Qatar Stock Exchange (QSE) index ended the session of the fourth week of this month, finished low by 460.64 points to the level of 13,590.81 points, a decrease of 3.3 percent compared to the transactions of the previous week.
In this context, the financial analyst Ramzi Qasmieh confirmed that the profit-taking operations that coincided with the companies quarterly announcements of their profits in the first quarter of this year dominated the general index. He pointed out that the decline in the industrial sector shares this week affected the performance of the general index, as the shares of Industries Qatar fell by about 7 percent and the shares of Mesaieed Petrochemical Holding Company by about 6 percent, pointing out that the decline in the industrial sector shares came as a result of the decline in oil prices during the past week, as well as the expectations of international institutions of a slowdown in global economic growth.
In his analysis of the weekly performance of Qatar Stock Exchange, he said that the index witnessed a noticeable decline this week to decline and move in a price range at 13,600 points.
Qasmieh added, in a statement to Qatar News Agency (QNA), that the general index despite its decline, the conclusion of this week’s session witnessed a remarkable improvement in trading values, which jumped to QR1.059bn, by 47 percent, up from QR722m compared to the previous day, noting that the weekend session is the first session in which trading values have crossed the QR1bn barrier since last April 11, which reflects the available opportunities in the stock exchange and the volume of incoming cash flows.
Trading volumes increased by 46.4 percent this week to reach 268 million shares, compared to 183 million shares last week.
The weekly report of Qatar Stock Exchange pointed out that the market value of shares declined at the end of the week’s trading to reach QR760.719bn, compared to its level last week of QR781.044bn, a decrease of 2.6 percent.
The report indicated that the value of trading on shares increased during the current week to reach QR3.6bn, compared to about QR3bn for the previous week. The report pointed out that the index benefited from the profits of the first quarter of the listed companies, which achieved good levels of profits compared to the same period last year.
To conclude his analysis of the performance of the stock exchange this week, Qasmieh pointed out that Qatari Stock Exchange is awaiting a review of the MSCI Emerging Markets Index, which is scheduled to be periodically reviewed on May 12 following the Eid Al Fitr holiday, which is expected to witness an increase in the weights of some Qatari companies, especially the banking and financial services sector, and the review may focus on the shares of banks that have increased the percentage of non-Qatari ownership to 100 percent.
Qasmieh expected that the general index of Qatar Stock Exchange will continue its distinguished performance during the coming period, with the possibility of breaching the barrier of 15,000 points during the current year, especially in light of the momentum of the State of Qatar hosting the FIFA World Cup Qatar 2022 and the economic recovery it creates in all economic sectors, in addition to the rising oil prices that revolve above $100 per barrel, taking into account the geopolitical variables and their impact on global markets.
