Qatar Stock Exchange (QSE) index went up by 1.270 percent at the end of the current week, gaining 129.820 points to reach 10,342 points compared to the last week.
In this regard, Financial analyst Youssef Bouhlaiqa told Qatar News Agency (QNA) that what distinguished QSE during the first week of April was the state of awaiting the results of the listed companies during the 2023 first quarter (Q1). He pointed out that the rises during the first sessions of the week took advantage of the OPEC+ decision to reduce oil production, which led to a rise in its prices in the global markets.
He explained that the declines during the last sessions of the week were due to profit-taking operations, expecting that the results of the listed companies that would be revealed next week with the announcement of the results of Qatar National Bank on April 10 would be better than those recorded in the same period last year, especially in the banking sector that benefits from raising the interest rates.
Bouhlaiqa pointed out that the current week saw a demand from foreign portfolios due to increasing confidence in the Qatari economy, supported by the ratings of international credit agencies, the latest of which was Fitch Ratings, which confirmed Qatar’s sovereign rating at the level of -AA with stable to positive outlook.
The financial analyst pointed out that the selling operations of the portfolios are higher than the buying operations, given that they are in the process of changing positions, expecting the continuation of the positive performance of the QSE during the current month.
The weekly report of the Qatar Stock Exchange revealed an increase in the market value at the end of the week’s trading, to reach QR 601.473 billion, compared to its level last week, which amounted to QR 592.485 billion, while the value of stock trading was about QR 1.962 billion through the sale of 744.680 million shares, as a result of the implementation of 87671 deals across all sectors. (QNA)
Source: Qatar News Agency