Foreign Funds' Sell-Off Drives QSE Down M-Cap Erodes QR4.77Bn

(MENAFN- Gulf Times) The foreign institutions were seen hurriedly squaring off their position on the Qatar stock exchange (QSE), which on Wednesday saw its key index plummet 127 points and capitalisation erode as much as QR5bn.
The Telecom and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 1.2% to 10,463.68 points, although it touched an intraday high of 10,596 points.
The Gulf institutions were increasingly into net profit booking in the main market, whose year-to-date losses widened to 3.39%.
As much as 69% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR4.77bn or 0.76% to QR623.16bn on the back of large and midcap segments.
The Arab funds were seen net profit takers in the main market, which saw as many as 0.04mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.11mn trade across seven deals.
The Islamic index was seen declining slower than the main barometer in the main bourse, whose trade turnover and volumes were on the decrease.
The domestic institutions' weakened net buying had its influence on the main market, which saw no trading of treasury bills.
However, the local retail investors turned net buyers in the main bourse, which saw no trading of sovereign bonds.
The Total Return Index shed 1.2%, the All Islamic Index by 1.09% and the All Share Index by 1.05% in the main market.
The telecom sector index tanked 1.86%, transport (1.7%), industrials (1.18%), banks and financial services (1.06%), consumer goods and services (0.4%) and insurance (0.34%); while real estate gained 0.48%.
Major losers in the main bourse included Ooredoo, Qatar Islamic Bank, Milaha, Qatar General Insurance and Reinsurance, Qatari Investors Group, QIIB, Industries Qatar, Mesaieed Petrochemical Holding, Qamco, Mazaya Qatar and Nakilat.
Nevertheless, Ezdan, Qatar Oman Investment, QLM, Meeza and Gulf International Services were among the gainers in the market.
In the junior bourse, Al Mahhar Holding saw its shares appreciate in value.
The foreign institutions' net selling increased substantially to QR62.73mn compared to QR10.2mn on October 29.
The Gulf institutions' net profit booking expanded noticeably to QR18.18mn against QR2.22mn the previous day.
The Arab institutions were net profit takers to the tune of QR0.08mn compared with no major net exposure on Tuesday.
The domestic institutions' net buying decreased perceptibly to QR45.98mn against QR52.72mn on October 29.
However, the Qatari individuals were net buyers to the extent of QR17.71mn compared with net sellers of QR36.04mn the previous day.
The Arab individual investors' net buying strengthened considerably to QR11.63mn against QR1.63mn on Tuesday.
The foreign individuals turned net buyers to the tune of QR4.71mn compared with net sellers of QR5.1mn on October 29.
The Gulf retail investors were net buyers to the extent of QR0.99mn against net profit takers of QR0.78mn the previous day.
Trade volumes in the main market shrank 28% to 214.85mn shares, value by 17% to QR491.55mn and transactions by 7% to 15,395.
The venture market saw a 79% contraction in trade volumes to 0.68mn equities, 79% in value to QR1.7mn and 75% in deals to 66.

MENAFN30102024000067011011ID1108834631