Qatar Stock Exchange maintains solidity despite drops in global markets
Date
8/11/2024 8:51:08 AM
(MENAFN) The Qatar Stock Exchange (QSE) index concluded the week with a decline of 0.77 percent, dropping by 77.740 points to reach 10,053.01 points. This decrease reflects a downturn compared to the previous week’s closing figures.
Financial analyst Mubarak Al Tamimi provided an analysis of the QSE's performance, noting that the index maintained stability during a period of global market declines, often referred to as the black Monday shock. This stability was largely supported by the strong performance of major companies such as Industries Qatar, Qatar National bank (QNB), and Qatar Islamic Bank (QIB). Al Tamimi emphasized that despite the overall market downturn, the QSE managed to stay above the 10,000-point threshold due to the positive contributions from shares of QIB and Industries Qatar in the final trading session.
Al Tamimi observed that while the QSE did not experience the same level of gains as global market indices, it demonstrated resilience. The index hit its peak for the week on July 16, closing at 10,205 points. This peak highlighted the QSE’s relative stability and its capacity to absorb the broader market declines. However, he noted that many small and medium-sized companies listed on the QSE are currently facing declines, although certain stocks, such as those of Gulf International Services and Baladna Company, are experiencing upward trends.
The analyst advised investors to hold onto shares of these companies despite their historically low prices, predicting that the current downturn will be temporary and that there will be opportunities for recovery in the medium to long term. He emphasized the importance of patience and a long-term perspective in achieving profitable returns, particularly for investors who are not engaged in speculative trading.
MENAFN11082024000045015839ID1108541726
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.