Doha: Qatar Stock Exchange (QSE) index fell by 1.39 percent at the end of the second week of January, losing 155.10 points and dropping to 10,990.21 points compared to the first week of the same month under the pressure of awaiting the US inflation data due later yesterday, hints of US Federal Reserve officials of raising the interest rate more than anticipated to curb the inflation, and oil prices decline below $80 per barrel.
Speaking to Qatar News Agency (QNA), financial analyst Waleed Al Fuqaha said that QSE started this week’s trading higher for two executive sessions to reach 11,466.70 points but declined during the last three sessions to end the week down by 155.10 points. Al Fuqaha attributed the decline to various factors, notably the US inflation data due later Thursday, pointing out that the decision of the US Federal Reserve officials regarding slowing the pace of raising the interest rates depends on this data, in addition to the drop in oil prices below $80 per barrel.
The financial analyst explained to QNA that despite the good results of Qatar National Bank (QNB) during 2022, recording 9 percent profit growth to reach QR14,348,860,000 with anticipations that most companies will achieve similar good results, the external factors constituted pressure on the general index compared to the promising local indicators, especially that Qatar Central Bank recorded in December 2022, a Y-o-Y 9.6 percent growth in international reserves and foreign currencies liquidity to reach QR631.930bn, and Qatar’s economy saw a Y-o-Y 4.3 percent growth during the third quarter of 2022.
The weekly report of QSE revealed that the market value decreased by the end of the weeks trading to reach QR621.204 billion, compared to its level last week, which amounted to QR631.930bn, in addition to recording the value of stock trading about QR2.766bn through selling 802,416,420 shares, through concluding 97,079 deals.
Qatar National Bank (QNB) achieved profit growth of 9 percent to reach QR14,348,860,000 by the end of 2022 supported by growth in loans and advances by 6% to reach QR808bn, in addition to the increase in customer deposits by 7 percent to reach QR842bn.
According to the bank records, the earnings per share reached QR1.44 compared to QR1.32 for the same period in 2022. The Board of Directors of QNB Group have recommended to the General Assembly the distribution of a cash dividend of 60 percent of the nominal share value (QR0.60 per share).
