Qatar stocks retreat despite interests in insurance and telecom purchases

(MENAFN – Gulf Times) Gulf institutions were increasingly net buyers on the Qatar Stock Exchange on Wednesday, which was otherwise on the negative trajectory.

Despite buying interest in insurance and telecommunications outlets, the Qatar 20-stock index settled more than 28 points or 0.26% lower at 10,940.58 points, after hitting an intraday high of 10,974 points.

Net selling pressure from domestic institutions has weakened considerably on the stock market, whose year-to-date gains stood at 4.84%.

More than 68% of the traded components were in the red in the market, whose market capitalization saw more than QR 1 billion, or 0.23%, drop to QR 632.95 billion, mainly due to small segments and microcap.

The Islamic index has been seen to fall more slowly than the main market barometer, which has seen the industrial and consumer goods sectors constitute more than 69% of the total volume of trade.

The buying interests of foreign funds and local retail investors weakened on the stock exchange, which saw a total of 28,414 exchange-traded funds (QATR sponsored by Masraf Al Rayan and QETF sponsored by Doha Bank) from a value of 286273 QR change hands. 12 offers; while in the debt market there was no swapping of sovereign bonds and treasury bills.

The total return index fell 0.26% to 21,657.54 points, the All Share index 0.21% to 3,454.08 points and the Islamic Al Rayan index (price) by 0.23 % at 2,539.45 points.

The index of the transport sector fell by 0.92%, real estate (0.37%), industry (0.36%), consumer goods and services (0.24%) and banks and financial services (0.11%); while insurance and telecommunications grew by 0.29% and 0.11% respectively.

The main shakers included QLM, Qatar Oman Investment, Investment Holding Group, Dlala, Commercial Bank, Al Khaliji, Alijarah Holding, Qatar Industrial Manufacturing, Qamco, Ezdan, Nakilat and Milaha; although Ahlibank Qatar, Mannai Corporation, Qatar Electricity and Water, Gulf Warehousing and Qatar Islamic Insurance were among the winners.

Gulf individuals were net sellers at QR 15.51 million compared to net buyers of QR 2.36 million on April 27.

Net purchases by foreign institutions notably fell to QR 18.3 million against QR 25.95 million the day before.

Net purchases by local retail investors also fell significantly to QR 5.69 million from QR 26.78 million on Tuesday.

However, net purchases by Gulf institutions rose sharply to QR 11.56 million from QR 4.86 million on April 27.

Foreign individuals were net buyers of QR 2.79 million against net sellers of QR 1.94 million the day before.

Arab individuals turned net buyers to the tune of QR 1.92 million against net sellers of QR 3.95 million on Tuesday.

Net purchases by Arab funds edged up to QR 0.09 million from QR 0.03 million on April 27.

Net sales of domestic funds significantly decreased to QR 24.87 million from QR 54.05 million the previous day.

Total trading volume fell 24% to 269.9 million shares, value 16% to QR 580.96 million, and trades 8% to 10,426.

The trade volume of the consumer goods and services sector fell 52% to 58.75 million shares, a value of 30% to QR 116.69 million, and transactions 25% to 2,059.

The transport sector’s trade volume fell by 50% to 2.85 million shares, 45% in value to QR 12.7 million and 26% in transactions to 310.

The industrial sector’s trade volume fell 20% to 127.89 million shares, a value of 25% to QR 215.47 million and trades less than 1% to 3,795.

However, the market saw a 64% increase in the insurance sector’s trade volume to 11.78 million shares, 49% in value to QR 36.7 million, and transactions of 11% to 633.

The trading volume of the banking and financial services sector increased by 21% to 38.26 million shares and the value by 8% to QR 148.85 million; while transactions were down 8% to 2,576.

There was a 6% jump in real estate trading volume to 26.56 million shares, but a 9% contraction in value to QR 38.96 million and a 17% contraction in trades to 668.

The telecommunications sector’s trade volume increased 4% to 3.81 million shares, a value of 15% to QR 11.6 million, and transactions 51% to 385.

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