Doha, July 30 (QNA) - The Qatar Stock Exchange (QSE) index ended the week down 1.11 percent, shedding 111.79 points from last week's close to finish at 9,920 points. The decline was driven by losses across five sectors, while the transportation and banking and financial services sectors posted gains.
Financial analyst Mubarak Al Tamimi told Qatar News Agency (QNA) that the QSE general index has been trading sideways with a downward bias for several months. He noted that the market opened the week at 10,032 points and closed at 9,920 points, predicting it could decline to 9,727 points in the coming period.
He added that this level represents an attractive buying opportunity for investors, offering the potential for stronger returns in the future.
QSE data for the week showed that the telecommunications sector recorded the steepest decline, falling 6.08 percent, followed by the industrial sector at 2.80 percent, insurance at 2.23 percent, real estate at 1.40 percent, and consumer goods and services at 0.36 percent.
Meanwhile, the transportation sector gained 0.43 percent, while the banking and financial services sector edged up 0.03 percent.
Al Tamimi said investors continue to assess the geopolitical risks stemming from the five-month-long war in the region and its implications for local, regional, and global financial markets. At the same time, he noted that positive first-half earnings reported by several companies have strengthened investor confidence. He added that stable interest rates also remain a supportive factor, enhancing the market's attractiveness.
During the week, a total of 654,832,195 shares were traded, with a value exceeding QAR 1.563 billion through 126,679 transactions across all sectors.
Yesterday, Qatar Central Bank decided to keep its current deposit, lending, and repurchase rates unchanged following its assessment of the State of Qatar's monetary policy. In a statement, the Bank said the deposit rate (QCBDR) will remain at 3.85 percent, the lending rate (QCBLR) at 4.35 percent, and the repurchase rate (QCB Repo Rate) at 4.10 percent. (QNA)