QSE sees selling pressure in telecom, insurance stocks
Published date | 11 November 2014 |
Publication title | Gulf Times |
The Qatar Stock Exchange on Tuesday failed to break the 13,800 resistance level with it facing profit booking pressure, especially in the insurance and telecom stocks.
Foreign institutions were rather instrumental in dragging the 20stock Qatar Index (based on price data) 0.24% to 13,755.74, after reporting gains for three consecutive sessions.
Large and small caps came under selling spotlight in the market, which is, however, up 32.53% yeartodate.
The index that tracks Shariahprincipled stock was seen gaining against declines in the other indices in the bourse, where realty, banks and industrials together accounted for more than 77% of the total trading volume.
The Total Return Index fell 0.24% to 20,516.56 points and All Share Index by 0.14% to 3,478.92 points; while Al Rayan Islamic Index rose 0.76% to 4,630.49 points.
Market capitalisation was down 0.12% or about QR1bn to QR743.67bn with large, small and mid cap equities losing 0.18%, 0.1% and 0.02% respectively; even as micro caps gained 0.22%.
Insurance stocks shrank 1.37%, telecom (1.28%), banks and financial services (0.22%), industrials (0.09%) and transport (0.07%); whereas consumer goods and realty gained 0.52% and 0.5% respectively.
Major losers included Doha Bank, Commercial Bank, Ooredoo, Al Khaleej Takaful, Alijarah Holding, Gulf International Services, Mazaya Qatar, Ezdan and Nakilat.
However, Industries Qatar, Barwa, Qatari Investors Group, Gulf Warehousing, Zad Holding and Al Meera bucked the trend.
Foreign institutions turned net sellers to the tune of QR14.02mn against being net buyers of QR51.18mn the previous day.
Domestic institutions' net selling sunk to QR6.83mn...
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