04 August 2022

Financial Analyst to QNA: Strong Earnings, Economy Drive Qatari Stocks Higher

Local
  • Boursa

Doha, August 04 (QNA) - Qatar Stock Exchange's index carried its strong performance so far this year into the first week of August, benefiting from strong earnings reports. The index rose 1.94 percent this week to reach 13376.

Financial analyst Zakariya Abdulaziz said a number of factors helped the index's gains, although he noted that there was some profit-taking. He told Qatar News Agency (QNA) that the country's macroeconomic picture was one of the biggest catalysts for the gains, with the Qatari economy forecast to grow 3.4% this year thanks to the oil sector and growing foreign reserves, in addition to hosting the World Cup later in the year which will boost economic activity.

He noted that news of the first Ukrainian grain shipment had a positive impact on investor sentiment, which droves local and foreign funds to start buying. He highlighted that the total value of traded shares this week rose to QR 3.67 billion. He highlighted that the strong earnings results from the listed companies also drove the stock prices higher. (QNA)



Keywords

Economy, Qatar
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