The insurance sector on Thursday saw brisk buying in an otherwise bearish Qatar Stock Exchange, which on Thursday snapped two days of gains to lose 290 points and QR19bn in capitalisation.
The Gulf institutions were seen increasingly into net profit booking as the 20-stock Qatar Index fell 2.23% to 12,730.22 points, reflecting the global concerns of rising inflation and interest rates and their effect on slowing the world economy.
The market had touched an intraday high 12,960 points.
The Arab individuals’ net selling pressure also increased in the market, whose year-to-date gains stood at 9.56%.
The banking sector witnessed higher than average selling in the bourse, whose capitalisation eroded more than QR19bn or 2.6% to QR715.73bn, mainly on the back of large and small cap segments.
About 83% of the traded constituents were in the red in the market, where the industrials and consumer goods sectors together accounted for more than 63% of the trading volume.
Both local retail investors and domestic funds continued to be net sellers but with lesser intensity in the bourse, which saw a total of 82,651 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.91mn changed hands across 31 deals.
The Gulf institutions’ net profit booking was seen weakening marginally in the market, which saw no trading of sovereign bonds.
Total trade turnover and volumes were on the decline in the bourse, which saw no trading of treasury bills.
The Total Return Index plummeted 2.23% to 26,075.63 points, the All Share Index by 2.43% to 4,081.46 points and the Al Rayan Islamic Index (Price) by 1.23% to 2,753.02 points.
The banks and financial services index tanked 3.79%, transport (2.13%), real estate (1.97%), industrials (0.9%), consumer goods and services (0.64%) and telecom (0.22%); while insurance gained 1.98%.
Major shakers in the main market included QNB, Qatar Islamic Bank, Qamco, Nakilat, Commercial Bank, Dlala, Baladna, Gulf International Services, United Development Company, Ezdan, Barwa and Gulf Warehousing.
In the venture market, Mekdam Holding saw its shares depreciate in value.
Nevertheless, Qatar Insurance, Al Khaleej Takaful, Doha Insurance, QLM and Vodafone Qatar were among the gainers in the main market.
The Gulf institutions’ net selling increased considerably to QR26.94mn compared to QR11.58mn on May 18.
The Arab individuals’ net profit booking grew markedly to QR8.71mn against QR1.95mn the previous day.
The Arab funds turned net sellers to the extent of QR0.04mn compared with no major net exposure on Wednesday.
The foreign institutions’ net buying weakened noticeably to QR128.08mn against QR156.9mn on May 18.
However, the domestic funds’ net selling decreased significantly to QR51.13mn compared to QR73.33mn the previous day.
Qatari individuals’ net selling weakened drastically to QR33.8mn against QR63.56mn on Wednesday.
The Gulf individuals’ net profit booking shrank perceptibly to QR1.91mn compared to QR2.42mn on May 18.
The foreign individuals’ net selling eased notably to QR0.54mn against QR4.05mn the previous day.
Total trade volume in the main market fell 27% to 178.48mn shares and value by 9% to QR809.72mn, while transactions grew 3% to 26,128.
The consumer goods and services sector’s trade volume plummeted 62% to 30.95mn equities, value by 52% to QR63.7mn and deals by 24% to 1,949.
The market witnessed a 20% plunge in the industrials sector’s trade volume to 55.7mn stocks and 17% in value to QR181.02mn but on 6% increase in transactions to 5,233.
The insurance sector’s trade volume tanked 12% to 5.24mn shares, while value was up 5% to QR17.41mn despite 14% lower deals at 514.
The market witnessed a 5% shrinkage in the telecom sector’s trade volume to 3.82mn equities but on a 48% jump in value to QR20.57mn and 21% in transactions to 886.
The banks and financial services sector’s trade volume was down 4% to 57.17mn stocks, whereas value grew 2% to QR476.04mn and deals by 4% to 15,511.
However, there was a a 62% surge in the transport sector’s trade volume to 6.18mn shares, 40% in value to QR23.1mn and 14% in transactions to 1,002.
The real estate sector’s trade volume was up 2% to 19.42mn equities, value by 18% to QR27.88mn and deals by 28% to 1,033.
In the venture market, trade volumes more than tripled to 0.31mn stocks and value also more than tripled to QR2.09mn on five-fold growth in transactions to 155.