Global concerns weigh on QSE as index tanks 107 points; M-cap erodes QR6bn

Reflecting the global concerns, ahead of the US inflation data, the Qatar Stock Exchange yesterday was on a weak wicket with its key index falling 107 points and capitalisation eroding in excess of QR6bn.The banking, transport and insurance counters witnessed higher than average selling pressure as the 20-stock Qatar Index lost 0.84% to 12,557.26 points, although it touched an intraday high of 12,637 points.The local retail investors turned net profit takers in the market, whose year-to-date gains truncated to 8.03%.The Gulf retail investors turned bearish in the main bourse, whose capitalisation saw QR6.42bn or 0.91% decrease to QR700.18bn, mainly on the back of midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.07mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.05mn changed hands across four deals.Trade turnover volumes were seen declining in the main market, while the junior bourse saw increased trade turnover and volumes.The domestic funds continued to be net sellers but with lesser intensity in the bourse, which saw no trading of sovereign bonds.The foreign institutions were increasingly into net buying in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.84% to 25,721.35 points, the All Share Index by 0.87% to 4,000.4 points and the Al Rayan Islamic Index (Price) by 0.62% to 2,776.1 points.The banks and financial services sector index tanked 1.13%, transport (0.95%), insurance 90.91%), industrials (0.68%), real estate (0.65%) and consumer goods and services (0.62%), while telecom gained 0.34%.More than 77% of the traded constituents in the main market were in the red with losers being Qatar Oman Investment, Al Khaleej Takaful, QLM, Qatari German Medical Devices, Ezdan, QNB, Commercial Bank, Salam International Investment, Qatar Electricity and Water, Qamco, Mesaieed Petrochemical Holding and Gulf Warehousing.Nevertheless, Mannai Corporation, Aamal Company, Doha Bank, Qatar Islamic Insurance and Ooredoo were among the gainers in the main market. In the venture market, Mekdam Holding saw its shares appreciate in value.The local retail investors turned net sellers to the tune of QR58.63mn compared with net buyers of QR6.13mn on November 9.The Gulf individuals were net sellers to the extent of QR1.17mn against net buyers of QR1.31mn the previous day.The Arab retail investors’ net buying weakened markedly to QR0.34mn compared to QR2.15mn on Wednesday.However, the foreign institutions’ net buying shot up substantially to QR112.65mn against QR54mn on November 9.The domestic institutions’ net profit booking weakened noticeably to QR33.79mn compared to QR43.16mn the previous day.The Gulf institutions’ net selling decreased marginally perceptibly to QR17.88mn against QR18.52mn on Wednesday.The foreign individuals’ net profit booking eased marginally to QR1.5mn compared to QR1.91mn on November 9.The Arab institutions had no major net exposure for the third straight session.Total trade volume in the main market declined 17% to 87.6mn shares, value by 3% to QR412.02mn and deals by 13% to 13,760.