Foreign funds’ selling pressure drags QSE 66 points; M-cap melts QR4bn

Foreign funds’ selling pressure drags QSE 66 points; M-cap melts QR4bn



A higher than average selling pressure, especially in the telecom and banking sectors, led the 20-stock Qatar Index knock off 0.64% to 10,416.52 points yesterday

The Qatar Stock Exchange (QSE) on Tuesday lost more than 66 points, as investors awaited the US inflation data and assessed the timing of potential interest rate cuts by the USFederal Reserve.A higher than average selling pressure, especially in the telecom and banking sectors, led the 20-stock Qatar Index knock off 0.64% to 10,416.52 points.The foreign institutions were seen net profit takers in the main market, whose year-to-date losses widened to 3.32%.The foreign individuals turned bearish in the main bourse, whose capitalisation melted QR4.1bn or 0.67% to QR608.83bn with midcap segments losing the most.The Gulf retail investors were seen net sellers in the main market, which touched an intraday high of 10,495 points.However, the domestic institutions turned bullish in the main bourse, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.02mn trade across two deals.The Gulf funds were also seen net buyers in the main market, which saw no trading of sovereign bonds.The Islamic index declined faster than the other indices in the main bourse, which