Financial Advisor to QNA: Institutional Purchases Were Factors in QSE’s Trading This Week

Doha, – The Qatar Stock Exchange (QSE) index ended this week’s trading, up by 2.73 percent, adding 264.760 points compared to the end of last week’s trading, to stand at 9,977 points.

Financial advisor Ramzi Qasimia said that the weekly numbers of the QSE index were positive, with gains amounting to 2.73 percent, despite the decline recorded on Thursday’s session, which fell by 0.61 percent.

In remarks to Qatar News Agency , the financial advisor estimated the gains of the general index of the QSE during the current and last week at about 7 percent, attributing the support it received to the banking and industrial sectors. QNB achieved gains of about 5 percent.

Qasimia said that the entry of portfolios and institutional purchases were factors in this week’s trading, and their effects were clear on the leading stocks, which left a positive impact on the index shares.

Technically, the index entered a wave of correction and profit-taking, as it is expected to range at its current levels and break 10,350 points in the coming period, he added.

In his sectoral reading, Qasimia pointed out that the goods and services sector was at the forefront during the current week with gains approaching 4.5 percent, followed by the financial sector, which rose by 3.8 percent as a result of the gains of QNB and Al Rayyan. The real estate sector achieved gains of about 2 percent, with a remarkable performance from Barwa stock.

The industrial sector also achieved an increase during the current week of approximately 1.9 percent, while the insurance sector declined by approximately 1 percent, with Qatar Insurance (QIC) shares declining by 1 percent, while the telecommunications sector index declined the most.

The financial advisor noted that the current week witnessed an increase in daily trading values, which amounted to approximately QR 641 million, compared to QR 599 million as an average daily trading value the week before.

He also mentioned the announcement of the review of the Morgan Stanley MSCI index that may adjust some weights of Qatari companies during the next week.

Source: Qatar News Agency

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