(MENAFN- Gulf Times) The Qatar Stock Exchange was on a slippery path for the sixth day on Wednesday, losing 261 points in key barometer and about QR15bn in capitalisation as global crude prices touched a six-year low.
The bourse, which saw more than 92% of the stocks in the red, fell below the 11,500 mark as foreign institutions were seen increasingly profit takers.
An across-the-board selling, particularly at the consumer goods, real estate and telecom counters, led the 20-stock Qatar Index to plummet 2.23% to 11,426.62 points amid higher volumes.
Domestic institutions' net buying weakened, while non-Qatari retail investors were increasingly into net selling in the market, which is down 6.99% year-to-date.
The latest reports suggest that oil fell towards $53 a barrel on oversupply concerns as the US crude stocks hit a new record high.
Large and mid cap stocks witnessed faster erosion in their values in the bourse, where realty, banking and industrials stocks together cornered about 77% of the total trading volume.
Market capitalisation eroded 2.35% to QR620.79bn with large, mid, micro and small cap equities melting 2.24%, 2.11, 1.95% and 1.36% respectively.
The Total Return Index plunged 2.23% to 17,557.3 points, the All Share Index by 2.21% to 3,041.71 points and the Al Rayan Islamic Index by 2.17% to 4,163.94 points.
Consumer goods stocks tanked 2.92%, followed by real estate (2.87%), telecom (2.66%), industrials (2.42%), insurance (2.12%), banks and financial services (1.96%) and transport (0.4%).
Major losers included QNB, Industries Qatar, Barwa, Mazaya Qatar, QNB, Qatar Islamic Bank, Doha Bank, International Islamic, Masraf Al Rayan, Al Khaliji, Mesaieed Petrochemical Holding, Gulf International Services, Ooredoo, Vodafone Qatar and Salam International Investment.
Foreign institutions' net profit-booking rose to QR57.99mn against QR46.08mn the previous day.
Domestic institutions' net buying sunk to QR20.7mn compared to QR25.28mn on Tuesday.
Non-Qatari individual investors' net selling rose to QR11.13mn against QR7.37mn on Tuesday.
However, Qatari retail investors' net buying soared to QR48.46mn compared to QR28.21mn the previous day.
Total trade volume rose 16% to 8.5mn shares, value by 21% to QR390.49mn and transactions by 11% to 5,314.
The real estate's trade volume more than doubled to 2.85mn stocks and value also more than doubled to QR91.57mn on a 83% jump in deals to 1,106.
The industrials sector saw its trade volume surge 70% to 1.43mn equities, value by 72% to QR121.12mn and transactions by 25% to 1,530.
The market witnessed an 8% rise in the transport sector's trade volume to 0.26mn shares but on a 27% fall in value to QR6.74mn and 10% in deals to 148.
The banks and financial services sector's trade volume was up 2% to 2.24mn stocks, while value declined 19% to QR112.22mn and transactions by 3% to 1,301.
However, the telecom sector witnessed its trade volume plummet 46% to 0.98mn equities, value by 40% to QR22.81mn and deals by 34% to 680.
The consumer goods sector's trade volume shrank 14% to 0.62mn shares, whereas valued gained 53% to QR30.02mn and transactions by 56% to 467.
There was an 8% slippage in the insurance sector's trade volume to 0.11mn stocks, 24% in value to QR5.99mn and 32% in deals to 82.
In the debt market, there was no trading of treasury bills and government bonds.
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