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Investors will seek clues about the health of the US economy in the coming week following worrisome labour market reports and technology-led turbulence that has knocked the stock market off record highs. The S&P 500 ended on Friday with a weekly decline after three straight weeks of gains. The benchmark index was last down about 2.4% from its all-time closing peak on October 28 even after a generally strong third-quarter earnings season for large US companies. This week, concerns about expensive equity valuations, especially for high-flying stocks linked to enthusiasm over artificial intelligence, were exacerbated by tepid jobs data, including a report that showed surging layoff announcements from US employers.Alternative data released by private sector bodies have become more important for investors because the US federal shutdown that began on October 1 has limited government releases."We're not getting a lot of economic data," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. "At current valuations and the kind of gains that we've seen... investors are just starting to be a little bit more cautious. I don't think that is bad, but it is coming at a time where there is growing uncertainty around the pace of growth in the economy."Investors were gauging whether the pullback in equities represented profit-taking and a healthy reset after an extended climb, or the start of a more severe slide. Fears that stocks are in an "AI bubble" have kept Wall Street on edge, with the benchmark S&P 500 up 14% year-to-date and 35% since its low for the year in April.The S&P 500 technology sector, which has led the bull market that began more than three years ago, has been hit harder in this latest drawdown, falling about 6% since last week. A series of reports on Thursday suggested deteriorating US labour market conditions. Data from workforce analytics company Revelio Labs showed 9,100 jobs were lost in October, while US employers' planned layoffs soared to over 153,000 last month, global outplacement firm Challenger, Gray & Christmas said. The Chicago Fed estimated that the US jobless rate likely edged up in October to the highest in four years.That data came a day after the ADP National Employment Report showed private employment rebounded by 42,000 jobs in October.The Challenger layoffs report, combined with the lack of government jobs data, "raises a red flag in terms of whether or not the labour market has really stabilised," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.Next week would have been a busy week of economic data, with government reports due on consumer and producer prices and retail sales. Those releases are poised to be delayed due to the shutdown. Investors will instead seek insight on the economy from traditionally more secondary reports, including the small business optimism index due to be released on Tuesday by the National Federation of Independent Business.As investors weighed the economic impact of the shutdown, the US transportation secretary warned on Friday the government could force airlines to cut up to 20% of flights if the shutdown did not end.The lack of government data is muddying the outlook for the Fed, which must decide whether to cut interest rates again at its next policy meeting in December. After the central bank eased by a quarter percentage point for a second straight meeting on October 29, Fed Chair Jerome Powell said another such reduction was not a foregone conclusion."The Fed needs help trying to figure out what's going on in the jobs market. They're getting seemingly conflicting signals and what they decide to do in December has ramifications obviously for the stock market," said Chuck Carlson, chief executive officer at Horizon Investment Services. Fed funds futures late on Friday were pricing in a roughly 65% chance of a rate cut in December. Before Powell's October comments, investors had viewed such a cut as almost a done deal.Investors were watching for developments that might suggest the end of the shutdown, which this week became the longest in US history. Focus was also on remaining high-profile quarterly reports, as a stellar earnings season in general nears a close. With 446 companies in the index having reported, 82.5% posted profits above analyst expectations, which would be the highest beat rate since the second quarter of 2021, LSEG IBES said on Friday. Reports due next week include Walt Disney and tech stalwart Cisco Systems. Those lead up to the quarterly report the following week from semiconductor firm Nvidia, the largest company in the world by market value that has symbolised investor enthusiasm for AI."I would just expect a little bit more volatility around technology leaders and technology as a whole heading into that Nvidia report," Saglimbene said.

The stock market didn’t crash this week. But after a seven-month spasm of retail-borne speculation, parts of the casino started clearing out.Cracks emerged across the risk-on landscape as bloated valuations and fresh doubts over the real-world payoff of artificial intelligence dragged US tech stocks to their worst week since April. Losses in megacaps like Palantir Technologies Inc and Oracle Corp. rippled through leveraged ETF and meme trades.The clearest signal of speculative distress: The crypto engine is sputtering. After a parabolic surge, Bitcoin and its peers have endured a violent unwinding that shattered confidence. This week, the coin slid repeatedly toward $100,000 amid a drought of ready buyers who had watched billions of dollars in leveraged positions get wiped out just weeks earlier — a shock the market has yet to recover from.Wall Street veterans have been warning for weeks that AI-fuelled tech valuations were outpacing fundamentals. That caution is now showing up in the same fast-moving trades where retail and institutional risk-taking had quietly converged — from upside-levered ETFs to crypto wrappers. Inflows haven’t vanished, but the payoff is no longer one-way.Peter Atwater, a professor of behavioural economics at the College of William & Mary, says the biggest blow yet to gambler spirits came Monday, when despite beating earnings forecasts Palantir saw its stock fall 8% the next day. The company, trading at a price-earnings multiple in the hundreds, is a bellwether for both hyperscaler tech and meme sentiment, he said.