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QE rises this week, offsets earlier losses

QE rises this week, offsets earlier losses
Photo Credit: Arabianeye-Reuters

By: Hanan Mohamed

Doha-Mubasher: Qatar Stock Exchange (QSE) ended this week in the green, offsetting the losses it incurred last week.

The index gained 0.58% or 70.02 points to close at 12,049.85 points this week compared to 11,979.83 points the week earlier.

The index broke the key resistance levels of 11,950-12,000 points and managed to close above them, capital market analyst Ahmed Akl told Mubasher.

If the index breaks below the 11,950-point level next week, it will likely move towards the support levels of 11,800 and 11,650 points respectively, the analyst said. Meanwhile, the index may reach the resistance levels of 12,100, 12,200 and 12,350 points respectively if it exceeds the 12,000-point level.

The index needs high liquidity to cross key resistance levels including 12,200 and 12,350 points respectively.

The real estate sector topped gainers by 1.30%, followed by the transportation, banks, consumer goods and services and industrials sectors at 1.90%, 1.02%, 0.62% and 0.48% respectively, while the insurance sector was the least gainer by 0.04%.

The telecom sector was the only gainer by 1.95%, weighed by Vodafone Qatar and Ooredoo which added 3.97% and 1.18% respectively.

Gulf Warehousing Company led risers by 9.44%, while Vodafone was the major decliner by 3.97%.

The market witnessed the return of catalysts like the positive financial announcements of many companies in the banking sector, as well as the oil prices rise in the recent period.

Turnover dropped 12.8% to QAR 1.71 billion this week compared to QAR 1.96 billion last week, while trading volume declined 3.1% to QAR 42.84 million shares during the period compared to 44.23 million shares.

Gulf International Services led gainers by 11.9%, followed by Barwa Real Estate and QNB at 10.6% and 7.4% respectively.

The investors will target the real estate sector and major companies which will announce their Q1 financials.

Translated by: Julian Nabil