US Federal Reserve's Decision Was Reflected In QSE Performan...| MENAFN.COM

Friday, 07 October 2022 10:24 GMT

US Federal Reserve's Decision Was Reflected In QSE Performance


(MENAFN- The Peninsula) QNA

Doha: Qatar Stock Exchange (QSE) index fell, at the end of this weeks trading, to below 13,000 points, and lost about 599,930 points, or 4.530 percent, compared to the levels it reached during the past week, to descend to 12,634 points, under pressure from the US Federal Reserves decision to raise the interest rate.

Commenting on this drop, Alaa Al Sheikhly, a financial analyst, said that the global and Gulf stock exchanges, including Qatar Stock Exchange, were subjected to a number of pressures during this month, starting with the high inflation rate in the United States of America, which reached a higher level than expected, as the data showed this percentage rose to 8.3 percent against expectations of 8.1 percent, which negatively affected the movement of global markets and the performance of Gulf stock exchanges.

In a statement to Qatar News Agency (QNA), Al Sheikhly said that the increase in the interest rate in the United States by 75 basis points has complicated the situation and imposed more pressure on the markets, in addition to the developments of the war in Ukraine and the threat of Russian President Vladimir Putin to use nuclear weapons, this further confuses the financial markets.

He added:“In addition to the above, there are some partial factors that have cast a shadow on the performance of the Qatar Stock Exchange, related to profit-taking operations related to the large rises during the past two months, which led to a strong corrective movement during the past few period.”

The financial analyst expected the return of positive dynamism to the Qatari market with the beginning of the announcement of the results of the listed companies, and the approaching start of the competitions for the most prominent sporting event in the world, the FIFA World Cup Qatar 2022.

The weekly report of Qatar Stock Exchange revealed a decrease in the market value at the end of trading week to reach QR699.836bn, compared to its level last week, which amounted to QR734.338bn, in addition to recording the value of stock trading about QR2.268bn by selling 625.830 million shares, and concluding 67,859 deals.

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