Financial Analyst to QNA: QSE Headed for Further Gains after Reversing its Trend This Week

Doha, September 18 (QNA) - The Qatar Stock Exchange (QSE) index closed this week up 1.94 percent, adding 214.73 points to its tally, reaching 11,307.85 points, supported by most sectors.

Financial market analyst Youssef Bouhlaiqa explained that the market shifted towards an upward trend this week, expecting further gains in the coming period, noting that the market is heading toward further gains after it overcame last week's declines.

Speaking to Qatar News Agency (QNA), Bouhlaiqa confirmed that investors have confidence in the Qatari economy and its strength, which has encouraged investors to build their financial positions and seize buying opportunities this week.

He pointed out that the market witnessed buying pressure this week, with purchases exceeding QAR one billion today. This was due to the implementation of the semi-annual review of the FTSE Russell Emerging Markets Index, which took effect after today's close for the Qatari market.

According to the review, companies included in the FTSE indices are Investment Holding Company, which is part of the mid-cap index, while Aamal, Al Mahhar Holding, and Doha Insurance Group are part of the smaller-cap index.

In a related context, Bouhlaiqa concluded his remarks to QNA by stating that the review and reduction of the US interest rate by 25 basis points, in addition to the reduction of the interest rate in Qatar by the same amount, played a significant role in accelerating the market's rise today.

Meanwhile, QSE's weekly report revealed that the total value of stock trade reached approximately QAR 2.9 billion, through the sale of 1.05 billion shares, in 121,622 transactions. (QNA)