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Tuesday, September 28, 2021

Qatar stock market shows positive signs after US election result

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The QSE index has risen over 200 points in the last four trading sessions. The index, which measures the 20 largest and most liquid stocks, climbed to 9908 points on November 9, from 9701 points on November 3.

Read also: QSE listed firms boom after easing of lockdown with QR23.8bn net profit

The start of the vote count on Nov 4 saw a buying spree by investors, as more news of President-elect Joe Biden’s victory came to light, showing clear optimism from investors. 

The rally continued to strengthen as further confirmation of Biden’s victory made global headlines. Finally following three days of uncertainty amid ongoing vote counting, Biden was declared the winner on Sunday.

Read also: Qatar’s Amir congratulates US President-elect Joe Biden

“The US election result has brought much needed clarity- who will be next the President of the US. Uncertainty keeps investors out of the stock market while stability and clarity brings money back to shares,” Ahmed Akl, a Doha based financial analyst said.

“Once it became clear who will be the next US President, buying interest came back in the market,”  Akl continued.

“However, going forward the market direction will depend on how Joe Biden handles the coronavirus pandemic, his stance on Quantitative Easing, and how he moves forward on the issue of trade war with China,” he added. 

Although the QSE index has moved up consistently since last Tuesday, the biggest gain was registered on Thursday when the QSE index surged 162.51 points, or 1.67 percent to close at 9,889.46 points. 


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