November 03 2016 

Qatar Stock Exchange on Thursday witnessed another 117 points plunge and its key index retreated below the 10,000 mark; although the country reiterated its commitment towards meeting its development goals.

Telecom, industrials and banking counters witnessed brisk selling, which resulted in the 20-stock Qatar Index knock off 1.16% to 9,955.99 points, mainly on valuation woes. The market’s year-to-date losses have widened further to 4.54%.

Domestic institutions’ net selling strengthened considerably and Gulf institutions turned net profit takers in the market, where large and midcap stocks suffered the most.

Trade turnover and volumes were otherwise on the increase in the bourse, where telecom, consumer goods, banking and real estate stocks together constituted about 84% of the total volumes.

However, non-Qatari institutions were seen increasingly into buying; even as buying support from Gulf individual investors were on the decline.

Market capitalisation eroded more than QR7bn or 1.37% to QR536.32bn as large, mid, micro and small cap equities melted 1.48%, 1.28%, 1.11% and 0.73% respectively.

The Total Return Index shed 1.16% to 16,108.13 points, All Share Index by 1.14% to 2,745.64 points and Al Rayan Islamic Index by 1.15% to 3,615.42 points.

Telecom sector index plunged 2.68%, industrials (2.12%), banks and financial services (1.42%), transport (0.72%), consumer goods (0.6%) and insurance (0.12%); while realty gained 0.4%.

More than 76% of the stocks were in the red with major losers being Ooredoo, Industries Qatar, QNB, Qatari Investors Group, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Qatar Islamic Bank, QIIB, Masraf Al Rayan, Qatar First Bank, Qatari German Company for Medical Devices, United Development Company, Mazaya Qatar, Vodafone Qatar and Nakilat; even as Ezdan, Commercial Bank and Doha Bank saw their equities make modest gains.

Domestic institutions’ net profit booking strengthened influentially to QR104.48mn compared to QR50.74mn the previous day.

The GCC (Gulf Cooperation Council) institutions turned net sellers to the tune of QR8.42mn against net buyers of QR11.75mn on Wednesday.

Non-Qatari individual investors were also net sellers to the extent of QR1.16mn compared with net buyers of QR0.37mn on November 2.

The GCC individual investors’ net buying weakened marginally to QR1.28mn against QR1.84mn the previous day.

However, non-Qatari institutions’ net buying strengthened considerably to QR97.62mn compared to QR36.49mn on Wednesday.

Local retail investors’ net buying increased perceptibly to QR15.13mn against QR0.26mn on November 2.

Total trade volume rose 52% to 8.5mn shares, value by 39% to QR304.97mn and deals by 12% to 3,639.

The telecom sector’s trade volume more than tripled to 2.1mn equities and value almost tripled to QR32.12mn on 67% jump in transactions to 419.

There was 62% surge in the consumer goods sector’s trade volume to 1.81mn stocks, 66% in value to QR111.69mn and 25% in deals to 495.

The industrials sector’s trade volume soared 53% to 0.81mn shares, value by 44% to QR38.63mn and transactions by 42% to 687.

The banks and financial services sector saw 20% expansion in trade volume to 1.62mn equities, 24% in value to QR68.77mn and 11% in deals to 901.

The insurance sector’s trade volume shot up 20% to 0.36mn stocks and value by 14% to QR17.17mn; while transactions fell 18% to 82.

The real estate sector reported 15% increase in trade volume to 1.57mn shares; but on 11% decline in value to QR30.7mn and 10% in deals to 931.

However, the transport sector’s trade volume plummeted 30% to 0.23mn equities, value by 34% to QR5.9mn and transactions by 31% to 124.

In the debt market, there was no trading of treasury bills and government bonds.

© Gulf Times 2016