Qatar Stock Exchange (QSE) index lost 272 points at the end of trading in the fourth week of August, falling to the level of 13,746 points, thus losing 1.94 percent compared to last week’s performance.
Speaking to Qatar News Agency (QNA), Financial Analyst Walid Al Fuqaha described the QSE performance during this week by saying that the index saw two periods, the first saw the index retreat before it rebounded later in the week. He attributed the rise in recent sessions to optimism related to global markets especially oil prices and OPEC’s willingness to reduce production to maintain what has been achieved, as the value of futures contracts rose immediately after the statements of actors in this sector.
He indicated that the industrial sector led the rises witnessed by the index during current week as a result of confidence in oil prices remaining at high levels in the coming period and what it means to improve the results of companies operating in the field. He pointed that investors worldwide - including investors in QSE - are eyeing the global central banking conference in Jackson Hole and their discussions on raising interest rates without harming the economy, and avoiding recession and its impact on the performance of stocks.
In his analysis, Al Fuqaha pointed out to the expected speech of the US Federal Reserve Chair Jerome Powell, considering it to be the most awaited moment in these conferences given that it will shape the directions of the monetary and fiscal policies for the coming period, and thus the impact will be direct on the stock exchanges.
The weekly report of QSE pointed to a decline in the market value of shares at the end of trading of the week to reach QR764.685bn, compared to its level last week of QR781.054bn, a decrease of 3.69 percent. The report indicated that the value of trading on shares this week amounted to QR2.964bn, through the sale of 840.707 million shares, executed by concluding 81,407 deals.
The financial analyst expected QSE index to cross the barriers of 15,000 points next month especially after reaching a historical level of 14,500 points during last period. He indicated that this matter could be achieved with the support of a number of macroeconomic factors, high growth rates, in addition to internal factors, and the start of the countdown to the events of the FIFA World Cup Qatar 2022, as well as with the support of the three main shares of Industries Qatar, Qatar National Bank (QNA), and Qatar Islamic Bank (QIB) which represent 55 percent of the pointer.
