After rising for two consecutive days, the shares in Qatar Stock Exchange came under selling pressure yesterday. The QSE Index lost around 290 points to close at 12730 points in yesterday’s trade.
On the weekly basis, the QSE Index shed around 413 points. The index had ended at 13143 on the previous Thursday.
It was a week that investors would not like to remember. The local market is mirroring the global trend as other major stock markets around the globe have been under selling pressure during the week. Investors globally are concerned over the broadening impact of inflation on economic growth. The investor sentiments are dented by global uncertainty caused by persistently high inflation which has led to hike in interest rates by most of the central banks of major economies. The focus of investors is on what central banks will now do as they walk the tightrope of trying to regain control of inflation, which is now at 40-year highs in some countries, without causing painful recessions.
Except Tuesday and Wednesday, the shares remained under selling pressure on the other three trading sessions.
On Wednesday, the QE Index rose 1.3 percent to close at 13,020.3. The Consumer Goods & Services and Transportation indices led the gains. The index rose on the back of buying support from foreign shareholders despite selling pressure from Qatar, GCC and Arab shareholders. Qatar General Ins. & Reins. Co. and Islamic Holding Group were the top gainers, rising 7.5 percent and 5.6 percent, respectively.
Among the top losers, QLM Life & Medical Insurance Co. fell 1.6 percent, while Qatar National Cement Company was down 1.2 percent. Volume of shares traded on Wednesday rose by 49.8 percent to 243.9m from 162.8m on Tuesday. Further, as compared to the 30-day moving average of 230.3mn, volume for the day was 5.9 percent higher. Salam International Inv. Ltd. and Baladna were the most active stocks, contributing 15.9 percent and 15.7 percent to the total volume, respectively. On Tuesday, The QE Index rose 1.4 percent to close at 12,857.7. The Banks & Financial Services and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. QLM Life & Medical Insurance Co. and The Commercial Bank were the top gainers, rising 6 percent and 5.4 percent, respectively. Among the top losers, Qatar International Islamic Bank fell 1.3 percent, while Baladna was down 1.2 percent.
Qatar Stock Exchange weekly report showed a decline in the market value of shares at the end of trading of the week to QR715.bn, compared to its level last week of QR 743bn.
