QSE settles below 8,500 levels on gloom in global energy marketAdmin
Publication: Gulf Times (English | Newspaper)
The Qatar Stock Exchange yesterday plunged 171 points to settle below 8,500 levels and capitalisation eroded QR12bn, reflecting the worries, especially of foreign funds, in view of the gloom in the global energy market. The Gulf individuals’ increased net selling and their Arab counterparts’ weakened net buying also led the 20-stock Qatar Index drop about 2% to 8,444.87 points, although it touched a high of 8,756 points within the first 30 minutes of opening. Insurance, real estate, banking and telecom counters witnessed higher than average selling pressure on the bourse, whose year-to-date losses swelled to 19%. Market capitalisation saw 2.41% erosion to QR472.261bn mainly owing to large and midcap segments. Islamic stocks were seen declining slower than the other indices in the market, where local retail investors and domestic funds were however seen bullish. Trade turnover and volumes were on the increase on the market, where realty, banks and consumer goods sectors together accounted for more than 72% of the total trading volume. The Total Return Index shed 1.99% to 16,182.38 points, All Share Index by 2.22% to 2,621.69 points and Al Rayan Islamic Index (Price) by 1.06% to 1,840.48 points. The insurance index plummeted 2.75%, real estate (2.7%), banks and financial services (2.55%), industrials (2.52%), telecom (2.34%) and transport (0.18%); while consumer goods and services was up 0.04%. More than 67% of the traded constituents were in the red with major losers being Qatar Insurance, Barwa, Mazaya Qatar, United Development Company, Ooredoo, QNB, Qatar Islamic Bank, Commercial Bank, Doha Bank, Salam International Investment, Mannai Corporation, Industries Qatar, Mesaieed Petrochemical Holding, Qatar National Cement and Qatar Electricity and Water. Nevertheless, QIIB, al khaliji, Dlala, Alijarah Holding, Islamic Holding Group, Qatari German Company for Medical Devices, Medicare Group, Baladna and Al Khaleej Takaful were among the gainers. Foreign institutions turned net sellers to the tune of QR76.98mn compared with net buyers of QR1.85mn on April 19. The Gulf individuals’ net selling increased perceptibly to QR3.52mn against QR1.56mn the previous day. The Arab individuals’ net buying declined notably to QR3.92mn compared to QR4.8mn on Sunday. The foreign individuals’ net buying also weakened marginally to QR0.93mn against QR1.76mn on April 19. However, Qatari individuals turned net buyers to the extent of QR46.43mn compared with net sellers QR11.16mn the previous day. Domestic funds were also net buyers to the tune of QR19.19mn against QR2.44mn on Sunday. The Gulf institutions’ net buying increased noticeably to QR9.88mn compared to QR6.77mn on April 19. The Arab institutions were net buyers to the tune of QR0.11mn whereas it had no exposure the previous day. Total trade volumes rose 85% to 139.37mn shares and value more than doubled to QR359.38mn on almost tripled transactions to 13,851. The banks and financial services sector’s trade volume almost tripled to 28.47mn equities and value almost quadrupled to QR148.28mn on more than five-fold jump in deals to 5,726. The insurance sector’s trade volume almost tripled to 4.09mn stocks and value more than doubled to QR8.11mn on more than doubled transactions to 352. The consumer goods and services sector’s trade volume more than doubled to 28.45mn shares and value more than doubled to QR71.01mn on almost doubled transactions to 2,023. The transport sector’s trade volume almost doubled to 7.37mn equities and value soared 68% to QR18mn more than quadrupled deals to 955. There was 62% surge in the real estate sector’s trade volume to 43.46mn stocks and 91% in value to QR57.55mn on more than doubled transactions to 2,034. The industrials sector’s trade volume shot up 49% to 24.25mn shares, value by 69% to QR46.98mn and deals by 63% to 1,930. The telecom sector saw 46% expansion in trade volume to 3.29mn equities and value more than doubled to QR9.45mn on more than quadrupled transactions to 831. In the debt market, there was no trading of sovereign bonds and treasury bills.