Vodafone Qatar will replace Qatar Insurance in the Qatar Stock Exchange’s (QSE) main barometer QE Index, effective April 1.
Qatar Industrial Manufacturing Company will be removed from QE Al Rayan Islamic Index.
Qatar General Insurance and Reinsurance will join QE All Share Index and QE Insurance Index; while Ahli Bank will be removed from QE All Share Index and QE Banks and Financial services Index.
Under the new index practices, a review is carried out twice a year to ensure that the selection and weighting of the constituents continue to reflect the purpose of the index.
The other constituents of the main barometer will remain QNB, Industries Qatar, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Woqod, Qatar Electricity and Water, Ooredoo, Mesaieed Petrochemical Holding, Milaha, Barwa, Qamco, Doha Bank, Gulf International Services, Baladna, Estithmar Holding and Ezdan.
All listed companies are ranked by giving free float market capitalisation with a 50% weight and average daily value traded also 50% weight. Companies with velocity less than 5% are excluded from the review, as are entities whereby a single shareholder can only own less than 1% of outstanding shares.
Any qualifying component exceeding 15% weight in the index as of market close March 28, 2023 will have its weight capped at the 15% level and excess weight allocated to remaining stocks proportionately.
The index free-float for a stock is total outstanding shares minus shares directly owned by government and its affiliates, those held by founders and board members and shareholdings above 10% or greater of the total outstanding (except those held by those held by pension funds in the country).
The other constituents of the Al Rayan Islamic Index are Masraf Al Rayan, Qatar Islamic Bank, Industries Qatar, Milaha, Woqod, Ooredoo, Mesaieed Petrochemical Holding, QIIB, Barwa, Qatar Electricity and Water, United Development Company, Qamco, Vodafone Qatar, Ezdan, Al Meera Consumer Goods, Baladna, Qatar National Cement, Medicare Group, Qatari Investors Group, Gulf Warehousing and Estithmar Holding.
The bourse has seven sectors – banks and financial services (with 13 constituents), insurance (seven), industrials (10), real estate (four), telecom (two), transportation (three) and consumer goods and services (11) in the ‘All Share Index’.
Under the new QSE index practices, a review is carried out twice a year to ensure that the selection and weighting of the constituents continues to reflect the purpose of the index.
