Domestic Funds' Selling Pressure Drags QSE 39 Points

(MENAFN- Gulf Times) The Qatar stock exchange Thursday fell more than 39 points on the back of selling pressure, mainly in the telecom and insurance counters.

Domestic Funds

The domestic institutions were seen net sellers as the 20-stock Qatar index shed 0.38% to 10,257.21 points.
The Gulf retail investors were seen bearish, albeit at lower levels, in the main market, which had touched an intraday high of 10,315 points.
The foreign individuals' weakened net buying had its influence on the main bourse, whose year-to-date losses were at 3.97%.
However, the local retail investors were increasingly net buyers in the main bourse, whose capitalisation declined QR1.59bn or 0.26% to QR607.4bn, mainly on account of small cap segments.
The Arab institutions continued to be increasingly bullish on the main bourse, which saw a total of 10,434 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn changed hands across seven deals.
The Arab retail investors continued to be profit takers but with lesser intensity in the main market, which saw no trading of sovereign bonds.
The Islamic index was seen gaining slower than the main index in the main market, which saw no trading of treasury bills.
The Total Return Index shed 0.38%, the All Share Index by 0.35% and the Al Rayan Islamic Index (Price) by 0.37% in the main bourse, whose trade turnover and volumes were on the decline.
The telecom sector index shrank 1.2%, followed by insurance (0.68%), industrials (0.39%), transport (0.37%), banks and financial services (0.3%) and consumer goods and services (0.12%); while real estate gained 0.3%.
Major losers in the main market included Dlala, Widam Food, Al Khaleej Takaful, Inma Holding, Aamal Company, Ooredoo and Milaha.
In the venture market, both Al Faleh Educational Holding and Al Mahhar Holding saw their shares depreciate in value.
Nevertheless, Mazaya Qatar, Beema, Dukhan Bank, Qatar National Cement, Mekdam Holding, Qatari German Medical Devices and Salam International Investment were among the gainers in the main market.
The domestic institutions turned net sellers to the tune of QR16mn compared with net buyers of QR2.89mn on June 7.
The Gulf retail investors were net sellers to the extent of QR0.32mn against net buyers of QR0.45mn the previous day.
The foreign individual investors' net profit booking eased perceptibly to QR1.33mn compared to QR3.31mn on Wednesday.
However, the Qatari individuals' net buying shot up noticeably to QR26.15mn against QR23.96mn on June 7.
The Gulf institutions' net buying increased substantially to QR15.97mn compared to QR1.42mn the previous day.
The foreign institutions' net profit booking declined markedly to QR23.27mn against QR26.96mn on Wednesday.
The Arab retail investors' net selling weakened notably to QR3.85mn compared to QR5.07mn on June 7.
The Arab institutions had no major next exposure.
The main market saw a 34% plunge in trade volumes to 103.65mn shares, 38% in value to QR268.87mn and 28% in deals to 12,706.
The venture market saw a total of 1.79mn equities valued at QR4.25mn change hands across 292 transactions.


Gulf Times

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.