Doha, April 30 (QNA) - The Qatar Stock Exchange index fell 1.64 percent this week, losing 174.51 points to close at 10,487, weighed by five sectors led by transport, while telecoms gained 3.41 percent.

Financial analyst Mubarak Al Tamimi told Qatar News Agency (QNA) that the market is in a mild correction following a rally from 9,927 points that delivered gains of over 8 percent (around 833 points), noting such rapid rises naturally trigger profit-taking.

He said the index faces clear resistance at 10,770 points and has yet to break it, leading to a sideways, slightly downward trend, with trading between 10,704 and 10,487 points, reflecting investor caution.

Al Tamimi added the overall trend remains positive, with support at 10,491 points keys to a renewed rise toward 10,770, and potentially the “psychological 11,000 level” if momentum improves.

He noted a break below 10,491 could push the index toward 10,227 points, a compelling level to rebuild positions, especially for medium- and long-term investors.

He expects leading stocks, particularly in banking, to drive gains in the coming weeks, adding current volatility is a repositioning opportunity, not a sign of weakness, and stressed the medium-term trend remains upward, with pullbacks part of a healthy cycle. (QNA)