The Qatar Exchange yesterday reopened after the National Holidays break on a weaker note as local retail investors largely resorted to selling, ahead of Mesaieed Petrochemical Holding Company's (MPHC) QR3.23bn initial public offering.
Severe selling was seen at the transport, real estate and insurance counters as the 20-stock Qatar Index (based on price data) fell 0.63% to 10,402.77 points.
Local retail investors sought to book profits in order to subscribe to the MHPC IPO, which will hit the market on December 31 and run until January 21.
The Qatari bourse's key index has been remaining above the 10,000 mark for the 28th consecutive day.
However, domestic and foreign institutions as well as local retail investors were seen to be net buyers in the market, which is up 24.45% year-to-date.
About 73% of the stocks were in the red with influential losers being Industries Qatar, Barwa, Vodafone Qatar, Nakilat, Aamal Company, Gulf International Services, Masraf Al Rayan, Ailjarah Holding, Commercial Bank and United Development Company, even as Qatari Investors Group bucked trend.
The 20-stock Total Return Index fell 0.63% to 14,863.17 points, the All Share Index (with wider constituents) by 0.62% to 2,594.07 and the Al Rayan Islamic Index by 0.63% to 3,047.12.
All the three indices factored in dividend income as well.
Transport stocks shrank 1.88%, followed by realty (1.84%), insurance (1.07%), consumer goods (0.76%), banks and financial services (0.45%), industrials (0.3%) and telecom (0.26%).
Market capitalisation eroded 0.55%, or more than QR3bn, to QR556.28bn.
Qatari individual investors were net sellers to the extent of QR56.58mn against QR10.11mn the previous trading day.
Non-Qatari institutions' net buying stood at QR8.92mn compared to QR6.16mn on Tuesday.
Domestic institutions' net buying amounted to QR25.13mn against QR3mn the previous trading day.
Foreign institutions' net buying was QR22.5mn compared to QR0.95mn on Tuesday.
Total trading volume surged 80% to 9.23mn stocks, value by 75% to QR355.39mn and transactions by 61% to 5,365.
The insurance sector's trading volume grew eight-fold to 0.08mn shares and value by more than six-fold to QR5.01mn on more than quadrupled deals to 87.
The industrials sector's trading volume more than tripled to 2.02mn equities and value more than doubled to QR117.54mn on 81% jump in transactions to 1,657.
The transport sector witnessed more than tripling of trading volume and value to 1.01mn stocks and QR31.22mn respectively on more than doubled deals to 335.
The consumer goods sector's trading volume more than doubled to 0.87mn shares and value also more than doubled to QR41.15mn on 88% gain in transactions to 454.
The real estate sector saw 87% surge in trading volume to 2.3mn equities and 93% in value to QR54.42mn but on more than doubled deals to 966.
The banks and financial services sector reported 32% rise in trading volume to 1.82mn stocks while value was down 2% to QR84.82mn. Transactions rose 23% to 1,541.
However, the telecom sector's trading volume fell 8% to 1.15mn shares, while value rose 3% to QR21.22mn whereas deals shrank 10% to 325.
In the debt market, there was no trading of treasury bills and government bonds.
© Gulf Times 2013
