QSE Edges Lower As Foreign Funds Turn Bearish
Date
11/21/2024 11:03:51 PM
(MENAFN- Gulf Times) The Qatar stock exchange on Thursday closed 43 points lower on selling pressure especially at the insurance, Telecom and banks.
The foreign institutions were seen net sellers as the 20-stock Qatar index shed 0.42% to 10,394.32 points, although it touched an intraday high of 10,465 points.
As much as 63% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR1.77bn or 0.29% to QR617.32bn primarily on the back of microcap segments.
The Gulf funds were seen increasingly into net profit booking in the main market, which saw as many as 0.15mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.71mn change hands across 47 deals.
The Islamic index was seen declining slower than the main barometer of the main bourse, whose trade turnover and volumes were on the increase.
The Gulf retail investors were increasingly net sellers in the main market, which saw no trading of treasury bills.
However, the domestic institutions were seen increasingly bullish in the main bourse, which saw no trading of sovereign bonds.
The Total Return Index lost 0.42%, the All Islamic Index by 0.41% and the All Share Index by 0.37% in the main market.
The insurance sector index shed 0.93%, telecom (0.74%), banks and financial services (0.45%), industrials (0.38%) and consumer goods and services (0.02%); while real estate and transport gained 0.31% and 0.07% respectively.
Major shakers in the main bourse included Qatar General Insurance and Reinsurance, Qatar Islamic Bank, Al Faleh Educational Holding, Inma Holding, Ooredoo, Mesaieed Petrochemical Holding, Qamco and Ooredoo.
In the venture market, Al Mahhar Holding and Techno Q saw their shares depreciate in value.
Nevertheless, Qatari Investors Group, Doha Bank, Meeza, Medicare Group, United Development Company and Ezdan were among the gainers in the main market.
The foreign institutions turned net sellers to the tune of QR32.19mn compared with net buyers of QR1.5mn on November 20.
The Gulf institutions' net profit booking increased noticeably to QR8.59mn against QR1.42mn the previous day.
The Gulf individual investors' net selling expanded marginally to QR0.95mn compared to QR0.4mn on Wednesday.
However, the domestic institutions' net buying grew substantially to QR25.81mn against QR3.5mn on November 20.
The Qatari individuals' net buying strengthened considerably to QR11.04mn compared to QR2.69mn the previous day.
The Arab individual investors were net buyers to the extent of QR2.63mn against net sellers of QR1.56mn on Wednesday.
The foreign retail investors turned net buyers to the tune of QR2.23mn compared with net sellers of QR4.21mn on November 20.
The Arab institutions had not major net exposure for the fourth straight session.
Trade volumes in the main market shot up 18% to 130.36mn shares, value by 25% to QR371.4mn and transactions by 37% to 15,478.
The venture market saw a 41% shrinkage in trade volumes to 0.55mn equities and 41% in value to QR1.44mn but on flat deals at 79.
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