Financial Analyst to QNA: Profit-Taking Impacted QSE Index, Technicals Supportive

Doha, September 03 (QNA) - The Qatar Stock Exchange (QSE) index ended this week's trading down 1.14 percent, shedding 112.15 points compared with last week's close amid pressure from most sectors. The Consumer Goods and Services sector recorded the largest losses, declining 1.88 percent, while the Real Estate sector rose 0.65 percent.
Commenting on these indicators, financial analyst Mubarak Al Tamimi told Qatar News Agency (QNA) that the QSE index showed resilience and traded sideways during the week, ranging between a high of 9,934 points and a low of 9,746 points, thereby remaining above the key support level of 9,727 points. He noted that trading during the week was primarily affected by profit-taking, along with caution prompted by geopolitical developments. However, he said these factors had not altered the index's positive technical outlook, as it continued to hold above important support levels.
Al Tamimi noted that, from a technical perspective, the index had successfully formed a positive pattern with the emergence of a W-shaped formation, strengthening the prospects of regaining upward momentum in the coming period, particularly if the index manages to break through the resistance level of 9,934 points and remain above it. He explained that surpassing this level would represent an important positive technical signal and could pave the way for the index to continue rising toward 10,487 points, supported by improving investor appetite and a return of liquidity to the market.
On the other hand, the analyst highlighted that any decline toward the 9,532-point level, should it occur, could represent a good buying opportunity for investors, as such levels could attract the interest of traders and market makers and provide a suitable basis for building new positions, particularly if accompanied by an improvement in trading volumes and values. He stressed that the index remaining above its current support zones reflected continued resilience.
He also said that profit-taking at this stage could be viewed as a natural move to reposition portfolios and did not necessarily indicate a change in the broader trend as long as the index maintained its key support levels. He noted that the September FTSE Russell index review, which is scheduled to take effect within the next few days, could provide a positive catalyst for the market, potentially affecting liquidity flows and trading in a number of listed stocks.
Concluding his analysis of the Qatar Stock Exchange index, Al Tamimi said the index's technical outlook remained cautiously positive. He added that the index's ability to break above 9,934 points would be the key factor confirming a continuation of the upward trend, while the current support levels holding remain important for maintaining that trend, as the market awaited potential catalysts related to global index reviews and improved liquidity. (QNA)