Doha, January 19 (QNA) - Qatar Stock Exchange (QSE) index fell by 1.63 percent at the end of the third week of January, losing 179.64 points and dropping to 10,810.57 points compared to the second week of the same month, under the pressure of global market fluctuations, uncertainty, and the looming global recession.
Chairman of Qatar Association of Certified Public Accountants (QCPA), and the Analyst and financial expert Dr. Hashim Al Sayed attributed the decline in the general index, in addition to these factors, to profit-taking operations in conjunction with the annual results of the companies as well as the investors anticipation for the US federal reserve meeting due at the end of January.
In exclusive remarks to Qatar News Agency (QNA), Al Sayed said that the general index of QSE saw a sharp decline this week, yet during the last session of the week, the index rose remarkably to gain 224.29 points or 2.12% to end the week at the level of 10,810.57 points.
He pointed out to a list of factors that cause these sharp fluctuations, most notably the decline in global markets dues to uncertainty surrounding the global economy.
The works of the World Economic Forum in Davos, Switzerland gave a bleak image of the world economic situation, some investors tend to hedge awaiting the results of the US Federal Reserve meeting regarding raising the interest rates, in addition to profit-taking operations in conjunction with the annual results of the companies.
The weekly report of the Qatar Stock Exchange revealed a decrease in the market value at the end of the week's trading, to reach QR 614.268 billion, compared to its level last week, which amounted to QR 621.204 billion, while the value of stock trading was about QR 2.657 billion through the sale of 716,718,758 shares, as a result of the implementation of 96,738 deal across all sectors.
Data issued by Qatar Stock Exchange showed an increase in three sectors, led by telecommunication sector by 4.22%, followed by transport by 2.46%, and Industrial sector by 0.71%.
The report also showed a decrease in real estate sector by 4.02%, the banking and financial services sector by 3.25%, the consumer goods and services sector by 2.17%, and insurance by 0.23%.
(QNA)