Qatar: Profit booking drags QSE index 252 points; M-cap erodes $3.86bln

Qatar: Profit booking drags QSE index 252 points; M-cap erodes $3.86bln

Qatar - Notwithstanding the strengthening oil prices, the Qatar Stock Exchange was gripped by profit booking pressure, which led its key index lose as much as 252 points and capitalisation erode QR14bn this week.

A higher than average selling in the consumer goods and banking counters dragged the 20-stock Qatar Index 2.44% this week which saw QNB report net profit of QR3.88bn in the first quarter (Q1) of 2023.

The domestic institutions were increasingly net sellers this week which saw Qatar Islamic Bank’s Q1 net profit at QR905.34mn.

About 70% of the traded constituents were in the red in the main market this week, which saw Barwa Real Estate register QR235.49mn net profit in Q1, 2023.

The index recovered after approaching the strong support line at 9,585 points but remains within the descending trend line and below all MAs (moving averages) on the weekly chart; however, a close below 9,585 points would deepen the bearish tone and lead to 9,000 points," a technical analysis note of Kamco said.

The foreign institutions were seen net profit takers in the main market this week which saw Woqod’s Q1 net profit at QR223.21mn.

The Gulf institutions’ weakened net buying had its influence in the main market this week, which