Business

The Gulf institutions substantially stronger net selling yesterday dragged the Qatar Stock Exchange more than 17 points but overall its key index stood above 10,800 levels.The telecom, industrials, real estate and consumer goods counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.16% lower at 10,803.54 points.The foreign institutions were seen net profit takers in the main market, which saw the index touch an intraday high of 10,837 points.The foreign individuals’ weakened net buying had its influence in the main bourse, whose year-to-date gains stood at 1.15%.About 49% of the traded constituents were in the red in the main market, whose capitalisation shrank QR1.27bn or 0.2% to QR635.03bn with small cap segments losing the most.The Gulf retail investors’ lower net buying had its say in the main bourse, which saw a total of 19,284 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.14mn changed hands across 11 deals.However, the domestic institutions turned bullish in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining faster than the other indices in the main bourse, which saw no trading of treasury bills.The Total Return Index shed 0.16%, All Share Index by 0.09% and Al Rayan Islamic Index (Price) by 0.29% in the main market, whose trade turnover grew amidst lower volumes.The telecom sector index tanked 1.61%, industrials (0.96%), realty (0.71%), and consumer goods and services (0.24%); while insurance gained 0.5%, banks and financial services (0.39%) and transport (0.35%).Major losers in the main market included Baladna, Widam Food, Ooredoo, Alijarah Holding, Qatari German Medical Devices, Industries Qatar, Gulf International Services, Qamco, Ezdan and Barwa. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value.Nevertheless, QLM, Ahlibank Qatar, Medicare Group, Al Meera and Qatar Islamic Bank were among the gainers in the main bourse.The Gulf institutions turned net sellers to the tune of QR20.19mn compared with net buyers of QR12.39mn on August 6.The foreign institutions were net sellers to the extent of QR3.54mn against net buyers of QR8.9mn on Sunday.The foreign retail investors’ net buying declined perceptibly to QR0.48mn compared to QR2.72mn the previous day.The Gulf individuals’ net buying weakened marginally to QR0.31mn against QR0.55mn on August 6.However, the domestic funds were net buyers to the extent of QR17.69mn compared with net sellers of QR7.37mn on Sunday.The local retail investors turned net buyers to the tune of QR6.24mn against net profit takers of QR8.04mn the previous day.The Arab individual investors’ net selling shrank noticeably to QR0.99mn compared to QR9.16mn on August 6.The Arab institutions had no major net exposure.Trade volumes in the main market were down 4% to 110.13mn shares, but value shot up 35% to QR334.59mn and deals by 69% to 14,597.The venture market saw a 68% surge in trade volumes to 0.67mn equities, 83% in value to QR1.41mn and 61% in transactions to 127.

Federal Reserve Bank of New York President John Williams sees the need to keep US monetary policy restrictive for some time and said interest-rate cuts may be warranted next year if inflation slows.“Monetary policy is in a good place — we’ve got the policy where we need to be,” Williams said in an August 2 interview with the New York Times that was published yesterday. “Whether we need to adjust it in terms of that peak rate — but also how long we need to keep a restrictive stance — is going to depend on the data.”“I expect that we will need to keep a restrictive stance for some time,” he said, according to the Times.The Fed’s July rate hike brought the benchmark federal funds rate to a target range of 5.25% to 5.5%, the highest level in 22 years.The median of Fed officials’ most recent quarterly projections, published in June, showed two more rate increases this year, the first of which was accomplished with last month’s hike.The need for more rate hikes is “an open question,” Williams told the Times. And if the inflation rate keeps falling, the central bank may need to lower interest rates in 2024 or 2025 to ensure that real interest rates don’t rise further.As key US inflation measures cool and the Fed maintains rates at current levels, real rates increase, which “won’t be consistent with our goals,” Williams said.In his outlook, inflation returns to the central bank’s goal of 2% over the next two years and the economy comes into better balance. “Eventually, monetary policy will need over the next few years to get back to a more normal — whatever that normal is — a more normal setting of policy,” Williams said, according to the Times.Meanwhile Federal Reserve Governor Michelle Bowman reiterated her view that the US central bank may need to raise rates further in order to fully restore price stability.“I supported raising the federal funds rate at our July meeting, and I expect that additional increases will likely be needed to lower inflation to the FOMC’s goal,” Bowman said, referring to the Federal Open Market Committee in remarks prepared for a central bank Fed Listens event in Atlanta.She added that further moves will depend on the incoming economic data, repeating her view made to the Kansas Bankers Association in Colorado on Saturday.“I will be looking for evidence that inflation is on a consistent and meaningful downward path as I consider whether further increases in the federal funds rate will be needed, and how long the federal funds rate will need to remain at a sufficiently restrictive level,” she said.The Fed’s July rate hike brought the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years. The median estimate of Fed officials’ most recent quarterly projections, published in June, showed two more rate increases this year, the first of which was accomplished with last month’s hike.“We have made progress in lowering inflation over the past year, but inflation is still significantly above the FOMC’s 2% target, and the labour market continues to be tight, with job openings still far exceeding the number of available workers,” Bowman said.On Friday, a Bureau of Labor Statistics report showed nonfarm payrolls increased 187,000 last month — less than forecast — while the unemployment rate unexpectedly dropped to 3.5%, one of the lowest readings in decades.