“It sits in the same neighbourhood as AI, as crypto,” he said. “Thematically, all of these different elements have the same intense-confidence correlation. These are all crowd favourites. So this is a crowd phenomenon.”The pullback isn’t universal. But for the first time in months, the speculative surge that once moved in near-lockstep is fragmenting. In equities, some high-octane trades are unravelling. A Meta Platforms Inc-linked ETF fell 8.5% this week and another focused on Palantir shed 22%. A Strategy Inc-minded product has slid more than 20%. Leveraged quantum and Super Micro Computer Inc. trades buckled, too.The group of tech giants known as the Magnificent Seven dropped 3% this week amid questions over their spending plans tied to AI infrastructure. A comment from OpenAI Inc’s CFO about the possibility of the government needing to “backstop” financing further grated nerves.“If you watch this week, there’s been a decided negative bias to what people are saying about AI,” Atwater said. “If we see the mood deteriorate, the scepticism should rise, the scrutiny should intensify. And those would be behaviours that ultimately limit the potential of the market to bounce.”Over the past week, indexes tracking meme stocks, non-profitable tech companies and recent IPOs all pulled back. An ETF focused on recent market entrants fell 5%, the most since September, while a basket of non-profitable names within the innovation space dropped 7%, the most since August.Meanwhile, more than $700mn has been pulled from digital-asset ETFs over the past week alone, including nearly $600mn from BlackRock’s Bitcoin fund and $370mn from its Ether counterpart. Solana and Dogecoin-linked products are down double-digits since their recent launches. Even the freshly minted MEME ETF — pitched as a retail sentiment play — is off more than 20% since its launch a month ago.“Investors are on edge,” said Stephen Kolano, chief investment officer at Integrated Partners. “Seems like the profit taking is coming from the things that have run the most since early April which is AI and anything connected with it which explains the pressure in” cryptocurrencies.That shift may matter beyond the meme complex. Retail risk appetite — from prediction markets and tokenised assets to Robinhood Markets Inc.’s fresh boom — helped fuel 2025’s bounce across broad markets despite stress on the tariff and labour market front. But now, with the gap between winners and losers rising and some risky trades draining capital, liquidity could be getting tighter at the edges.None of this signals a broader crash. The S&P 500 is off just 2% from recent highs. But for a crowd used to buying the everything-goes-up narrative, this week lands differently: Timing matters again. The tide may not be lifting all boats. Leverage cuts both ways.Bitcoin’s 15% slide over the past month is raising eyebrows not just for its scale, but its timing. A growing camp of Wall Street analysts now sees the token as a lead indicator for both high-volatility tech stocks and retail-driven liquidity. Among the chief concerns flagged in recent days is that so-called whales — investors who hold large, long-term positions — have been declining, according to Citi. This cohort has in the past tended to hold onto their hoards even during the roughest of declines.“Bitcoin has a knack for sniffing out things ahead of time,” said Bloomberg Intelligence’s Eric Balchunas. “It’s always trading, so there’s a lot of chances for it to be a price-discovery vehicle. It’s open all the time — like a 7-Eleven. And the people who trade Bitcoin are perpetually online and so plugged in.”The reversal is especially striking given the political momentum behind digital assets. Bitcoin’s early-year surge was powered in part by President Donald Trump’s campaign to rebrand the US as the crypto capital of the world. But after peaking near $4.4tn in October, the total market cap of digital tokens has since dropped nearly 20%, wiping out most of 2025’s gains. For traders betting that regulatory clarity would unleash a new supercycle, the speed of the comedown has been sobering.“There’s simply not enough new capital to offset locals exiting. Too many in the industry just can’t stomach another crypto cycle — they’ve had enough, both financially and emotionally,” Marex’s Ilan Solot wrote in a note this week. “For the uptrend to resume, the whales need to stop selling. Stabilising ETF flows would help too.”

The US Federal Reserve rate cut and easing of the US-China trade tensions had their positive influence on the Qatar Stock Exchange (QSE), where bullish sentiments prevailed for the second consecutive week. The Gulf institutions were seen increasingly net buyers as the 20-stock Qatar Index settled 0.73% higher this week which saw the market heavyweight Industries Qatar (IQ) report QR3.4bn net profit in the first nine months (9M) of 2025. The telecom and insurance counters witnessed higher than average demand in the main bourse this week which saw Nakilat report net profit of QR1.31bn in January-September 2025. The Gulf retail investor turned net buyers in the main market this week which saw Ooredoo Group’s 9M-2025 net profit at QR3.1bn. The overall sentiments was seen upbeat in the market that otherwise saw shakers outnumber movers this week, which saw Aamal Company approved the sale of IMO Qatar to Frijns Structural Steel Middle East for QR6.5mn. The domestic institutions were seen increasingly net profit takers in the main bourse this week which saw Qamco report net profit of QR534mn in 9M-2025. The local retail investors were also increasingly bearish in the main market this week which saw Mesaieed Petrochemical Holding report a net profit of QR520mn in January-September 2025. The foreign individuals turned net sellers in the main bourse this week which saw a total of 0.06mn AlRayan Bank-sponsored exchange traded fund QATR worth QR0.13mn trade across 23 deals. The foreign funds were seen net profit takers in the main market this week which saw a total of 0.06mn Doha Bank-sponsored exchange traded fund QETF worth QR0.6mn trade across 54 transactions. The Islamic index was seen gaining faster than the other indices of the main market this week, which saw no trading of sovereign bonds. Market capitalisation added QR4.14bn or 0.64% to QR654.74n on the back of small and midcap segments this week which saw no trading of treasury bills. Trade turnover fell amidst higher volumes in the main market, while the junior bourse saw declines in turnover and volumes this week which saw the consumer goods, industrials and realty sectors together constitute more than three-fourth of the total trade volumes. The Total Return Index rose 0.73%, the All Share Index by 0.62% and the All Islamic Index by 0.81% this week which