Doha: The Qatar Stock Exchange (QSE) index concluded the week with a decrease of 1.11 percent, shedding 111.79 points from the previous week's close to settle at 9,920 points. This downturn was attributed to losses in five sectors, although the transportation and banking and financial services sectors showed gains.
According to Qatar News Agency, financial analyst Mubarak Al Tamimi noted that the QSE general index has been exhibiting a sideways trading pattern with a downward inclination for several months. The market opened the week at 10,032 points and closed at 9,920 points. Al Tamimi forecasted a potential further dip to 9,727 points in the near future, advising that this level could present a promising buying opportunity for investors seeking higher returns.
QSE data for the week indicated that the telecommunications sector experienced the most significant decline, dropping by 6.08 percent. This was followed by the industrial sector, which decreased by 2.80 percent, insurance by 2.23 percent, real estate by 1.40 percent, and consumer goods and services by 0.36 percent. Conversely, the transportation sector increased by 0.43 percent, and the banking and financial services sector saw a slight rise of 0.03 percent.
Al Tamimi mentioned that investors are continuously evaluating the geopolitical risks arising from the ongoing five-month conflict in the region and its impact on local, regional, and global financial markets. Nevertheless, he emphasized that positive earnings from several companies in the first half of the year have bolstered investor confidence, while stable interest rates continue to support the market's allure.
Throughout the week, a total of 654,832,195 shares were traded, amounting to over QAR 1.563 billion across 126,679 transactions in all sectors.
In related news, the Qatar Central Bank announced its decision to maintain the current deposit, lending, and repurchase rates following a review of Qatar's monetary policy. The deposit rate (QCBDR) will remain at 3.85 percent, the lending rate (QCBLR) at 4.35 percent, and the repurchase rate (QCB Repo Rate) at 4.10 percent.