QNB Report

The Qatar Stock Exchange (QSE) experienced a decline of 3.0% on Friday, dropping 285.44 points to close at 9,192.24. Market capitalization also decreased by 2.8% to QR556.5bn from QR572.6bn the previous week. Of the 54 companies traded, seven ended higher, two remained unchanged, and 45 finished lower. Dlala Holding (DIBS) was the top performer, gaining 7.6%, while Qatari Investors Group (QIGD) was the worst, losing 10.0%.

Ooredoo (ORDS), Industries Qatar (IQCD), and QNB Group (QNBK) were the primary drivers of the weekly index decline, contributing a combined total of 102.82 points to the fall. Traded value during the week dropped by 22.4% to QR1,551.4mn compared to QR1,999.3mn in the prior week. QNBK was the highest volume stock, with a traded value of QR151.3mn.

The number of transactions decreased by 11.7% to 106,998, down from 121,103 in the previous week. Foreign institutions turned bearish, ending the week with net selling of QR10mn, while Qatari institutions remained bearish with net selling of QR47.9mn. Global foreign institutions hold a net bearish position of $53.8mn YTD, and GCC institutions are also net sellers by $11.2mn.

The QE index dropped 3% from the previous week and closed at 9,192.2, marking its lowest level in four years but holding slightly above that mark. Analysts suggest the index may continue to sell off, with a potential breach below the current level of 9,000 points signaling further bearish movement. The current weekly support level is 9,000, with 8,300 as the next major support. Major resistance levels are at 9,500 and 9,900.