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09-04-23

Qatar Stock Exchange Records Positive Performance as Investors Await Companies' Q1 Results

(MENAFN) The Qatar Stock Exchange (QSE) index has recorded a 1.270 percent increase at the end of the current week, gaining 129.820 points to reach 10,342 points compared to the previous week. Financial analyst Youssef Bouhlaiqa explained that the QSE awaited the results of listed companies during the 2023 first quarter (Q1), with the first sessions of the week taking advantage of the OPEC+ decision to reduce oil production, leading to a rise in oil prices in global markets.

However, the declines in the last sessions of the week were due to profit-taking operations, with expectations that the results of listed companies to be revealed next week, starting with Qatar National Bank on April 10, would be better than those recorded in the same period last year, particularly in the banking sector that benefits from raising interest rates.

Bouhlaiqa noted that there was an increasing demand from foreign portfolios due to rising confidence in the Qatari economy, supported by the ratings of international credit agencies, including Fitch Ratings, which confirmed Qatar's sovereign rating at the level of -AA with a stable to positive outlook.

Although selling operations of the portfolios are currently higher than buying operations, Bouhlaiqa expects the continuation of a positive performance of the QSE during the current month, as investors await the Q1 results of listed companies.

According to the weekly report of the Qatar Stock Exchange, the market value increased at the end of the week's trading, reaching QR601.473bn, compared to last week's level of QR592.485bn. The value of stock trading was about QR1.962bn through the sale of 744.680 million shares, resulting from 87671 deals across all sectors.
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