Financial Analyst to QNA: Qatar Stock Exchange Index Holds Up Supported by High Oil Prices

Doha, October 06 (QNA) - The Qatar Stock Exchange index (QSE) breached the 13,000-point barrier at the end of this week trading, gaining 333.430 points, with a growth rate of 2.630 percent, and consequently rising to the level of 13,028 points. On the performance of the stock market this week, Alaa Al Sheikhly, a financial analyst, attributed the positive movement that the stock market witnessed in parallel with the movement of the rest of the GCC markets to two main factors: The first one is the rise in oil prices in global markets, which is expected to take an upward trend in the coming period, especially with the announcement of "OPEC +" countries group to reduce the volume of production by about two million barrels of oil per day, in a move aimed at supporting prices that witnessed in the third quarter of this year the first quarterly loss in two years, while the second factor is the approaching announcement of the results of the third quarter of companies listed on QSE. Al Sheikhly stated to the Qatar News Agency (QNA) that the initiative of the Qatar Investment Authority continues to have an impact on the stock exchange and its dealers, as a step that comes in the context of the authority's commitment to support the Qatari economy and support the liquidity of the shares listed on the stock exchange, noting to the effects of internal factors more on the performance of the stock exchange, especially with the approaching launch of the FIFA World Cup Qatar 2022, and what this means to boost the performance of various economic activities in the country. He also pointed out that the industrial sector will be one of the biggest beneficiaries in the coming period as a result of the rise in oil and gas prices, which was evident with the rise in the industrial sector index, expectinga also a good performance of the banking and financial services sector, supported by the interest rate hike. The weekly report of the QSE revealed an increase in the market value at the end of the week’s trading to reach QR 726.021 billion, compared to its level last week, which amounted to QR 705.337 billion , in addition to recording the value of stock trading about QR 2.534 billion through the sale of 899.451 million shares, through striking of 76,882 deals. (QNA)