Doha: The Qatar Stock Exchange index closed this week's trading down by 349.30 points, equivalent to 3.09%, reaching the level of 10,958 points compared to the end of last week's trading, under the influence of profit-taking operations by foreign portfolios.
According to Qatar News Agency, financial analyst Mubarak Al Tamimi stated that the Qatar Stock Exchange index is heading toward the 11,800-point level, which represents strong rebound zones and a retesting phase, where investors exchange roles in terms of selling, buying, and building financial positions.
He pointed out that the market is likely to rebound and may witness a new upward wave supported by anticipated earnings announcements for companies in the third quarter of this year, lower interest rates, the strength of the local economy, and available opportunities in the market.
He added that this decline is attributed to profit-taking and financial position building, especially since next week marks the end of the current month and the third quarter, and the beginning of the final quarter of the year. Additionally, some listed companies have stopped buying back their shares as the date for disclosing their financial results approaches.
Al Tamimi expected companies to achieve positive results in the third quarter of this year, noting that the market decline presents an opportunity for investors due to price corrections and buying opportunities.
He concluded by saying that the current market closures provide new price and technical signals for stocks, allowing investors to enhance their gains in the upcoming period.
The weekly report of the Qatar Stock Exchange revealed that the value of stock trades reached approximately QAR 2.3 billion, through the execution of 112,681 transactions.