.
In the debt market, there was no trading of sovereign bonds and treasury bills.

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