By: Eman Ghaly

Mubasher: The Qatar Stock Exchange (QSE) deepened its losses at Wednesday’s trading session, dragged down by the drop of six sectors.

By the end of the session, the general index declined 216.06 points, or 2.37%, to 8,881.85 points.

The bourse’s performance on Wednesday was very weak, technical analyst Ibrahim Al Failakawi told Mubasher.

The general index started sideways trend as of January until now, especially after the quartet — the UAE, Bahrain, Saudi Arabia and Egypt boycotted Qatar since last summer—, moving around the 9,000-point level, Al Failakawi added.

Al Failakawi has noted that the Qatari bourse will move upwardly over the next period to 9500 points if it does not fall below 8800 points.

On the other hand, the index may decline below 8,500 points, registering 8,000 points or 7,800 points in case the Arab rift continues, Al Failakawi expected.

The QSE’s liquidity decreased to QAR 393.9 million on Wednesday from QAR 2.5 billion on Tuesday, while the trading volume went down to 7.5 million shares against 32.2 million in the previous session.

The banking sector topped the QSE’s losers falling 3.25% as the Commercial Bank of Qatar (CBQ) and the heavyweight Qatar National Bank (QNB) levelled down 5.83% and 4.42%, respectively.

Similarly, the industrial sector decreased 1.61%, pressured by Qatar Electricity and Water Company which dropped 4.47%.

On the other hand, the goods and services sector was the bourse’s only riser adding 0.38% as Zad Holding Group went up 1.90%.

Masraf Al Rayan’s stock, which retreated 1.45%, led the QSE in terms of trading volume with 1.9 million shares, while QNB’s stock spearheaded the market in terms of liquidity with QAR 153.7 million.  

Translated by: Kholoud Mohamed Hussein