Satyendra pathak
Doha
The Qatar Stock Exchange (QSE) index closed this week on a strong note, gaining 224.13 points, or 2.13 percent, to close at 10,733 points, its highest level in 2024. This significant rise follows the index’s earlier low of 9,165 points in late May, reflecting a robust recovery in recent months.
All sectors posted gains during the week, with the telecommunications sector leading the surge with a 3.9 percent increase. The financial sector followed closely, rising by 2.56 percent, while the real estate sector saw a 2.2 percent increase, bolstered by the positive performance of Ezdan shares. Although the industrial sector experienced the smallest growth, it still recorded a 1.1 percent rise, marking a positive performance across the board.
Financial advisor Ramzi Qasmieh told QNA that the QSE’s rise to its highest point this year was primarily supported by strong financial results from listed companies. Many companies that have disclosed their earnings so far have shown reasonable growth compared to the same period in 2023. This, combined with fresh liquidity entering the market, particularly from local institutions, has driven up the value of key stocks.
The banking sector was one of the main drivers of the market’s gains this week. Qatar Islamic Bank (QIB) shares rose by more than 4 percent, while Qatar National Bank (QNB) shares gained around 2.8 percent. These two banks contributed significantly to the overall positive momentum in the financial sector.
Industries Qatar and Ooredoo were also among the stocks that performed well. Ooredoo shares rose by nearly 4.7 percent during the week, further supporting the index’s performance. Qasmieh noted that despite some price corrections for leading stocks, the strong performance of QIB, Industries Qatar, and Milaha helped stabilize the market during the final trading session of the week.
The QSE index also maintained relative stability during the last trading session, closing the week in the green zone for the second consecutive week. The index reached its highest point of 10,747 during the session, with corrections in some leading stocks expected to give them more momentum in the coming period.