saw Meeza report net profit of QR42.4mn in January-September 2025. The telecom sector index surged 2.48%, insurance (2.32%), real estate (0.68%), industrials (0.52%), banks and financial services (0.48%) and consumer goods and services (0.44%), while transport was down 0.08% this week which saw Mekdam Holding Group’s 9M-2025 net profit at QR27.8mn. The market was skewed towards shakers with as many as 28 constituents reporting declines, while 22 gained and two were unchanged this week which saw Qatar General Insurance and Reinsurance report net profit of QR93.08mn in 9M-2025. Major movers in the main market included QLM, Qatar German Medical Devices, Beema, Ooredoo, Qatar Islamic Insurance, Qatar Islamic Bank, Woqod, IQ, Qatar Insurance, Al Khaleej Takaful and Ezdan. In the juniour bourse, Techno Q saw its shares appreciate this week. Nevertheless, Qatar General Insurance and Reinsurance, Baladna, Qamco, Qatar Oman Investment, Mannai Corporation, Alijarah Holding, Qatar Electricity and Water, Aamal Company, Mazaya Qatar and Gulf Warehousing were among the shakers in the main market this week. The Gulf institutions’ net buying increased substantially to QR191.29mn compared to QR36.59mn the week ended October 23. The Gulf individual investors turned net buyers to the tune of QR1.61mn against net profit takers of QR6.35mn the previous week. However, the domestic institutions’ net selling strengthened significantly to QR102.18mn compared to QR5.12mn a week ago. The Qatari individuals’ net selling expanded noticeably to QR78.59mn against QR63.59mn the week ended October 23. The foreign retail investors were net profit takers to the extent of QR7.85mn compared with net buyers of QR5.17mn the previous week. The foreign institutions turned net sellers to the tune of QR2.53mn against net buyers of QR32.94mn a week ago. The Arab individuals were net sellers to the extent of QR1.75mn compared with net buyers of QR0.33mn the week ended October 23. The Arab institutions had no major net exposure against net buyers to the tune of QR0.02mn the previous week. The main market saw 7% contraction in trade volumes to 551.21mn shares but on 14% jump in value to QR1.65bn and less than 1% in deals to 94,631 this week. In the venture market, trade volumes tanked 67% to 0.12mn equities, value by 68% to QR0.27mn and transactions by 65% to 45.

Abdulla al-Qubaisi and Mashel al-Naimi securedvictories in Round 3 of the 2025 Qatar Super Stock (QSTK) 600 Championship atLusail International Circuit.In Race 1, al-Qubaisi powered his Yamaha R6 tovictory in the 8-lap, 43.4km contest with a time of 16:33.447. Al-Naimifinished just 0.730 seconds behind, while Russia’s Dmitry Sedin secured thirdplace, 27.714 seconds adrift. Sedin also topped the QSTK Trophy category on his Kawasaki ZX-6.Despite finishing second, Al-Naimi set the fastest lap of therace in 2:03.112, reaching a top speed of 158.5 km/h. Race 2 saw al-Naimistriking back, winning the 10-lap race in 20:47.699. Al-Qubaisi followed 5.234seconds behind, with India’s Geoffrey Emmanuel completing the podium, 21.085seconds back.Sedin topped the QSTK Trophy in Race 2, with Hungary’s MartonBelleli finishing second and Russia’s Yuri Nekrasov taking third. Earlier,France’s Nolann Macary was unstoppable in Round 3 of the Qatar Super Sports(QSSP) 300, winning both races in style. In Race 1, Macary rode his Kawasaki300 to victory in 18:38.025, ahead of Egypt’s Mahmoud Elbanna in second andMalaysia’s Zaidatul Zairin in third.Macary repeated his success in Race 2,again beating Elbanna, while Andrea Giacchero of Italy claimed third place. Round4 of the championship, organized by the Qatar Motor & Motorcycle Federationand Lusail International Circuit, will take place on January 30-31, 2026.

The US rate-cut hopes and Gaza ceasefire had their overarching influence on the Qatar Stock Exchange (QSE), which reported gains this week vis-a-vis bearish spell in the previous three weeks.Notwithstanding selling pressure in five of the seven sectors, the 20-stock Qatar Index gained 0.65% this week which saw QNB report net profit of QR12.83bn in the first nine months of this year.The Gulf institutions were seen net buyers in the main bourse this week which saw Dukhan Bank post net profit of QR1.19bn in January-September 2025.The Arab individuals were increasingly net buyers in the main market this week which saw Mazaya Real Estate Development, in partnership with Al Jassasya Holding Company, launch a new project “Via D’oro” on Qetaifan Island in Lusail City.The Arab institutions turned bullish, albeit at lower levels, in the main bourse this week which saw QNB Group receive licence for a digital-first banking entity, ezbank, from the Central Bank of Egypt.The foreign funds’ substantially weakened net selling had its influence on the main bourse this week which saw QNB Group's successful refinancing of $1.5bn unsecured syndicated term loan facility.However, the local retail investors were increasingly net profit takers in the main market this week which saw a total of 0.77mn AlRayan Bank-sponsored exchange traded fund QATR worth QR1.88mn trade across 267 deals.The domestic funds were also increasingly net sellers in the main bourse this week which saw a total of 7,307 AlRayan Bank-sponsored exchange traded fund QATR worth QR0.08mn trade across nine deals.The Islamic index was seen gaining slower than the other indices of the main market this week, which saw no trading of sovereign bonds.Market capitalisation expanded QR3.63bn or 0.56% to QR654.22bn on the back of mid cap segments this week which saw no trading of treasury bills.Trade turnover and volumes were on the decrease in the main and junior markets this week which saw the consumer goods, industrials and realty sectors together constitute more than 77% of the total trade volumes.The Total Return Index rose 0.65%, the All Share Index by 0.71% and the All Islamic Index by 0.25%.The banks and financial services sector index shot up 1.56% and telecom 0.63%; while transport declined 0.74%, insurance (0.7%), real estate (0.65%), consumer goods and services (0.61%) and industrials (0.19%) this week.The market was otherwise skewed towards shakers with as many as 31 constituents reporting declines, while 20 gained and two were unchanged this week.Major gainers in the main market included Qamco, QNB, Al Mahhar Holding, Al Faleh Educational Holding, Qatar Islamic Bank, QIIB, Dukhan Bank, Aamal Company and Ooredoo.Nevertheless, about 59% of the traded constituents were in the red with major losers being Widam Food, Inma Holding, Ezdan, Qatar National