The Qatar Stock Exchange (QSE) index concluded this week's trading up by 0.80 percent, gaining 81.64 points to stand at 10,319.28, compared to last week's trading, supported by the performance of 4 sectors led by the transport sector which rose by 4.15 percent, insurance which rose by 1.9 percent, banks which rose by 0.81 percent, and industry which rose by 0.52 percent.
In a statement to Qatar News Agency, financial analyst Tamer Hassan stressed that the QSE general index saw a noticeable improvement this week compared to the previous week due to performance improvement of some sectors supported by oil prices that saw an increase of around 2 percent to settle at around USD 92 per barrel, approaching their highest level in 10 months, in addition to raising foreigners' ownership in some companies, as well as revisions to some foreign indicators.
Brent futures rose USD 1.42 or 1.6 percent, to settle at USD 92.06 a barrel, while U.S. West Texas Intermediate (WTI) crude rose USD 1.55, or 1.8 percent, to settle at USD 88.84 to close at their highest levels since November 2022.
The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are stronger than expected.
OPEC's monthly report forecast world oil demand will rise by 2.25 million barrels per day (bpd) in 2024.
In that regard, the financial analyst said that oil prices had a positive impact on the stock market, especially oil-related stocks, which led the index to rise.
He pointed out that the general index from a technical standpoint indicates the occurrence of occasional upward movements during the next week, indicating that if liquidity is available, the index is expected to rise to 10,550 points and the level of 10,700 points.
HE indicated that with investors anticipating the companies' results in the third quarter (the first nine months of this year), which are expected to be positive, the index is likely to reach levels of 11 points.
This week, the average trading per session reached around QR 716 million, while trading volumes recorded 1,273,289,662 shares as a result of implementing 103,630 transactions in all sectors.
QSE market capitalization increased from QR 602.683 billion during the past week to QR 605.288 billion during the current week.
Meanwhile, the review of the FTSE Russell index for emerging markets will take effect in today's session, which witnessed the introduction, exit, and reclassification of some companies. The financial markets are also awaiting the US Federal Reserve meeting on Sep. 20-21 to review interest rates.
Edaa company has modified Thursday the foreigners' ownership limit of Qatar Electricity and Water Company and Qatar Navigation Company (Milaha) to be 100 percent of the capital.
In two press releases issued by Edaa on Thursday and published on the Qatar Stock Exchange (QSE) website, the company indicated that the foreigners' ownership limit of Qatar Electricity and Water Company has been modified to become 100 percent of the capital, which is equal to 1,100,000,000 shares. The foreigners' ownership limit of Milaha has also been changed to become 100 percent of the capital, which is equal to 1,136,164,750 shares.
Source: Qatar News Agency