The Qatar Stock Exchange (QSE) could not regain from the steep decline on the opening day that it finally closed in the negative terrain during the week.
Oil futures slipped in Asian trade on Friday after hitting resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.
Qatar Stock Exchange gained for the second day, albeit at lower levels, to stay above the 9,700 levels, mainly lifted by consumer goods, banking and industrials stocks.
Former Deputy Premier and Minister of Energy and Industry HE Abdullah bin Hamad al-Attiyah has allayed concerns on the impact of geopolitics on energy supplies from the Middle East.
Oil advanced Wednesday, with New York prices reaching 2016 highs, as data revealed falls to US crude inventories owing to wildfires slashing production across the Canadian border.
Qatar Stock Exchange was back in the negative trajectory on Tuesday, mainly steered by foreign and Gulf institutions’ net selling.
Oil extended losses in Asia Tuesday as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices.
HE the former Deputy Prime Minister and Minister of Energy and Industry Abdullah bin Hamad al-Attiyah has urged countries that relied on oil and gas to diversify their economies.
Snapping three consecutive days of bearish run, the Qatar Stock Exchange on Monday saw its index gain marginally to inch near the 9,700 mark, mainly on foreign institutions’ buying support.
Oil prices rose close to six-month highs on Friday as a series of supply outages in Nigeria, Canada and Libya tightened the global oversupply picture that has gripped the oil market for two years.
The International Monetary Fund backed Saudi Arabia’s sweeping economic reform plan and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices.
Oil traded at around $49 a barrel on Tuesday within sight of a six-month high, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.
