The Qatar Stock Exchange’s benchmark QE Index fell 2.17% in the week ended Thursday, October 15, shedding 195.44 points to close at 8,810, Qatar News Agency (QNA) reported.
The decline affected all sectors. It was the index’s fifth consecutive weekly loss.
The index fell 1.35%, or 120.96 points, in Thursday’s session to close at 8,810.17, QNA said.
About 164.7 million shares worth QR381.5 million changed hands on Thursday in 23,865 transactions. Shares of eight companies rose, 42 fell and four were unchanged.
Total market capitalization fell to QR535.6 billion at Thursday’s close, from QR543.0 billion in the previous session.
The index had closed at 8,931 on Wednesday, October 14, down 0.7% on the day, according to a technical note from QNB Financial Services published on October 15. The note said the index had hit a fresh 52-week low and reached its lowest level in six years.
Financial analyst Mubarak Al Tamimi told QNA that the market faced notable selling pressure during the week, in line with declines in global and regional markets. He said regional and global geopolitical tensions weighed on investor sentiment and led to more cautious trading.
Al Tamimi identified 8,764 points as a key support level. A break below it could take the index toward 8,664 points if selling continues, he said.
He said he expects the correction in the market to continue, with geopolitical developments and global market volatility the main factors for the index’s direction.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul All Share Index fell 2.6% over the same week to close at 10,106.54, its lowest close in 43 months, according to Argaam.
The Qatar Stock Exchange trades from Sunday to Thursday. The next session is on Sunday, October 18.
