Qatar Stock Exchange Index returned to its Normal Indices

Qatar Stock Exchange index witnessed a remarkable recovery this week, to break the barrier of 13,000 points and adding 412.930 points to its balance representing a growth rate of 3.250%, to reach the level of 13,122 points. Commenting on such performance, the financial analyst, Tamer Hassan said that the recovery of the Qatar Stock Exchange is due to the purchase deals made by Qatari institutions, and avoiding selling that characterised the past period, which was supported by the momentum of foreign portfolios by raising the levels of their purchases of Qatari listed companies' shares, in interpretation of the confidence it enjoys among foreign investors. Hassan returned the gains in Qatar Stock Exchange index to the economic strength, companies' achieved results, oil high prices that exceeded $100 per barrel, in addition to the impact of FIFA World Cup Qatar 2022 championship in strengthening the services sector in its various fields. The weekly report of Qatar Stock Exchange indicated a raise in the market value at the end of the week's trading to reach QR722.14bn, compared to its level last week of QR705.297bn, recording a raise of 2.38%. In this context, the financial analyst said that the Qatari market was able to handle the interest rates surge given that various investors expected it to be about 75 base points. He pointed out that the high levels of liquidity that have been injected into the market in the past few days — which exceeded QR500mn per day — enabled the stock exchange index to return to levels exceeding 13,000 points after maintaining the resistance point at 11,700 points. The report indicated that the value of stock trading, during the current week that ended its trading today, amounted to QR2.618bn, through the sale of 901.764mn shares, which were executed following the conclusion of 87,659 transactions. Hassan told QNA that the rise in oil and gold prices in global markets confirms the absorption of the shock of raising the interest rate, saying in this regard that therefore we noticed the recovery that characterised many of them. The analyst warned against the expected and unexpected profit-taking operations in the Qatar Stock Exchange to maintain the levels achieved by the index, stressing the need for the profit-taking operations to be safe and gradual.