(MENAFN- Gulf Times) Increased profit booking pressure from foreign institutions on Wednesday extended the bearish spell in the Qatar Stock Exchange for the fourth consecutive day and its key index plunged 149 points to settle below the 11,800 mark.
Selling was seen severe in the telecom, real estate and industrials counters as the 20-stock Qatar Index shed 1.25% to 11,787.11 points.
The Gulf Cooperation Council (GCC) institutions' bearish outlook as well as increased net selling by non-Qatari retail investors and lower buying support from domestic institutions also played its part in dragging the market, which is down 4.06% year-to-date.
The index that tracks Shariah-principled stocks was seen melting slower than the other indices in the bourse, where trading was largely skewed towards the real estate and banking sectors, whose stocks together constituted about 62% of the overall trading volume.
Market capitalisation eroded 1.11% or more than QR7bn to QR628.05bn with large, mid, micro and small cap equities melting 1.34%, 0.56%, 0.55% and 0.34% respectively.
The Total Return Index shed 1.25% to 18,321.36 points, All Share Index by 1.05% to 3,161.99 points and Al Rayan Islamic Index by 0.99% to 4,581.89 points.
Telecom stocks shrank 1.81%, realty (1.42%), industrials (1.34%), banks and financial services (1.11%), insurance (0.19%) and transport (0.02%); while consumer goods rose 0.29%.
About 78% of the stocks were in the red with major losers being QNB, Industries Qatar, Ooredoo, Ezdan, Barwa, United Development Company, Mazaya Qatar, Qatar Islamic Bank, Commercial Bank, Dlala, Doha Bank, Gulf International Services and Vodafone Qatar.
Non-Qatari institutions' net profit booking strengthened to QR51.88mn compared to QR18.41mn on July 7.
The GCC institutions turned net sellers to the tune of QR4.31mn against net buyers of QR8.7mn on Tuesday.
Non-Qatari individual investors' net selling rose to QR2.59mn compared to QR1.39mn the previous day.
Domestic institutions' net buying weakened to QR24.37mn against QR35.6mn on July 7.
However, local retail investors turned net buyers to the extent of QR35.4mn compared with net sellers of QR5.32mn on Tuesday.
The GCC retail investors' net profit booking weakened to QR1.01mn against QR1.81mn the previous day.
Total trade volume was down 6% to 3.92mn shares and value by 10% to QR197.64mn, while deals rose 11% to 2,861.
The insurance sector saw 60% plunge in trade volume to 0.06mn equities and 65% in value to QR4.96mn but on 73% rise in transactions to 69.
The transport sector's trade volume plummeted 40% to 0.09mn stocks, value by 28% to QR2.54mn and deals by 8% to 58.
There was 39% shrinkage in the telecom sector's trade volume to QR0.38mn shares, 27% in value to QR12.49mn and 26% in transactions to 371.
The consumer goods sector's trade volume tanked 31% to 0.24mn equities, value by 49% to QR10.22mn and deals by 48% to 193.
The banks and financial services sector reported 18% decline in trade volume to 0.95mn stocks and 32% in value to QR59.09mn but on 29% jump in transactions to 770.
However, the real estate sector's trade volume soared 26% to 1.47mn shares, value by 44% to QR49.22mn and deals by 92% to 641.
The market witnessed 24% surge in the industrials sector's trade volume to 0.73mn equities, 33% in value to QR59.13mn and 14% in transactions to 759.
In the debt market, there was no trading of treasury bills and government bonds.
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