(MENAFN- Gulf Times) Weakened crude in the global market slipped the Qatar Stock Exchange into a fourth straight session of losses with about 95% of the stocks in the red as foreign institutions were seen increasingly profit takers.
An across the board selling, particularly in the telecom and industrials, led the Qatari bourse lose a sizeable 200 points in the 20-stock Qatar Index (based on price data) and more than QR11bn in capitalisation.
The market settled 1.7% lower at 11,761.11 points amid marginal expansion in overall trade volumes.
The latest reports suggest that oil fell to around $54 a barrel, its lowest for more than a month, on rising global inventories and signs of a possible nuclear deal with Tehran that could allow more Iranian oil exports.
Mid and large cap stocks were the hardest hit in the bourse, which is down 4.27% year-to-date.
However, local retail investors turned extremely bullish and domestic institutions continued to be net buyers but with lesser intensity in the market, where real estate, banking and telecom stocks together cornered more than 78% of the total trading volume.
Market capitalisation eroded 1.7% to QR641.04bn with mid, large, micro and small cap equities losing 2.48%, 1.59, 1.3% and 1.22% respectively.
The Total Return Index lost 1.57% to 18,064.2 points, All Share Index by 1.42% to 3,132.28 points and Al Rayan Islamic Index by 1.39% to 4,271.99 points.
Telecom stocks plummeted 2.54%, industrials (1.92%), banks and financial services (1.34%), insurance (1.22%), consumer goods (1.18%), transport (0.79%) and real estate (0.79%).
Major losers included QNB, Industries Qatar, Ooredoo, Vodafone Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Doha Bank, International Islamic, Alijarah Holding, Dlala, Barwa, Mazaya Qatar, Nakilat and Milaha.
Foreign institutions' net profit booking strengthened to QR98.36mn against QR29.4mn the previous day.
Non-Qatari individual investors' net buying sunk to QR6.85mn compared to QR14.26mn on Sunday.
However, Qatari retail investors turned net buyers to the tune of QR58.48mn against net sellers of QR21.71mn on March 15.
Domestic institutions' net buying fell to QR33.03mn compared to QR36.85mn the previous day.
Total trade volume rose 3% to 7.61mn shares, value by 30% to QR380.51mn and transactions by 9% to 5,138.
The banks and financial services sector reported 39% surge in trade volume to 2.55mn stocks, 67% in value to QR144.03mn and 36% in deals to 1,628.
The telecom sector witnessed its trade volume soar 39% to 1.25mn equities and value by 39% to QR26.83mn on more than quadrupled transactions to 636.
The consumer goods sector's trade volume expanded 38% to 0.33mn shares, value by 47% to QR22.74mn and deals by 70% to 345.
However, the market witnessed 78% plunge in the insurance sector's trade volume to 0.05mn stocks, 73% in value to QR3.28mn and 65% in transactions to 44.
The transport sector's trade volume plummeted 59% to 0.18mn equities, value by 32% to QR7.09mn and deals by 21% to 120.
The industrials sector saw its trade volume shrink 29% to 1.1mn shares but value rose 16% to QR107.42mn. Transactions were rather flat at 1,430.
There was 3% fall in the real estate's trade volume to 2.17mn stocks but value shot up 24% to QR69.13mn; even as deals were down 2% to 935.
In the debt market, there was no trading of treasury bills and government bonds.
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