Qatar - The Qatar Stock Exchange on Wednesday lost 61 points on the back of higher than average selling pressure, especially at the telecom, industrials, transport and insurance counters.

The Gulf institutions were increasingly into net profit booking as the 20-stock Qatar Index fell 0.59% to 10,264.75 points, reflecting the global concerns on interest rates, which are already 20-year high in the region.

The Gulf individuals were also increasingly bearish in the main market, whose year-to-date losses widened further to 3.9%.

About 60% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR2.63bn or 0.43% to QR604.24bn with midcap segments losing the most.

The local retail investors continued to be net sellers but with lesser vigour in the main market, which however touched an intraday high of 10,345 points.

The Islamic index declined slower than the other indices in the main bourse, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.05mn changed hands across seven deals.

The Arab individuals continued to be net profit takers but with lesser intensity in the main market, which saw no trading of sovereign bonds.

The foreign funds were increasingly net buyers in the main market, which saw no trading of treasury bills.

The Total Return Index fell 0.59%, the All Share Index by 0.5% and the Al Rayan Islamic Index (Price) by 0.4% in the main bourse, whose trade turnover and volumes were on the decline.

The telecom sector index shrank 0.85%, transport (0.79%), industrials (0.76%), insurance (0.7%), banks and financial services (0.54%) and real estate (0.24%), while consumer goods and services gained 1.08%.

Major losers in the main market included QLM, Qatar Oman Investment, Doha Insurance, Commercial Bank, Industries Qatar, Milaha, Qatar Islamic Bank, Qatari German Medical Devices, and Qatar Electricity and Water. In the venture market, Mahhar Holding saw its shares depreciate in value.

Nevertheless, Lesha bank, Woqod, Gulf Warehousing, Meeza and Masraf Al Rayan were among the gainers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value.

The Gulf institutions’ net profit booking increased substantially to QR15.29mn compared to QR3mn on September 26.

The Gulf retail investors’ net selling expanded perceptibly to QR1.02mn against QR0.41mn the previous day.

However, the foreign institutions’ net buying rose marginally to QR21.68mn compared to QR21.16mn on Tuesday.

The foreign individuals were net buyers to the tune of QR0.25mn against net sellers of QR1.34mn on September 26.

The domestic funds turned net buyers to the extent of QR0.23mn compared with net sellers of QR0.53mn the previous day.

The Arab individual investors’ net selling weakened markedly to QR5.48mn compared to QR10.77mn on Tuesday.

The local retail investors’ net profit booking eased noticeably to QR0.27mn against QR5.1mn on September 26.

The Arab institutions had no major net exposure for the sixth consecutive session.

Trade volumes in the main market fell 17% to 165.75mn shares, value by 20% to QR460.08mn and deals by 2% to 18,227.

The venture market saw a 55% plunge in trade volumes to 0.19mn equities, 44% in value to QR0.35mn and 31% in transactions to 45.

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