Qatar Stock Exchange on Wednesday failed to break the 10,500 resistance level as its key index lost 38 points, mainly dragged by real estate and banking stocks.
Qatar Stock Exchange (QSE), which witnessed weak sentiments during the first three days of the week, later on gained on renewed hopes of production freeze, which sent global oil prices above $41 a barrel.
A sustained weakness in the oil market, where prices now trade around $38 a barrel, has hit sentiments in the Qatar Stock Exchange, which on Tuesday plunged 118 points to settle below the 10,200 mark.
Amidst hopes of oil production cuts by four major players and backed by Iran, Qatar Stock Exchange (QSE) closed the week near the 10,000 mark and capitalisation increase more than QR23bn on the back of strong buying support from foreign institutions.
Banking on hopes of production cut by oil producers, which has already led Brent to trade above $35 a barrel; Qatar Stock Exchange (QSE) was the fourth best performer in the Gulf region, witnessing QR22bn addition in capitalisation, during the week.
Qatar Stock Exchange on Tuesday gained for the fifth straight session, adding another 85 points to inch near the 9,700 mark, notwithstanding strong profit booking by foreign institutions.
Last week’s oil price rebound on reports suggesting possible production cut by oil producers had positively affected Qatar Stock Exchange, which on Sunday opened the week with 209 points addition to inch near the 9,500 mark and its capitalisation gained QR12bn to cross the QR507bn with ease.
A 12-year low oil price has had a cascading effect on the Gulf shores with the Qatar Stock Exchange (QSE) witnessing a huge 601 points plunge in index and about QR32bn in capitalisation, making it the second worst performing bourse in the region.
Sharp corrections, especially in the real estate stocks, on Thursday extended the bearish run in the Qatar Stock Exchange for the second day and its key index fell another 105 points to settle below the 8,600 mark.
Reflecting the weak sentiments in the global bourses owing to decline in oil prices, Qatar Stock Exchange on Wednesday plummeted 297 points to settle below the 8,700 mark and capitalisation erode more than QR13bn.
Qatar Stock Exchange on Tuesday witnessed strong rebound as its key index vaulted 470 points to inch near the 9,000 points, and capitalisation gain as much as QR21bn; mainly lifted by real estate, consumer goods and transport stocks.
Qatar Stock Exchange continued to be under bearish spell for the eighth straight session, albeit at lower levels, and its key index fell 11 points; a day after it was bludgeoned by Iranian deal with the UN atomic watchdog.
