Selling pressure in banks and industrials drags QSE 43 points

Selling pressure in banks and industrials drags QSE 43 points

Apprehensions over the US rate cuts had its dampening effect on the Gulf shores, including the Qatar Stock Exchange, which Monday lost about 43 points in key index and morethan QR3bn in capitalisation.The banking and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.43% to 9,736.35 points.The Gulf institutions continued to be net profit takers but with marginally lesser intensity, in the main market, whose year-to-date losses widened to 8.84%.More than 65% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.45bn or 0.6% to QR569.8bn with small cap segments losing the most.The local retail investors’ weakened net buying had its influence in the main market, which touched an intraday high of 9,797 points.The domestic institutions’ lower net buying also had its say in the main bourse, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn trade across four deals.The Arab individuals’ weakened net buying was visible 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 bourse, which witnessed no trading of