The Qatar Stock Exchange index ended this week’s trading with an increase of 1.12 percent, achieving gains of 117.51 points, rising to the level of 10,581.66 points, compared to last week’s close.
In a statement to Qatar News Agency (QNA), Mr. Youssef Abu Haliqa, a financial markets analyst, attributed the market’s rise during the current week to a group of factors, most notably the reduction in interest rates by the Qatar Central Bank by 55 basis points, and the decision of the Qatar National Bank Group (QNB/). By repurchasing the bank’s shares at a value of up to 2.9 billion riyals, in addition to the semi-annual dividends, in addition to anticipating the profit results for the third quarter of the current year.
The stock index continued its upward march for the fifth week in a row, supported by a collective rise in sectors led by the real estate sector, which rose by 5.49 percent, followed by the communications sector, which rose by 1.54 percent, banks and financial services by 1.09 percent, insurance by 1.02 percent, and services and consumer goods by 1.01 percent. And transportation by 0.76 percent and industry by 0.46 percent.
This week witnessed liquidity levels amounting to 2.055 billion riyals, compared to 2.118 billion riyals last week, while the trading volume during the current week reached 983 million, 917 thousand and 21 shares, with a number of deals amounting to 76,583 deals in all sectors.
The financial analyst confirmed that the decision to reduce interest rates will increase the pace of financial market activity, by increasing cash flows to the stock exchanges, in addition to reducing the cost of financing, which will revive the activity of companies in various sectors. He expected the general index of the Qatar Stock Exchange to rise to levels of 11 thousand points.
In the same context, three Qatari banks signed a billion-dollar financing deal, as Ooredoo Group announced the signing of a historic financing agreement worth two billion riyals to support the expansion of its data center network, which will allow to significantly enhance capacity and modernize its data centers. The group stated that the ten-year financing deal with Qatar National Bank Group (QNB), Doha Bank, and Masraf Al Rayan was concluded according to a mixed formula that combines traditional financing and Islamic financing, making it the largest financing deal in terms of value and importance in the history of the technology sector in the State of Qatar.
The Qatar Stock Exchange index closed its trading session yesterday, rising by 38.95 points, or 0.37 percent, to reach the level of 10,581.66 points.
During the session, 264 million 613 thousand and 712 shares were traded, with a value of 576 million 892 thousand and 943,683 riyals, as a result of implementing 20,255 transactions in all sectors.
The shares of 30 companies rose during the session, while the shares of 18 other companies fell, and 3 companies maintained their previous closing prices.
The market capitalization at the end of the trading session amounted to 618 billion, 74 million, 910 thousand and 649,930 riyals, compared to 615 billion, 242 million, 836 thousand and 306,480 riyals, in the previous session.
