QSE nears key support zone, demand may fuel rebound: Al Tamimi
<p>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.</p> <p>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…
Doha, Qatar - The Qatar Stock Exchange (QSE) index concluded the week with a 1.68 percent decrease, settling at 9,659 points after slipping below its prior week's closing level, according to the Qatar News Agency (QNA). Financial analyst Mubarak Al Tamimi highlighted that the QSE faced selling pressure during the trading week, breaking through key technical support levels.
The index is now nearing the crucial 9,532-point mark, which, based on technical analysis, signifies a significant zone where buying activity might reemerge.
Al Tamimi emphasized the importance of monitoring this 9,532-point zone in the coming sessions, as it represents a critical level where the forces of supply and demand could interact. If this level holds true, along with the appearance of positive reversal signals, it could indicate a potential upward rebound in the forthcoming week.
He clarified that the recent downturn does not necessarily imply a prolonged decline; rather, the index reaching such key support levels may encourage some investors to reestablish their positions, particularly if trading volumes and liquidity recover, benefiting bellwether stocks.
Al Tamimi stressed that for the positive outlook to become reality, the index must successfully reclaim the broken support levels and revert them back to support zones. Furthermore, a clear improvement in liquidity and the activity of key stocks would bolster this bullish scenario. Conversely, a decisive break below the 9,532-point level, coupled with heightened selling pressure, could trigger a descent to lower levels, necessitating caution from investors.
Concluding his analysis on the QSE's performance, Al Tamimi pointed out that the forthcoming week's trading sessions will be pivotal in determining the market's direction. He stressed that if the index maintains its position above the 9,532-point level and demonstrates genuine buying interest, it could support a rebound scenario. However, the confirmation of this trend hinges on the index's behavior and liquidity levels observed in the subsequent sessions.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
