Qatar: Domestic funds’ increased net selling drags QSE 247 points; M-cap erodes $4.39bln

Qatar: Domestic funds’ increased net selling drags QSE 247 points; M-cap erodes $4.39bln

Amidst uncertainty surrounding the US debt deal and weaker than expected Chinese output, the Qatar Stock Exchange (QSE) saw its index plummet 247 points and capitalisation erode QR16bn this week.

The industrials, real estate and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index tanked 2.36% this week which saw the QSE outline its plans to migrate to new power trading system, powered by London Stock Exchange Group, from June 8.

The domestic institutions were seen increasingly into net profit booking this week which saw Meeza initial public offering to hit the market from June 6.

The foreign retail investors turned bearish this week which saw Qatar’s port reported 6% year-on-year growth in vessels docking in May 2023.

About 82% of the traded constituents were in the red in the main market this week which saw Qatar’s producers’ price index ease both on annualised and monthly basis this April.

The Islamic equities were seen declining slower than the other indices this week which saw Qatar Insurance receive approval from the cabinet to increase its foreign ownership limit up to 100%.

The Gulf institutions’ substantially weakened net buying had its influence in the main market this week which saw Qatar’s trade surplus grow