By Santhosh V Perumal
Doha: Qatar’s bourse fell 0.87% yesterday as foreign institutional investors yesterday dumped stocks with Iran testing more missiles.
Led by services stocks, the 20-stock benchmark Qatar Share Index entered the sixth day of a bear run as it knocked off 103 points to close at 11,751.10 points.
The Doha Securities Market, however, has made 22.66% gains year-on-year.
Nakilat, Qatar Telecom, Qatar Electricity and Water and Qatar Navigation stocks fell 4.04%, 3.47%, 2.61% and 1.60% respectively.
Total market capitalisation shrank 0.10% or QR51mn to QR499.95bn.
Mid cap stocks deflated 1.85%, followed by micro cap (1.60%), large cap (1.07%) and small cap (0.76%).
Services stocks lost the maximum of 2.49%, followed by banks and financial institution (0.27%) and industries (0.10%), while that of insurance gained 1.12%.
Of the 43 stocks, only seven extended gains, while 28 fell and four were unchanged. Four others were not traded.
“Foreign investors have increasingly become wary of the current situation in the Middle East, especially after Iran’s missile firing,” an analyst told Gulf Times.
Other losers included Salam International Investment (2.84%), Qatari German Company for Medical Devices and International Islamic (1.82% each), Qatar Insurance (1.56%), and Gulf Holding and Qatar Technical Inspection (1.50% each).
Ezdan Real Estate stocks gained 8.86%, followed by Islamic Securities (6%), Al Khaleej Insurance and Reinsurance (1.33%), United Development Company (1.31%) and Islamic Insurance (1.12%).
Foreign institutions were profit takers as a lower 16.26% of them were into buying yesterday compared with 19.03% in the previous day, while a higher 35.49% into selling against 29.82%.
Domestic institutions, on the other hand, net buyers as higher 20.24% of them bought stocks compared with 14.43% on Wednesday although a higher 10.63% offloaded against 8%.
Qatari retail investors reduced their exposure as a lower 51.98% of them were into buying compared with 54.77% in the previous day and a lower 42.37% into selling against 50.49%.
Non-Qatari retail investors also reduced their exposure as a lower 11.52% of them picked stocks compared with 11.77% on Wednesday and a lower 11.52% sold against 11.68%.
Opening at 11,853.61 points, the market initially fell on selling in the banks and industrial segments, after which it was on a gaining course for the next 15 minutes due to banking, insurance and industrial sectors.
Thereafter, the QSI was gripped by profit taking, notably in the services stocks and closed 103 points lower.
Total volumes expanded 57% to 11.66mn shares, value by 50% to QR0.63bn and transactions more than doubled to 8,148.
Insurance trading volume zoomed 75% to 0.21mn shares, value by 79% QR20.53mn and deals by 103% to 298.
Services trading volume rose 69% to 6.79mn shares, value by 58% to QR316.88mn and transactions by 30% to 4,092.
Industrial trading volume increased by 61% to 0.98mn shares, value by 59% to QR69.94mn and deals by 11% to 1,176.
Banks and financial institutions trading volume was up 38% to 3.69mn shares, value by 39% to QR222.49mn and transactions by 37% to 2,582.
The top five traded entities were Nakilat (3.45mn shares); Masraf Al Rayan (1.93mn); Gulf International Services (904,636); Barwa (719,790) and Doha Bank (702,762).
Zawya Dow Jones adds from Dubai: Gulf markets closed mixed yesterday as concerns about Iran’s stand-off with the West over its nuclear plans continued to impact investor sentiment in the region.
The Saudi market was closed for the weekend.
Dubai shares slid 1.1% to 5347.84 at close, led by DFM Co, down 2.4% to 4.95 dirhams. The market was up 0.8% on Wednesday.
Abu Dhabi market closed 0.2% lower at 4996.50, undermined by real estate shares. Aldar Properties fell 2% to 12.10 dirhams.
First Gulf Bank bucked the negative trend, up 3.3% to 27.65 dirhams. Aabar Energy rose 2.6% to 4.71 dirhams.
Kuwait’s market rose 0.8% to 14895.40, led by bellwether National Bank of Kuwait, up 2.2% to 1.840 dinars.
NBK on Wednesday posted a second-quarter net profit of 93mn dinars, a 16% increase from the 80.3mn dinars it posted in the same quarter last year.
Bahrain shares were up 0.2% to 2848.97 at close, led by banks.
Muscat market closed 0.1% higher at 11718.18, helped by bellwether Bank Muscat, up 1.9% to 1.851 rials.
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