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Doha, Qatar: The Qatar Stock Exchange (QSE) index concluded this week’s trading up by 0.42 percent, gaining 42.90 points to stand at 10,237, compared to last week’s trading, supported by the improved oil prices that surged to more than $90 per barrel.
In remarks to Qatar News Agency (QNA), financial analyst Waleed Al Fuqaha stressed that, during this week, the performance of the QSE general witnessed pressure in the first three sessions, leading it to drop to levels below 10,000 points, while the market bounced upwards during the last two sessions to close at 10,237.64 points, benefiting from the surge in oil prices, which rose with the support of extending the voluntary production cut of the Kingdom of Saudi Arabia and Russia by 1.3 million
barrels.
Oil prices recorded an increase at settlement today, retreating from their early declines at the beginning of trading, with expectations of withdrawing more US crude oil stocks after Saudi Arabia and Russia extended the voluntary reduction in their supplies. Brent crude futures rose at settlement by 56 cents, recording $90.60 per barrel.
Saudi Arabia announced on Tuesday the extension of the voluntary reduction in oil production of one million barrels per day, which began in July, for another three months until the end of next December. Russia also announced the extension of the voluntary reduction of its 300,000 barrels/day oil exports by one million barrels per day until the end of 2023.
The financial analyst pointed out that during this week, the general index saw speculative activity on some stocks, most notably Salam International, Medicare, Dlala, and others, in addition to the investment activity for local and foreign portfolios that benefited from the correction operations that the index witnessed in the first sessions of the week.
This week saw an improvement in liquidity levels, as the value of trading during this week recorded a level of QR2.543bn, with an average of about QR508m per session, while trading volumes during the current week recorded 1,023,885,578 shares as a result of implementing 96,601 transactions in all sectors.
QSE market capitalization increased from QR602.124bn during the past week to QR602.983bn during the current week.
Over the next week, QSE traders are awaiting the implementation of the review of the FTSE Russell Emerging Markets Index, which witnessed the introduction, exit, and reclassification of some companies. The financial markets are also anticipating the US Federal Reserve meeting in September, where the US Federal Reserve (the US central bank) will meet on Sep. 20-21, 2023 to review interest rates.
