Global factors dampen QSE sentiments; index tanks 310 points, M-cap erodes QR18bn

Global factors dampen QSE sentiments; index tanks 310 points, M-cap erodes QR18bn

The concerns over US inflation data and rate hike had their debilitating effect on the global bourses, including the Qatar Stock Exchange (QSE), whose key index plummeted 310 points and capitalisation eroded QR18bn this week.

The banking counter witnessed higher than average selling pressure as the 20-stock Qatar Index tanked 2.38% this week which saw Qatar Electricity & Water Company sign share purchase agreement with QatarEnergy to sell its entire stake in Siraj Energy.

The Gulf institutions were increasingly net sellers this week which saw QIIB and Qatar Islamic Insurance disclose plans to establish takaful in Morocco, along with other stakeholders.

The foreign individuals were net profit takers this week saw Woqod’s net profit at QR763mn during the first nine months of this year.

The foreign institutions’ substantially weakened net selling had its influence in the market this week which saw QNBFS, the brokerage subsidiary of QNB, and The Group together constitute about 70% of stocks trade turnover during the first nine months of this year.

The Gulf retail investors were increasingly net sellers this week which saw Dlala get necessary approvals for reducing the capital base.

More than 80% of the traded constituents were in the red this week which saw Qatar register a