Cement, Gulf Warehousing, Qatar German Medical Devices, Medicare Group, United Development Company, Mazaya Qatar and Nakilat in the main bourse.In the venture market, Techno Q saw its shares depreciate in value this week.The Gulf institutions turned net buyers to the tune of QR43.96mn compared with net sellers of QR50.01mn the previous week.The Arab individual investors’ net buying increased perceptibly to QR7.68mn against QR2.25mn the week ended October 2.The Arab institutions were net buyers to the extent of QR0.15mn compared with no major net exposure a week ago.The foreign institutions’ net selling weakened significantly to QR0.97mn against QR90.53mn the previous week.However, the Qatari individuals turned net sellers to the tune of QR38.51mn compared with net buyers of QR124.11mn the week ended October 2.The domestic institutions’ net profit booking expanded marginally to QR13.16mn against QR12.59mn a week ago.The Gulf individuals were net sellers to the extent of QR0.73mn compared with net buyers of QR8.85mn the previous week.The foreign retail investors’ net buying shrank noticeably to QR1.57mn against QR17.92mn the week ended October 2.The main market saw a 9% contraction in trade volumes to 573.88mn shares, 24% in value to QR1.42bn and 22% in deals to 83,240 this week.In the venture market, trade volumes plummeted 90% to 0.06mn equities, value by 91% to QR0.15mn and transactions by 80% to 38.

Market EyeWeak energy prices, uncertainty on future Federal Reserve rate cuts and growing concerns on the US shutdown led to 95 points decline in index and more than QR6bn erosion in capitalisation in the Qatar Stock Exchange (QSE), which closed in the negative for the third consecutive week.The Gulf institutions were increasingly net sellers as the 20-stock Qatar Index shed 0.87% this week which saw the International Monetary Fund (IMF) project a 4% medium-term growth for Qatar, reflecting the North Field expansion.About 83% of the traded constituents were in the red this week which saw the IMF find Qatar's banks to be in the pink of their health with strong capitalisation, liquidity and profitability.The domestic institutions turned bearish in the main market this week which saw Aamal Company’s board approve selling 51% stake in ECCO Gulf to its foreign partner Majorel Group Luxembourg for about QR36.4mn.The foreign funds continued to be net sellers but with lesser intensity in the main bourse this week which saw Techno Q win new government contracts valued at QR62mn.However, the local retail investors were increasingly net buyers in the main market this week which saw Aamal Company decide to establish a new joint venture in Qatar, operating in the oil and energy services sector, with Aamal Readymix and Oman's Mohammed Al Barwani Oil Services as partners.The foreign individuals were increasingly bullish in the main bourse this week which saw a total of 0.67mn AlRayan Bank-sponsored exchange traded fund QATR worth QR1.66mn trade across 260 deals.The Gulf retail investors were increasingly net buyers in the main market this week which saw 3,611 Doha Bank-sponsored exchange-traded fund QETF valued at QR0.04mn change hands across nine transactions.The Islamic index was seen declining faster than the other indices of the main market this week, which saw as many as 0.33mn of sovereign bonds valued at QR3.3bn trade across seven deals.Market capitalisation eroded QR6.16bn or 0.94% to QR650.59bn on the back of mid and small cap segments this week which saw no trading of treasury bills.Trade turnover and volumes were on the decrease in the main market, while those were on the rise in the venture market this week which saw the consumer goods and realty sectors together constitute about 51% of the total trade volumes.The Total Return Index shed 0.87%, the All Share Index by 0.75% and the All Islamic Index by 1.07% this week which saw QNB Group, in cooperation with Ajlan and Bros Holding, receive license for a digital-first banking entity, ezbank, from the Saudi Central Bank.The realty index tanked 1.53%, consumer goods and services (1%), industrials (0.8%), banks and financial services (0.73%), transport (0.62%), telecom (0.58%) and insurance (0.01%) this week which saw Oxford Economics report that said Qatar's renewed commitment to the North Field gas expansion will provide a big medium-term boost to the country's economyThe market was skewed towards shakers with as many 43 constituents reporting declines, while only nine gained this week which saw Qatar report a robust year-on-year double-digit jump in ships arrival through Hamad, Doha and Al Ruwais ports in the first nine months of this year.Major losers in the main market included Ezdan, Mazaya Qatar, Qatar German Medical Devices, Al Faleh Educational Holding, Mesaieed Petrochemical Holding, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Salam International Investment, Baladna, Meeza, Aamal Company, Industries Qatar and Estithmar Holding this week which saw Ooredoo's fully owned fintech subsidiary's intention to form a strategic collaboration with PayPal.Nevertheless, Beema, QLM, Doha Bank, Qatar General Insurance and Reinsurance, Al Khaleej Takaful and Qamco were among the movers in the main market this week which saw Ashghal announce 13 new contracts worth QR12bn to enhance the infrastructure of road and drainage networks and public buildings and improve the quality of life in Qatar.The Gulf institutions’ net selling increased substantially to QR50.01mn compared to QR26.2mn the week ended September 25.The domestic funds turned net sellers to the tune of QR12.59mn against net buyers of QR83.9mn the previous week.However, the Qatari individuals’ net buying strengthened significantly to QR124.11mn compared to QR73.37mn a week ago.The foreign retail investors’ net buying expanded noticeably to QR8.85mn against QR11.38mn the week ended September 25.The Gulf individuals’ net buying rose perceptibly to QR8.85mn compared to QR5.26mn the previous week.The Arab individual investors turned net buyers to the extent of QR2.25mn against net sellers of QR9.25mn a week ago.The foreign funds’ net selling weakened considerably to QR90.53mn compared to QR138.69mn the week ended September 25.The Arab institutions had no major net exposure against net buyers to the tune of QR0.23mn the previous week.The main market saw 29% contraction in trade volumes to 628.31mn shares, 19% in value to QR1.88bn and 6% in deals to 106,186 this week.In the venture market, trade volumes jumped 40% to 0.63mn equities and value by 40% to QR1.61mn on more than doubled transactions to 192.

