(MENAFN - Gulf Times) The Qatar Stock Exchange on Thursday reversed five days of bullish momentum as its key index declined more than 24 points.
The insurance and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.23% lower at 10,566.52 points.
Domestic institutions turned bearish and there were substantially lower buying interests from foreign funds in the market, whose key benchmark closed 2.6% higher year-to-date.
Market capitalisation shed QR85mn, or 0.15%, to QR581.99bn mainly owing to microcap segments.
Islamic equities were seen declining faster than the other indices in the market, where local retail investors turned bullish and there was weakened net selling pressure from Gulf institutions.
Trade turnover shrank amidst higher volumes in the bourse, where the realty, consumer goods and banking sectors together accounted for more than 80% of the total volume.
The Total Return Index fell 0.23% to 19,443.28 points, the All Share Index by 0.11% to 3,125.36 points and the Al Rayan Islamic Index (Price) by 0.24% to 2,401.43 points.
The insurance index shrank 1.1%, followed by telecom (1.07%), industrials (0.35%), transport (0.15%), consumer goods (0.13%) and banks and financial services (0.02%); while real estate gained 0.67%.
Major losers included Qatar Insurance, Vodafone Qatar, Industries Qatar, Aamal Company, Qatar General Insurance and Reinsurance, Ooredoo and Milaha; even as Commercial Bank, Qatar Islamic Bank¸ Qatar Oman Investment, Widam Food, Ezdan and Nakilat were among the prime gainers.
Domestic institutions turned net sellers to the tune of QR10.56mn against net buyers of QR4.91mn on Wednesday.
Non-Qatari institutions' net buying decreased significantly to QR16.61mn compared to QR32.23mn the previous day.
However, local retail investors turned net buyers to the extent of QR3.3mn against net sellers of QR15.94mn on July 3.
Gulf individuals' net selling declined considerably to QR0.49mn compared to QR8.65mn on Wednesday.
Gulf institutions' net selling also weakened noticeably to QR8.1mn against QR11.84mn the previous day.
Non-Qatari individuals' net profit booking decreased marginally to QR0.78mn compared to QR0.81mn on July 3.
Total trade volume grew 32% to 70.65mn shares, while value fell 9% to QR153.69mn despite 16% higher transactions at 4,874.
The telecom sector's trade volume more than quadrupled to 2.72mn equities, whereas value plummeted 68% to QR13.26mn and deals by 48% to 364.
The real estate sector's trade volume more than doubled to 28.46mn stocks and value also more than doubled to QR22.59mn on a 53% increase in transactions to 603.
The banks and financial services sector saw a 61% surge in trade volume to 14.04mn shares, 21% in value to QR45.78mn and 23% in deals to 1,160.
The industrials sector's trade volume soared 36% to 9.39mn equities, value by 37% to QR38.63mn and transactions by 59% to 1,685.
The insurance sector reported a 7% growth in trade volume to 1.62mn stocks, value by 32% to QR4.74mn and deals by 62% to 240.
However, the transport sector's trade volume plummeted 56% to 0.28mn shares and value by 47% to QR8.21mn, whereas transactions grew 34% by 213.
There was a 41% plunge in the consumer goods sector's trade volume to 14.14mn equities, 30% in value to QR20.49mn and 24% in deals to 609.
In the debt market, there was no trading of treasury bills and sovereign bonds.