Financial Analyst to QNA: Impact of Negative External Factors on QSE More Powerful Than Positive Internal Factors

Doha, October 13 (QNA) - The general index of the Qatar Stock Exchange fell at the end of trading this week to 12,718 points, losing about 310.45 points, or 2.38%, compared to the end of trading last week. Commenting on this performance, financial analyst, Tamer Hassan said in an exclusive statement to Qatar News Agency that the external factors are still a main driver of the performance of Qatar Stock Exchange. The biggest factor he said was potential developments in the US markets pertaining to inflation and unemployment. He noted that these factors have outweighed internal drivers represented in the solid and powerful performance of the Qatar economy with a growth rate of 6.3% at constant prices in the first half of 2022. He added that, as the State of Qatar is getting closer to organizing FIFA World Cup Qatar 2022, and awaiting the announcement of the results of the performance of companies during the nine months of this year, however, the results that have revealed until this moment results that are higher than anticipated, especially in such circumstances. He highlighted that the results of Qatar National Bank (QNB Group) came at important levels after the bank achieved an increase in its net profits by 7%, but the results were negatively impacted by the rise of the US Dollar and the impact it had in the bank's international subsidiaries. He said that the decline recorded in the performance of the general index of the stock exchange during the current week and its decline below the level of 13,000 points, coupled with some profit-taking operations related to the performance of the last week, projecting an improvement in the performance in the coming period with the progress towards organizing FIFA World Cup Qatar 2022 events, in addition to the persistent positive results of the listed companies, especially with the announcement of a new group of companies that increased foreign ownership to 100 percent. The weekly report of the Qatar Stock Exchange revealed a decrease in the market value at the end of the week’s trading, to reach QR 708.249 billion, compared to its weekly level last week which reached QR 726.021 million, in addition to recording the value of stock trading about QR 1.944 billion through the sale of 753.199 million shares, by concluding 76,882 deals. (QNA)