Doha: The Qatar Stock Exchange index experienced a decline of 1.64 percent this week, shedding 174.51 points to end at 10,487. This downturn was primarily driven by losses in five sectors, with transport leading the decline, while the telecoms sector saw a gain of 3.41 percent.

According to Qatar News Agency, financial analyst Mubarak Al Tamimi explained that the index is undergoing a mild correction after a rally that began at 9,927 points, resulting in gains exceeding 8 percent, or approximately 833 points. He emphasized that such rapid increases often lead to profit-taking behaviors among investors.

Al Tamimi highlighted that the index is facing significant resistance at 10,770 points, which it has not yet surpassed. This has resulted in a sideways and slightly downward trading pattern, with fluctuations between 10,704 and 10,487 points, indicating a cautious approach by investors.

Despite the recent correction, Al Tamimi asserted that the overall trend remains positive. He pointed out that the support level at 10,491 points is crucial for a potential rise towards the 10,770 points mark, and possibly reaching the 'psychological 11,000 level' if market momentum improves. However, a break below 10,491 could lead the index to 10,227 points, presenting an attractive opportunity for medium- and long-term investors to rebuild positions.

Looking ahead, Al Tamimi anticipates that leading stocks, particularly in the banking sector, will spearhead gains in the coming weeks. He noted that the current volatility should be viewed as a repositioning opportunity rather than an indication of market weakness, and reiterated that the medium-term trend remains upward, with pullbacks being a natural part of a healthy market cycle.