Real estate, insurance equities drag QSE

Real estate, insurance equities drag QSE

Publication: gulf-times.com – English (English | Website)

Santhosh V. PerumalThe Qatar Stock Exchange yesterday fell below 8,500 levels, mainly dragged by real estate and insurance equities. The increased net selling pressure of the local and Arab individuals were instrumental in the 27 points or 0.32% decline to 8,473.21 points, although it touched a high of 8,560 points within the first 15 minutes of the opening. Foreign funds and retail investors were seen bearish on the bourse, whose year-to-date losses stood at 18.73%. Market capitalisation otherwise saw more than QR1bn or 0.23% increase to QR477.49bn mainly owing to small and microcap segments. Islamic stocks were seen declining faster than the main index on the market, where the domestic funds were increasingly net buyers. Trade turnover and volumes were on the increase on the market, where realty and consumer goods and services sectors together accounted for more than 72% of the total trading volume. The All Share Index was down 0.02% to 2,636.63 points and Al Rayan Islamic Index (Price) by 0.096% to 1,836.45 points, while the Total Return Index was up 0.01% to 16,289.46 points. The real estate index declined 1.26%, insurance (1.06%) and banks and financial services (0.44%); while transport soared 5.69%, consumer goods and services (0.15%) and industrials (0.13%). The telecom index rather treaded a flat course. As much as 60% of the traded constituents were in the red with major losers being United Development Company, Barwa, Qatar Insurance, Al Khaleej Takaful, Commercial Bank, QIIB, Masraf Al Rayan, Qatar First Bank, Dlala, Islamic Holding Group, Qatar German Company for Medical Devices, Medicare Group, WOQOD, Mannai Corporation, Qatari Investors Group and Gulf International Services. Nevertheless, Ezdan, Milaha, Nakilat, Qatar Oman Investment, Salam International Investment, Aamal Company, Mesaieed Petrochemical Holding and Qamco were among the gainers. Qatar individuals’ net selling grew considerably to QR37.6mn compared to QR29.75mn on April 22. The Arab individuals’ net profit booking rose substantially to QR27.27mn against QR0.34mn on Wednesday. Foreign funds turned net sellers to the tune of QR11.99mn compared with net buyers of QR14.32mn the previous day. Foreign individuals were also net sellers to the extent of QR6.15mn against net buyers of QR0.38mn on April 22. However, domestic funds’ net buying increased substantially to QR61.09mn compared to QR22.65mn on Wednesday. The Gulf funds turned net buyers to the tune of QR22.33mn against net profit takers of QR3.3mn the previous day. The Gulf individuals’ net selling weakened noticeably to QR0.4mn compared to QR4.06mn on April 22. The Arab institutions had no major exposure against net buyers of QR8mn on Wednesday. Total trade volumes rose 14% to 345mn shares, value by 6% to QR449.2mn and transactions by 8% to 11,439. The consumer goods and services sector’s trade volume more than doubled to 64.91mn equities, value soared 76% to QR84.6mn and deals by 68% to 2,024. The telecom sector reported 55% surge in trade volume to 10.44mn stocks, 25% in value to QR16.96mn and 10% in transactions to 615. The real estate sector’s trade volume expanded 8% to 185.13mn shares, value by 8% to QR128.36mn and deals by 10% to 2,376. The banks and financial services sector saw 4% jump in trade volume to 23.96mn equities, 10% in value to QR110.96mn and 2% in transactions to 3,377. However, the insurance sector’s trade volume plummeted 31% to 2.88mn stocks, value by 29% to QR5.8mn and deals by 3% to 346. There was 17% plunge in the transport sector’s trade volume to 19.88mn shares and 11% in value to QR54.09mn but on 6% rise in transactions to 1,103. The industrials sector’s trade volume tanked 15% to 37.78mn equities, value by 33% to QR48.43mn and deals by 20% to 1,598.

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