Doha, August 20 (QNA) - The Qatar Stock Exchange (QSE) Index closed this week down 3.38 percent, losing 338.27 points to reach 9,682 points compared with last week's close. The decline was driven by negative performances across all sectors, led by the telecommunications sector, which fell by around 4.61 percent, followed by the consumer goods and services sector, down 3.78 percent, and the industrial sector, which declined 3.56 percent.
Commenting on QSE's weekly performance, financial analyst Mubarak Al Tamimi told the Qatar News Agency (QNA) that the index continued its decline this week amid selling pressure, ongoing geopolitical tensions in the region, and the absence of catalysts related to semiannual dividend distributions.
He described the current situation facing the Qatar Stock Exchange as a "strong correction," driven by external factors and pressure on leading stocks, particularly those in the banking sector.
Al Tamimi explained that the current conditions do not necessarily signal the beginning of a long-term downward trend, noting that the 9,528-point level remains an important technical support level that could attract the attention of market makers and investors seeking buying opportunities at lower prices.
He said the index had lost key levels at 10,205 and 10,100 points, reinforcing negative pressures and prompting investors to exercise greater caution. He added that expectations point to a possible further decline toward the aforementioned 9,528-point level, which could represent an area for liquidity to enter the market and for market makers and investors to make gradual purchases.
Al Tamimi noted that despite the continued short-term negative outlook, a decline to the historical low of 9,165 points recorded in May 2022 remains unlikely at this stage, unless geopolitical risks escalate significantly.
Concluding his analysis, he highlighted positive opportunities for medium-and long-term investors at support levels, particularly in leading stocks with strong fundamentals. (QNA)