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Bright start for Qatar’s batch market

Following a year of medium growth, activity on a Qatar Exchange (QE) shifted adult a rigging in early 2014, with a benchmark index, a QE Index, surpassing 10,000 points for a initial time in some-more than 4 years.

The QE Index reached 11,900 points on Feb 24, flourishing closer to a pre-financial predicament high of 12,627 in Jun of 2008. The index includes a 20 largest and many glass bonds traded on a exchange, such as Qatar National Bank (QNB), Industries Qatar (IQ) and Ooredoo.

This followed a plain opening in 2013. According to information from a exchange, a QE Index rose usually over a 12-month period, bar a slight drop in September, to finish a year adult 24% during 10,380. Qatar’s opening placed it roughly in a center of a GCC batch markets, forward of Bahrain (17%) and Oman (19%), though behind Kuwait (27%), Saudi Arabia (26%), Abu Dhabi (63%) and Dubai (108%).

Market capitalisation was likewise up, flourishing scarcely 21% to strech QR555bn ($152bn) by Dec 31.

The All Share Transportation Index led sectoral indices in terms of sum returns, finale 2013 adult 38.7%. Transport was followed by telecoms (36.5%), industrials (33.2%), and consumer products and services (27.4%).

The banking and financial zone saw a many trade activity, accounting for one third of a sum value traded, while a industrial and genuine estate sectors accounted for 25% and 15% of traded value, respectively.

Push for new listings

Improved opening is approaching to pave a approach for new initial open offerings (IPOs), that have slowed given 2008. On Dec 31, 2013, Mesaieed Petrochemical Holding, a auxiliary of state-owned Qatar Petroleum, announced a QE’s initial IPO in 4 years. The association released 25.725% of a share collateral and lifted a sum of QR3.2bn ($876.5m). Although singular to Qatari nationals, a charity was 5 times oversubscribed, suggesting clever direct for additional IPOs around 2014.

In a apart development, a QE and Enterprise Qatar, a state-run support centre for tiny and medium-sized enterprises (SMEs), sealed a understanding in Feb to rise a funding programme that will compensate for a commission of inventory costs for smaller businesses. The dual entities are mixing their efforts to assistance several companies already authorized for a programme to go open in a nearby future. SME expansion forms an constituent partial of a government’s wider pull to give a private zone a larger purpose in a altogether economy.

Impact of ascent

Alongside a solid growth, Qatar’s bourse is approaching to advantage from a ascent from extent to rising marketplace standing by MSCI, set to come into outcome this May. Abdulaziz Khashabi, a conduct of QNB Financial Services, told OBG that Qatar should see additional collateral inflows of between $500m and $750m as a outcome of a change.

Khashabi combined that a ascent is a “long-term certain influence” for a market, as listed companies demeanour to urge their communications with intensity general investors. “We trust that increasing unfamiliar seductiveness will be a motivating cause for firms to rouse and raise their financier family function, with a aim of apropos some-more open with all stakeholders,” he said.

The standing ascent had been approaching for some time, facilitated in partial by Qatar’s pierce to deliver an extended clearing and allotment process, as good as swell in terms of easing a extent on unfamiliar ownership, that is now set during 25% of giveaway floating, non-government-held shares. Several listed companies, including a Commercial Bank of Qatar and Qatar Islamic Bank, have already requested that a process of calculating a 25% be shifted to sum marketplace capitalisation, rather than a giveaway boyant portion.

While rising marketplace standing will roughly certainly attract some-more collateral to a country, Qatar nonetheless faces clever foe from a GCC neighbours. However, financier certainty should be buoyed serve by a poignant supervision spend designed in a run-up to a FIFA 2022 World Cup and indications of important year-end earnings.

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