QSE down sharply amidst anticipation of quarterly earnings reports: Analyst

Doha, Qatar: The Qatar Stock Exchange (QSE) concluded this week s trading with a decline of 2.62 percent, dropping to 9,943.61 points, pressured by va...

Doha, Qatar: The Qatar Stock Exchange (QSE) concluded this week’s trading with a decline of 2.62 percent, dropping to 9,943.61 points, pressured by various sectors, notably the transportation sector, which was the biggest loser at 4.25 percent, followed by the insurance sector at 3.28 percent.

In a statement to Qatar News Agency (QNA), Youssef Bouhlaiqa, a financial markets analyst, attributed the QSE decline for the second consecutive week in March to several factors, including the usual decline after the announcement of annual results, investors’ anticipation of the start of the announcement of first-quarter results for 2024, and the decline in leading stocks.

Bouhlaiqa said that the market capitalization of the exchange decreased by 2.50 percent to reach QR574.22bn compared to QR588.99bn during the previous week. Out of the shares of 51 listed companies, only nine companies rose, while the prices of 45 shares fell.

The financial markets analyst pointed out that traders and investors in the QSE are looking forward to the disclosure of quarterly financial data by the listed companies and the accompanying announcement of corporate earnings, especially for banks, expecting an increase in stock prices after Eid Al Fitr holiday with an increase in liquidity.

QSE index rose at the beginning of yesterday's trading to the level of 9,991 points, compared to Wednesday s close, adding to its balance 33.35 points, or 0.33 percent, with support from 6 sectors. The Stock Exchange showed a positive performance for the communications sector by 0.75 %, the banking and financial services sector by 0.49 %, the consumer goods and services sector by 0.25 %, the transportation sector by 0.12 %, the industrial sector by 0.06 %.