The Qatar Stock Exchange (QSE) index concluded this week’s trading up by 0.57 percent, gaining 57.690 points to stand at 10,120 points.
Financial advisor Ramzi Qasimia said that the QSE witnessed noticeable fluctuations during the current week, affected, like the rest of the Gulf financial markets, by the regional political conditions, reaching below the levels of 10,000 points in Tuesday’s session for the first time since the June 26 session.
In his remarks to Qatar News Agency , the financial advisor added that the announcement of the financial results of the Qatar National Bank (QNB) restored balance to the market, as the bank’s results exceeded analysts’ expectations to achieve a growth rate in profits of 8 percent during the first nine months of 2023 and about 16 percent compared to the results of the second quarter of 2023 as a result of the improvement in profit margins for its activities in Turkiye, which gave an impetus to stock market companies, with the index ending the last sessions of the we
ek above 10,000 points and achieving weekly gains of about 0.57 percent.
He highlighted the importance of the 10,000-point level as a technical and psychological support point for investors, pointing to the role played by institutional portfolios in purchasing some leading stocks such as Qatar National Bank (QNB), Commercial Bank (CB), Qatar Islamic Bank (QIB), and Industries Qatar, so that the index returned to its rise to the indicated level.
He considered that the positive results of QNB had a profound impact on investors and raised the level of optimism regarding the rest of the listed companies’ results for the third quarter, especially the results of the banking sector, as bank shares were the biggest gainers in the past two sessions.
From a technical point of view, the financial advisor said that the closures were positive for stocks to be able to recover the losses they recorded in the past sessions, which gives them a boost in the near term.
He added that QNB shares were the best performers, achi
eving gains of nearly 4 percent, Dlala by 3.3 percent, and Commercial Bank by 2.55 percent. Sectorwise, the financial sector achieved gains of 2.14 percent, and the industrial index closed stable.
Source: Qatar News Agency