Doha, Qatar: The Qatar Stock Exchange index ended the week down 1.68 percent, losing 165.48 points from its previous week's closing level to settle at 9,659 points, under the pressure of six sectors.
The banking and financial services sector recorded the largest losses, with a decline of 2.58 percent, while the industrial sector posted the highest gains, rising by approximately 0.78 percent.
In this context, financial analyst Mubarak Al Tamimi told Qatar News Agency (QNA) that the Qatar Stock Exchange (QSE) general index faced selling pressure during the week's trading, causing it to decline and break through several technical support levels. The index is now approaching the 9,532-point mark - a level that, according to technical analysis of market trends, represents a significant zone where buying activity could potentially resume.
He added that the 9,532-point zone warrants close monitoring during upcoming sessions, as it represents a technical level where supply and demand forces may interact. He indicated that holding this level, combined with the emergence of positive reversal signals, could bolster the likelihood of an upward rebound in the coming week.
Al Tamimi said that the recent decline does not necessarily signal a continued downward trend. He noted that the index reaching key support levels could prompt some investors to rebuild positions, particularly if trading volumes improve and liquidity returns to bellwether stocks.
The financial analyst pointed out that the positive scenario requires confirmation through the index's ability to reclaim broken support levels and transform them back into support zones, alongside a clear improvement in liquidity and the activity of bellwether stocks.
In return, a clear break below the 9,532-point level, accompanied by increased selling pressure, could pave the way for a test of lower levels, warranting greater caution.
Concluding his remarks on the QSE's performance, Al Tamimi noted that next week's trading sessions would be crucial in determining the market's direction. He emphasized that the index holding above the 9,532-point level, coupled with the emergence of genuine buying interest, could support a rebound scenario, though confirmation of the trend remains contingent on the index's behavior and liquidity levels in the coming sessions.
