Qatar Stock Exchange (QSE) index lost 216.9 points at the end of trading in the second week of this month, falling to the level of 11.867 points, thus losing 1.79 percent compared to last week’s performance.
In this context, the financial analyst, Tamer Hassan, said that Qatar Stock Exchange index this week is under the influence of external factors, pointing to the importance of the index’s cohesion at levels of 11,700 points, which is a pivotal point for the general performance of the index and in case of breaking it will lead the index to unexpected directions.
In a statement to Qatar News Agency , Hassan pointed out that trading in the stock exchange completely ignores the internal stimuli of the national economy, which is translated by the high growth rates estimated at 4.9 percent during the current year, in addition to the strong results of the listed companies, which are expected to be higher than those recorded in the same period last year. The weekly report of Qatar Stock Exchange also indicated a decline in the market value at the end of the week’s trading to reach QR 660.056 billion, compared to its level last week of QR672.056bn, recording a decline of 1.78 percent.
The report explained that the external factors cast a shadow over the transactions in Qatar Stock Exchange, especially with the rise in interest rates and the direction of the US Federal Reserve to increase them at its next meeting on July 27, in addition to the high inflation rates that predict the entry of the American economy into a recession period.
The report indicated that the value of stock trading, during the week that ended its trading yesterday, amounted to QR939.667m, through the sale of 261.041 million shares, which were executed following the conclusion of 38,236 transactions.
Hassan indicated that this week witnessed a decline in three main sectors, namely the banking sector, as a result of the large allocations made by Qatar National Bank from its half profits, which had an impact on the performance of the sector in general. The industrial sector and its major companies were also affected by the recorded declines in oil prices in global markets, which are expected to drop to the level of $70 a barrel in the coming period, especially with the recession that hits the major global economies, and the real estate sector. Qatar Stock Exchange (QSE) index dropped 15.47 points, or 0.13 percent, to close trading at 11,867.75 points yesterday.
The volume of shares traded decreased to 120,916,110 from 140,125,817 on Wednesday and the value of shares decreased to QR 384,365,473.840 from QR 555,302,017.953 on Wednesday.
The indices six sectors ended in red zone and one sector ended in green zone today. QSE Total Return Index dropped 0.13 percent to 24,309.01, QSE Al Rayan Islamic index decreased 0.53 percent to 4,951.39 points and QSE All Share Index down 0.02 percent 3,803.19 points.
