Doha, July 23 (QNA) - The Qatar Stock Exchange (QSE) index closed this week down 0.70 percent, losing 70.74 points compared to last week's close to settle at 10,032 points, pressured by declines in five sectors. Meanwhile, the telecommunications and insurance sectors rose by 2.46 percent and 1.04 percent, respectively.

QSE figures for this week showed that the transportation sector suffered the largest losses, declining by 2.51 percent, followed by the consumer goods and services sector at 2.18 percent, then the real estate sector at 1.93 percent, banks and financial services at 1.45 percent, and industry at 0.14 percent.

Financial analyst Mustafa Abu Alela, head of strategy at Fortress Investment, told Qatar News Agency (QNA) that geopolitical tensions and pressures in the region have had a significant and negative impact on most global stock markets, noting that the emergence of new tensions in the Red Sea has further pressured investor sentiment, financial markets, and oil prices.

Oil prices continued their upward trend for the fifth consecutive day, reaching their highest levels in over a month. Brent crude futures climbed 4.80 percent to $98.59 a barrel, the highest level since June 3.

He added that positive first-half profit results boosted investor confidence and supported the continued improvement in stock market performance. However, regional conditions created a psychological and geopolitical pressure that impacted the stock market index and markets both regionally and globally.

Last week, the market saw a trading volume of 642,826,107 shares, with a value exceeding QAR 1.716 billion, across 167,271 transactions in all sectors.

The financial analyst confirmed that the announcements of company financial results kept the general index stable above the 10,000-point level, which was reflected positively on the market's performance during the past period, noting that if any signs of calming the situation occur, a rise in the market will be seen due to the strength of the economic situation in the State of Qatar and the financial solvency of the listed companies. (QNA)