Reflecting the optimism on further rate cuts by the US Federal Reserve, the Qatar Stock Exchange (QSE) Monday gained for the second straight session as its key index rose more than 24 points and capitalisation added in excess of QR1bn.The local retail investors were seen net buyers as the 20-stock Qatar Index rose 0.22% to 11,001.88 points, recovering from an intraday low of 10,951 points.The foreign retail investors turned bullish in the main market, whose year-to-date gains improved to 4.08%.The telecom and transport counters witnessed higher than average demand in the main bourse, whose capitalisation added QR1.41bn or 0.21% to QR659.05bn; mainly on microcap segments.The Gulf retail investors were increasingly net buyers in the main market, which saw as many as 0.15mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.38mn trade across 57 deals.The domestic institutions continued to be net buyers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the rise.The Islamic index was seen gaining on par with the key barometer of the main market, which saw no trading of treasury bills.The Gulf institutions were increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 0.22%, the All Share Index by 0.13% and the All Islamic Index 0.22% in the main market.The telecom sector index shot up 2.63% and transport 0.65%; while insurance declined 0.68%, consumer goods and services (0.36%), real estate (0.25%), industrials (0.03%) and banks and financial services (0.01%).As many as 16 stocks gained, while 26 declined and 10 were unchanged.Major gainers in the main market included Ooredoo, Nakilat, Qatar General Insurance and Reinsurance, Mekdam Holding, Dukhan bank, Estithmar Holding and Gulf Warehousing.Nevertheless, Qatar Insurance, Inma Holding, Mazaya Qatar, Mannai Corporation, Qatar Oman Investment, Qatar German Medical Devices, Baladna and Ezdan were among the shakers in the main bourse.In the venture market, Techno Q saw its shares depreciate in value.The local retail investors turned net buyers to the tune of QR7.87mn compared with net sellers of QR13.97mn on September 28.The foreign individual investors were net buyers to the extent of QR3.71mn against net sellers of QR1.03mn the previous day.The Arab retail investors turned net buyers of QR1.53mn compared with net profit takers of QR1.03mn on Sunday.The Gulf individual investors’ net buying strengthened marginally to QR0.99mn against QR0.61mn on September 28.However, the Gulf funds’ net profit booking expanded perceptibly to QR14.68mn compared to QR13.42mn the previous day.The foreign institutions’ net selling increased noticeably to QR1.48mn against QR0.2mn on Sunday.The domestic institutions’ net buying weakened markedly to QR2.05mn compared to QR4.7mn on September 28.The Arab institutions had no major net exposure for the second consecutive session.The main market saw a 46% jump in trade volumes to 121.25mn shares and 49% in value to QR363.92mn on more than doubled deals to 25,597.In the venture market, a total of 0.35mn equities valued at QR0.92mn changed hands across 101 transactions.

