'Expected momentum in QSE activity despite index’s third consecutive week decline'

Doha: The Qatar Stock Exchange (QSE) concluded this week s trading with a 1.28 percent decrease compared to last week, reaching a level of 9,816 point...

Doha: The Qatar Stock Exchange (QSE) concluded this week’s trading with a 1.28 percent decrease compared to last week, reaching a level of 9,816 points, under pressure from the financial sector by around 1.5 percent, and the transportation sector by 3.8 percent. In his remarks to Qatar News Agency, financial advisor Ramzi Qasmieh said that this is the third consecutive weekly decline since it lost the levels of 10,256 points in the second week of March, indicating that the pace of decline for the index was at a slower pace this week than the rates recorded last week, which amounted to 2.6 percent.

The financial advisor expected an increase in the activity momentum of the QSE next week with the start of announcing the quarterly results of listed companies, which will begin with QNB’s results.

On the other hand, Qasmieh explained that the last session of the week was marked by an increase in the index. It increased by 1.28 percent, regaining levels of 9,816 points with the support of the industrial sector that benefited from the rise in global oil and aluminum prices, as the shares of the Industries Qatar company rose by 2.8 percent, and the shares of QAMCO company also recorded gains, leading the index to rise 4.25 percent, closing at its highest level since the beginning of the year.

The financial advisor pointed out that the shares of the banking sector, which is the most heavily weighted in the QSE index, also recorded good price rebounds in the session at the end of the week, as Al Rayan shares increased by more than 2 percent, QIB by 1.8 percent, and QNB by 1.4 percent.