Doha, Qatar: The Qatar Stock Exchange (QSE) index concluded this week’s trading up by 0.80 percent, gaining 81.64 points to stand at 10,319.28, compared to last week’s trading, supported by the performance of 4 sectors led by the transport sector which rose by 4.15 percent, insurance which rose by 1.9 percent, banks which rose by 0.81 percent, and industry which rose by 0.52 percent.

In a statement to Qatar News Agency, financial analyst Tamer Hassan stressed that the QSE general index saw a noticeable improvement this week compared to the previous week due to performance improvement of some sectors supported by oil prices that saw an increase of around 2 percent to settle at around $92 per barrel, approaching their highest level in 10 months, in addition to raising foreigners’ ownership in some companies, as well as revisions to some foreign indicators.

Brent futures rose $1.42 or 1.6 percent, to settle at $92.06 a barrel, while US West Texas Intermediate (WTI) crude rose $1.55, or 1.8 percent, to settle at $88.84 to close at their highest levels since November 2022.

The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are stronger than expected.

OPEC’s monthly report forecast world oil demand will rise by 2.25 million barrels per day (bpd) in 2024.

In that regard, the financial analyst said that oil prices had a positive impact on the stock market, especially oil-related stocks, which led the index to rise.

He pointed out that the general index from a technical standpoint indicates the occurrence of occasional upward movements during the next week, indicating that if liquidity is available, the index is expected to rise to 10,550 points and the level of 10,700 points.

He indicated that with investors anticipating the companies’ results in the third quarter (the first nine months of this year), which are expected to be positive, the index is likely to reach levels of 11 points.

This week, the average trading per session reached around QR716m, while trading volumes recorded 1,273,289,662 shares as a result of implementing 103,630 transactions in all sectors.

QSE market capitalization increased from QR602.683bn during the past week to QR605.288bn during the current week.

Meanwhile, the review of the FTSE Russell index for emerging markets will take effect in today’s session, which witnessed the introduction, exit, and reclassification of some companies. The financial markets are also awaiting the US Federal Reserve meeting on Sep. 20-21 to review interest rates.

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