The largest stock market crashes have occurred in September or October. The Panic of 1907 began in mid-October, the Wall Street crash of 1929 saw its biggest falls on 24 and 29 October, the ‘Black Monday’ crash of 1987 was on 19 October, while the collapse of Lehman Brothers that triggered the banking crisis occurred in September 2008.President Trump has made no secret of his desire for lower interest rates. Will he push them towards zero, and might this be one of the triggers for market corrections?Are we heading for a similar crash? By any conventional indicators, stock market valuations are overheated. The problem is that this has been the case for some months, and those ignoring the warning signs have profited.The investment boom in AI is believed by many to herald such a huge boost to business productivity that traditional indicators of company valuation are no longer valid – but of course the phrase ‘This time is different’ is itself a warning sign. It is the title of a book on investment bubbles and crashes, written by economists Carmen M Reinhart and Kenneth S Rogoff and published in 2009, shortly after the start of the financial crisis.There are two strong indicators that this time is really no different to earlier bubbles. The first is that at least some of the investment in AI may be misplaced. There is little doubt that the rapid development of highly powerful AI tools holds the potential for significant productivity gains. It is less certain, however, that the big bet on massively increasing the capacity of data centres in the quest for an ultra-high level of synthetic intelligence is going to pay off in a direct way.A study by the Massachusetts Institute of Technology in August reported that 95% of AI pilot schemes did not result in better business performance. In mid-September JP Morgan Asset Management warned that valuations in AI were ‘stretched’, such that only a small disappointment in earnings could prompt a sell-off. The scale of investment in data centres to power AI is in the order of $3tn, around half of which comes from the capital of big tech companies, but a high proportion is funded by private credit, which is comparatively opaque, and is linked to the banking system.It is a near-certainty that many venture capital-backed AI start-ups will fail, but the extent of this and the impact on the wider economy is difficult to gauge.Evidence is emerging of productivity gains from AI – but these emerge from smarter and more focused use of bespoke AI tools, allied to the most intelligent human direction. Small language models (SLMs) may be more effective than LLMs in many business applications, which is great news for those firms that get it right – but less so for the investors who have bet big on scaling up.It is all but inevitable that a major new technology will feature a bubble. It has occurred with railways in the 19th century, and dotcom firms and supportive infrastructure in the late 1990s. Even when the bubble bursts, it is only a serious problem for the wider economy if it affects the banking industry such that loans dry up for other parts of the economy, heralding a recession.The second major risk factor is the pro-cyclical behaviour of the President of the US in slashing interest rates and encouraging speculation. Just before the financial crash of 2007-08, Chuck Prince, then the CEO of Citibank, famously said that as long as the music is playing, you need to dance. President Donald Trump is now the one trying to keep the music playing.President Trump encourages stock market investment, and authorised the US government to purchase a 10% stake in the chip manufacturer Intel – an extraordinary decision.He has also pressured the Federal Reserve to lower interest rates, expressing a desire both for ultra-low rates and a weaker dollar. The official US interest rate was duly cut in mid-September, by 25 basis points, to 4-4.25%.It is unusual for interest rates to be reduced to very low levels in non-recessionary conditions. Inflation is not very high, but it is above the nominal target of 2% and in August it edged upwards to 2.9% from 2.7%. There are, however, indicators of credit delinquency and other signs of financial stress among some consumers.There is likely to be at least one more cut of the same amount before the end of 2025, and probably two. Nominally, the Federal Reserve is independent of the White House, but President Trump has made his desire for lower rates very public. The courts have so far paused his efforts to remove Lisa Cook from the Federal Board. His own nominee for the board, Stephen Miran, has been approved.There is another risk factor: Less reliable economic statistics. In early August, President Trump fired Erika McEntarfer, Commissioner of the Bureau of Labor Statistics, complaining that the employment data, weaker than expected, were incorrect. In addition, budget cuts at the Bureau have meant a reduction in the data points that feed into the official statistics.The US is exhibiting some of the features more normally associated with emerging economies: A President over-reaching his authority, compromised independence of key institutions, concern over the accuracy of economic data. This does not mean we are about to witness economic meltdown and hyper-inflation in the US, given the depth and strength of its internal economy, but there are signs of weaker long-term stability.A near-certainty is the continued increase in US public sector debt, and erosion of the value of paper money. The gold price has risen from $2,600 per ounce less than a year ago to around $3,800 per ounce by late September. Gold now forms a greater proportion of central bank reserves than US Treasuries for the first time since 1996.As regards the investment bubble, is this time different? In many respects, no. Will there be a market crash in October? It is never possible to be certain, but there are many red warning signs.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Market EyeConcerns on future rate cuts by the US Federal Reserve had its overarching influence in the Qatar Stock Exchange (QSE), which closed the week in the negative, after remaining bullish for four consecutive weeks, with key index plummeting 349 points and capitalisation eroding about QR20bn.Foreign institutions were seen net profit takers as the 20-stock Qatar Index plunged 3.09% this week which saw an Institute of Chartered Accountants of England and Wales forecast suggest that Qatar's gross domestic product growth to nearly double to 4.8% in 2026 on "significant" liquefied natural gas output through North Field expansion.More than 60% of the traded constituents were in the red this week which saw Qatar draft new legislations, including an updated public–private partnership law, a foreign investment law and a bankruptcy law, to help the private sector, which otherwise has been saving QR100mn annually through various industrial incentives.The Gulf institutions turned bearish in the main market this week which saw Ooredoo Group sell a minority 6% stake in Meeza-QSTP to certain funds managed by Fiera Capital (UK) at the current market