Foreign funds’ net selling pressure drags QSE below 10,600 levels

Foreign funds’ net selling pressure drags QSE below 10,600 levels

The Qatar Stock Exchange on Thursday lost more than 92 points and its key index fell below 10,600 levels, on the back of selling pressure, especially in the banks and financial services counter.

The foreign institutions were seen net profit takers as the 20-stock Qatar Index shed 0.86% to 10,571.63 points. The market has been on a slippery path for the fourth consecutive session.

The Arab retail investors were increasingly net sellers in the main market, which reported higher year-to-date losses of 1.02%.

The foreign individuals turned net bearish in the main bourse, which saw the index touch an intraday high of 10,703 points.

About 73% of the traded constituents were in the red in the main market, whose capitalisation melted QR5.21bn or 0.83% to QR621.34bn with large and midcap segments losing the most.

The Gulf individuals’ weakened net buying interests had its influence in the main bourse, which saw a total of 7,069 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.07mn changed hands across six deals.

The local retail investors’ net buying also slackened in the main market, which saw no trading of sovereign bonds.

The Islamic index was seen declining slower than the other indices in the main market,