Doha, March 21 (QNA) - The Qatar Stock Exchange index concluded the current week with a decrease of 0.44 percent, losing 44.830 points to reach a level of 10,211 points. This decline was driven by the consumer goods and services sector, which was the biggest loser with a negative percentage of 1.04 percent, followed by the banking and financial services sector with a decrease of 0.560 percent.
Speaking to Qatari News Agency (QNA), Youssef Bouhlaiqa, a financial markets analyst, said that investors are advised to hold onto stocks and refrain from speculation at the moment, especially after the US Federal Reserve decided to maintain interest rates and expectations of a future reduction, which would reduce corporate costs, stimulate consumer spending, and consequently boost business profits.
Bouhlaiqa pointed out that the decision to stabilize interest rates by the US Federal Reserve, and by the Qatar Central Bank, has several economic effects, including liquidity transfer to stocks, stability of the currency exchange rate, decrease in housing prices, increased consumer confidence, and economic growth stability. These conditions will undoubtedly contribute to improving the performance of various sectors associated with the stock market.
The financial markets analyst also noted that the last session of the current week received support from the upgrade of Qatar's credit rating by Fitch Ratings to AA, in addition to the impact of the Qatar Central Bank's decision to maintain interest rates following the US Federal Reserve's decision. As a result, the general index rose by 7.760 points at the end of today's session.
He also mentioned that regardless of the future moves of the US Federal Reserve, companies listed in Qatar are expected to achieve good returns in the first quarter of 2024, which will contribute to boosting the performance of the Qatar Stock Exchange.
Bouhlaiqa noted that the average value of trades during the current week amounted to approximately QR 496.25 million. (QNA)