price.The Arab individuals were seen net sellers in the main bourse this week which saw Qatar Industrial Manufacturing Company sign a pact to acquire a 7% stake held by Qatar Oman Investment Company in the Qatar Aluminum Extrusion Company.However, the domestic funds turned net buyers in the main market this week which saw the Qatar Central Bank’s second phase of primary dealer framework record 29 deals valued in excess of QR2.8bn to date.The local retail investors were seen bullish in the main bourse this week which saw a total of 0.02mn AlRayan Bank-sponsored exchange traded fund QATR worth QR0.06mn trade across 14 deals.The foreign individuals turned net buyers in the main market this week which saw 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.08mn change hands across 17 transactions.The Islamic index was seen declining slower than the other indices of the main market this week, which saw as many as 0.21mn of sovereign bonds valued at QR2.12bn trade across four deals.Market capitalisation plunged QR19.86bn or 2.94% to QR656.75bn on the back of large and midcap segments this week which saw no trading of treasury bills.Trade turnover and volumes were on the decrease in the main and venture markets this week which saw the consumer goods and realty sectors together constitute more than 61% of the total trade volumes.The Total Return Index plummeted 3.09%, the All Share Index by 3.11% and the All Islamic Index by 2.01% this week which saw Al Mahhar Holding Company find place in the FTSE Russell Global Equity Index Series.The banks and financial services sector index plunged 4.62%, industrials (2.16%), transport (1.62%), real estate (1.11%) and consumer goods and services (0.35%); while telecom and insurance gained 0.54% and 0.27% respectively this week which saw Mekdam Holding Group bag a QR204mn contract from Qatar Fertiliser Company.The market was skewed towards shakers with as many 32 constituents reporting declines, while 16 gained and five were unchanged this week which saw QTerminals, in which Milaha holds 49% stake, work towards sustainability for all its future acquisitions, as it aims to broaden the footprint in the strategic global markets.Major losers in the main market included QNB, Widam Food, Dukhan Bank, Qatar Islamic Bank, Industries Qatar, Commercial Bank, Doha Bank, AlRayan Bank, Mannai Corporation, Qatar National Cement, Gulf International Services, Qamco, United Development Company, Barwa and Nakilat. In the junior bourse, Techno Q saw its shares depreciate in value this week which saw Gulf Warehousing Company establish a branch of GWC Energy Logistics (Dubai) in Sharjah as part of the company’s expansion in the logistics sector across the UAE.Nevertheless, Medicare Group, Gulf Warehousing, Estithmar Holding, Baladna, Mazaya Qatar and Vodafone Qatar were among the movers in the main market this week which saw QNB Group completes an inaugural benchmark 750mn euros green bond issuance under its medium term note programme in the international capital markets.The foreign institutions turned net sellers to the tune of QR138.69mn compared with net buyers of QR260.96mn the previous week.The Gulf institutions were net sellers to the extent of QR26.2mn against net buyers of QR9.11mn the week ended September 18.The Arab individual investors were net sellers to the tune of QR9.25mn compared with net buyers of QR3.72mn a week ago.However, the domestic funds turned net buyers to the extent of QR83.9mn against net sellers of QR159.27mn the previous week.The Qatari individuals were net buyers to the tune of QR73.37mn compared with net sellers of QR101.56mn the week ended September 18.The foreign retail investors turned net buyers to the extent of QR11.38mn against net profit takers of QR8.39mn a week ago.The Gulf individuals were net buyers to the tune of QR5.26mn compared with net sellers of QR4.73mn the previous week.The Arab institutions’ net buying expanded marginally to QR0.23mn against QR0.17mn the week ended September 18.The main market saw 16% contraction in trade volumes to 886.29mn shares, 20% in value to QR2.33bn and 7% in deals to 112,681 this week.In the venture market, trade volumes shrank 81% to 0.45mn equities, value by 81% to QR1.15mn and transactions by 60% to 94.

Market EyeForeign institutions were seen squaring off position in the Qatar Stock Exchange, which closed in the negative for the fourth straight session, resulting in 96 points plunge in index and about QR5bn in capitalisation.The banks, consumer goods and telecom counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.86% to 11,078.5 points, although it touched an intraday high of 11,199 points.More than 73% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 4.8%.The Gulf institutions were seen net profit takers in the main bourse, whose capitalisation eroded QR4.73bn or 0.71% to QR664.32bn; mainly on midcap segments.The Gulf retail investors turned bearish in the main market, which saw as many as 2,936 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across six deals.The Arab institutions’ weakened net buying had its marginal influence on the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills.However, the domestic funds turned net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.86%, the All Share Index by 0.85% and the All Islamic Index 0.68% in the main market.The banks and financial services sector index tanked 1.24%, consumer goods and services (0.98%), telecom (0.94%), transport (0.26%), industrials (0.15%) and insurance (0.06%); while real estate was unchanged.As many as 10 stocks gained, while 38 declined and four were unchanged.Major losers in the main market included Medicare Group, Qatar Islamic Bank, QIIB, Qatar Oman Investment, Meeza, QNB, Dukhan Bank, Barwa, Ooredoo and Nakilat.In the juniour bourse, Techno Q saw its shares depreciate in value.Nevertheless, Estithmar Holding, Mazaya Qatar, Ezdan, Mekdam Holding, Gulf Warehousing and Vodafone Qatar were among the movers in the main market.The foreign institutions’ net profit booking increased substantially to QR44.51mn compared to QR5.55mn the previous day.The Gulf institutions turned net sellers to the tune of QR13.29mn against net buyers of QR12.47mn on September 23.The Gulf individual investors were net sellers to the extent of QR0.71mn compared with net buyers of QR1.31mn on Tuesday.The Arab institutions’ net buying weakened marginally to QR0.02mn against QR0.05mn the previous day.However, the domestic funds turned net buyers to the tune of QR43.53mn compared with net sellers of QR2.24mn on September 23.The local retail investors were net buyers to the extent of QR13.09mn against net sellers of QR5.02mn on Tuesday.The foreign individual investors’ net buying strengthened perceptibly to QR5.21mn compared to QR4.7mn the previous day.The Arab retail investors’ net profit booking shrank noticeably to QR3.33mn against QR5.72mn on September 23.The main market saw a 22% jump in trade volumes to 217.05mn shares, 22% in value to QR572.05mn and 3% in deals to 24,303.In the venture market, a total of 0.23mn equities valued at QR0.6mn changed hands across 18 transactions.

