Doha: The Qatar Stock Exchange (QSE) index ended this week with a decline of 1.1 percent, shedding 116.41 points to close at 10,465. Speaking to Qatar News Agency , Investment Advisor Ramzi Qasmieh said that the index had seen five consecutive weeks of gains before this week's decline. He attributed the drop to a correction phase, which he described as "healthy," along with profit-taking and the influence of regional political events. Qasmieh pointed out that all sectors closed in the red this week. The least affected sector was industrials, down by 0.31 percent, while telecommunications and real estate were the hardest hit, dropping by 2.96 percent and 2.58 percent, respectively. He also highlighted that the index fell by 101 points, or 0.96 percent, in its final session of the week, driven by declines in banking stocks, including International Islamic Bank (down 3.6 percent), Al Rayan (down 2.4 percent), and Ooredoo, which dropped 4 percent after notable gains in previous weeks. He explained that the d rop in the last two sessions was due to profit-taking in leading stocks, especially in the banking, real estate, and telecommunications sectors, following the index's surge past 10,600 points, reaching overbought levels. He noted that the correction is technically necessary and healthy, providing the index with more momentum, as long as it doesn't fall below the 10,350-point threshold. Source: Qatar News Agency
Thursday, October 31, 2024