With Qatar Stock Exchange’s (QSE) semi-annual index review becoming effective from next week, Vodafone Qatar will replace Qatar Insurance in the main barometer QE Index.
The review will also see Qatar Industrial Manufacturing Company removed from the 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 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.
The other constituents of the main barometer will remain QNB, Industries Qatar, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Woqod, QIIB, Nakilat, Ooredoo, Qatar Electricity and Water, Milaha, Mesaieed Petrochemical Holding, 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 Industries Qatar, Qatar Islamic Bank, Masraf Al Rayan, Woqod, QIIB, Ooredoo, Milaha, Mesaieed Petrochemical Holding, Qatar Electricity and Water, Barwa, Qamco, Vodafone Qatar, United Development Company, Baladna, Estithmar Holding, Ezdan, Qatari Investors Group, Al Meera Consumer Goods, Medicare Group, Qatar National Cement and Gulf Warehousing.
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’.