Doha, August 27 (QNA) - The Qatar Stock Exchange (QSE) index rose 2 percent this week, adding 193.720 points to its tally, reaching a level of 9,876 points in the green zone, supported by most sectors, especially the communications and transportation sectors, which rose by around 3.81 percent and 2.92 percent respectively.
Regarding the index's performance this week, financial markets analyst Yousef Buhlaiqa told Qatar News Agency (QNA) that the positive performance that characterized trading on QSE during this week, as it continued its gains for the fourth consecutive session, amid an improvement in investor sentiment due to indications of easing geopolitical tensions in the region, and renewed hopes for progress in diplomatic efforts related to Iran and the Strait of Hormuz.
He pointed out that the QSE index rose during the week's trading to approach the 9,900-point level, supported by purchases that affected a number of leading stocks, in addition to the transport sector stocks, most notably "Nakilat" company. He noted that the market movement indicates an improvement in investor appetite with the decline of some of the fears related to the repercussions of the regional conflict on energy and trade markets.
Buhlaiqa anticipated the QSE index to continue to higher levels during the coming week, with the 10,000-point level remaining a prominent technical target for the market, noting that the continuation of the rise will remain linked to developments in oil prices, the course of regional negotiations, and the extent of improvement in liquidity and purchases in leading stocks.
The gains in the Qatari market coincided with a decline in global oil prices, as crude prices continued to fall for several sessions amid growing optimism that arrangements could be reached to ease supply disruptions and reopen the Strait of Hormuz more regularly. (QNA)