Market EyeThe bearish spell continued for the third straight session in the Qatar Stock Exchange (QSE) Tuesday with its key index losing 47 points and capitalisation eroding more than QR5bn, reflecting the concerns over future rate cuts by the US Federal Reserve, which signalled a measured approach to further easing.The transport and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.42% to 11,174.88 points, although it touched an intraday high of 11,234 points.As much as 51% of the traded constituents were in the red in the main market, whose year-to-date gains truncated further to 5.71%.The Arab individuals turned net profit takers in the main bourse, whose capitalisation eroded QR5.23bn or 0.78% to QR669.05bn; mainly on large and midcap segments.The local retail investors were also seen net sellers in the main market, which saw as many as 8,352 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across three deals.The domestic institutions were seen bearish in the main bourse, whose trade turnover grew amidst lower volumes.The Islamic index made gains vis-a-vis declines in the other indices of the main market, which saw no trading of treasury bills.The foreign funds continued to be net sellers but with lesser vigour in the main bourse, which saw as many as 0.21mn sovereign bonds valued at QR2.12bn change hands across four deals.The Total Return Index shed 0.42% and the All Share Index by 0.65%, while the All Islamic Index was up 0.1% in the main market.The transport sector index tanked 1.06%, banks and financial services (1.05%), insurance (0.26%), industrials (0.14%) and real estate (0.14%); whereas consumer goods and services gained 0.68% and telecom 0.08%.As many as 21 stocks gained, while 26 declined and four were unchanged.Major losers in the main market included QNB, Baladna, Al Faleh Educational Holding, Nakilat, Dukhan bank, Industries Qatar and Milaha.In the junior bourse, Techno Q saw its shares depreciate in value.Nevertheless, Medicare Group, Qatar Islamic Bank, Qatar German Medical Devices, Al Meera, Inma Holding, Al Mahhar Holding, Estithmar Holding and Qamco were among the movers in the main market.The Arab individuals turned net sellers to the tune of QR5.72mn against net buyers of QR1.33mn the previous day.The local retail investors were net sellers to the extent of QR5.02mn compared with net buyers of QR24.36mn on Monday.The domestic institutions turned net profit takers to the tune of QR2.24mn against net buyers of QR7.57mn on September 22.However, the Gulf funds were net buyers to the extent of QR12.47mn compared with net sellers of QR9.42mn the previous day.The foreign retail investors turned net buyers to the tune of QR4.7mn against net profit takers of QR0.75mn on Monday.The Gulf individual investors’ net buying increased marginally to QR1.31mn compared to QR1.2mn on September 22.The Arab institutions’ net buying was rather flat at QR0.05mn.The foreign institutions’ net profit booking weakened substantially to QR5.55mn against QR24.35mn the previous day.The main market saw a 14% shrinkage in trade volumes to 177.43mn shares but on 2% jump in value to QR468.27mn and 2% in deals to 23,671.In the venture market, a total of 0.08mn equities valued at QR0.2mn changed hands across 26 transactions.

Market EyeProfit booking, especially from the foreign and Gulf funds, on Monday extended the bearish run in the Qatar Stock Exchange (QSE) for the second straight session.The industrials and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed about 45 points or 0.4% to 11,222.06 points, although it touched an intraday high of 11,285 points.About 58% of the traded constituents were in the red in the main market, whose year-to-date gains truncated to 6.16%.The foreign individuals continued to be net sellers but with lesser intensity in the main bourse, whose capitalisation melted QR1.05bn or 0.16% to QR674.28bn; mainly on micro and small cap segments.The local retail investors were seen net buyers in the main market, which saw as many as 1,164 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR9,729 trade across six deals.The domestic funds were seen bullish in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen declining faster than the main barometer of the main market, which saw no trading of treasury bills.The Arab individual investors turned net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.4%, the All Share Index by 0.23% and the All Islamic Index by 0.51% in the main market.The industrials sector index shrank 0.88%, transport (0.44%), real estate (0.34%) and banks and financial services (0.08%); while consumer goods and services gained 0.27%, telecom (0.16%) and insurance (0.14%).As many as 20 stocks gained, while 30 declined and two were unchanged.Major losers in the main market included QLM, Doha Bank, Industries Qatar, Widam Food, Qatar Islamic Bank, Qamco, Barwa, United Development Company and Nakilat.Nevertheless, Al Faleh Educational Holding, Baladna, Qatar Oman Investment, Medicare Group, Qatar General Insurance and Reinsurance, Mesaieed Petrochemical Holding, Ezdan and Vodafone Qatar were among the gainers in the main bourse. In the venture market, Techno Q saw its shares appreciate in value.The foreign institutions turned net sellers to the tune of QR24.35mn compared with net buyers of QR9.02mn on September 21.The Gulf institutions were net profit takers to the extent of QR9.42mn against net buyers of QR9.83mn the previous day.However, the local retail investors turned net buyers to the tune of QR24.36mn compared with net sellers of QR5.85mn on Sunday.The domestic funds were net buyers to the extent of QR7.57mn against net profit takers of QR5.5mn on September 21.The Arab retail investors turned net buyers to the tune of QR1.33mn compared with net sellers of QR6.17mn the previous day.The Gulf individual investors’ net buying increased noticeably to QR1.2mn against QR0.16mn on Sunday.The Arab institutions’ net buying was rather flat at QR0.05mn.The foreign retail investors’ net profit booking eased markedly to QR0.75mn compared to QR1.53mn on September 21.The main market saw 41% surge in trade volumes to 207.48mn shares, 12% in value to QR460.77mn and 15% in deals to 23,041.In the venture market, a total of 0.04mn equities valued at QR0.1mn changed hands across 13 transactions.