Dolphin Energy reduced total energy consumption by 1.7% last year compared to 2021, according to a company report.In its 14th sustainability report Dolphin Energy said its energy management system guides efforts to drive down direct and indirect energy consumption across its operations.“In 2022, we reduced total energy consumption by 1.7% compared to 2021, with most of our consumption in upstream operations. We increased electricity generated at our own plant upstream, thus reducing the requirement to import from the grid,” Dolphin Energy noted.Dolphin Energy’s major strategic initiative, the Dolphin Gas Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE, which began in July 2007.Since 2016, Dolphin Energy has implemented several initiatives designed to optimise its energy use, save costs, and reduce GHG emissions.These include replacing super heater coils and evaporators on the Stream 1 Sulfur Recovery Unit (with Stream 2 to be completed this year), eliminating the use of the de-methaniser steam reboiler on Trains 1, 2 and 3, with Train 4 being completed in 2023, replacing upstream plant and administration building lighting with LED lights, installing occupancy sensors for automatic controls, installation of solar power systems in its upstream plant, downstream at the Taweelah Receiving Facility, and along its pipeline network thus reducing grid imported electricity.In terms of emissions and air quality, Dolphin Energy said managing greenhouse gas (GHG) emissions and other emissions to air is vital to its decarbonisation roadmap and to maintaining clean, healthy air for company employees and communities.In calculating and reporting its operational GHG emissions, Dolphin Energy follows the European Union Monitoring and Reporting Regulation 2012.In 2022, Dolphin Energy’s total absolute GHG emissions decreased by 1.2%, thanks to the decrease in its total direct emissions associated with operational activities upstream and downstream. Since our 2010 baseline year of GHG accounting, Dolphin Energy has decreased emissions by 15%, despite business growth.“Our vision is to manage greenhouse gas emissions in an economically viable and sustainable manner by mitigating potential risks and leveraging opportunities associated with GHG-induced climate change,” Dolphin Energy said.Environmental Management system is part of the company’s wider Health, Safety, Environment, and Security (HSES) system. It outlines environmental performance standards covering all significant impacts of our operations, promoting continuous improvement.Dolphin Energy determines its significant impacts on the environment through Environmental Impact Assessments, continuous updates of its environmental aspects and impact registers, and ongoing monitoring and evaluation.Its environmental performance standards are supplemented by project and operations specific procedures and management plans. Dolphin Energy said it regularly track indicators of environmental performance and progress at our plants, sites, and offices. “Compliance with applicable environmental regulations and legislation in Qatar and the UAE is integral to our daily operations. Our HSES division maintains an internal database of all relevant legislation, regulations, and international conventions ratified by the UAE and Qatar that are relevant to the company’s business activities,” Dolphin Energy noted.The company said it aims to raise awareness of environmental issues among our employees by issuing tips and bulletins, implementing “green office” initiatives, and participation and volunteering in environmental events.In 2022, Dolphin Energy participated in Earth Hour, the Qatar National Dialogue on Climate Change (hosted by the Qatar Foundation), and several clean-up campaigns.

Total trade between the UK and GCC countries rose by more than 70% to £64.5bn ($82.7bn) in the fiscal year that ended in March, driven by rising oil prices and a demand for services as Gulf countries’ move to diversify their economies.According to an analysis of statistics released by the UK’s Department for Business and Trade by AGBI, which is a new platform that provides intelligence and analysis around the Middle East’s commercial opportunities and challenges, trade in goods and services eclipsed last year’s figure of £37bn.Over £15bn of trade consisted of UK imports of oil and gas from Qatar and other GCC countries.The fourth round of negotiations on a free trade agreement took place last week in London.Discussions were held across 23 policy areas over 44 sessions and “good progress” was made, a government statement said.Freddie Neve, senior Middle East associate at analyst Asia House, told AGBI that oil still accounts for a significant portion of UK-Gulf trade.Average prices rose to $100 a barrel last year, compared with almost $70 in 2021.“The UK has increased its purchases of Gulf oil and gas since the start of the Ukraine conflict to compensate for supplies it previously received from Russia,” Neve said.Neve added that trade also continues to be boosted by the GCC’s efforts to diversify away from oil. This has encouraged growth in Gulf imports of UK professional services to assist delivery of various projects.UK exports of services to the region rose significantly last year to nearly £18bn.Chris Innes-Hopkins, UK executive director of the Saudi British Joint Business Council, said the latest figures reflected a “growing engagement” by UK companies in new sectors of the fast-growing Saudi economy.“The services sector is particularly buoyant and it’s good to see many smaller UK companies getting involved in fintech, creative industries and education opportunities among others,” he said.Foreign secretary James Cleverly highlighted the UK’s growing partnership with Gulf countries last week during a three-day visit to Qatar, Kuwait and Jordan.The UK government has announced that citizens from Qatar and other GCC countries besides Jordan will be among the first to benefit from the UK’s new Electronic Travel Authorisation visa scheme, which will make travel to the British isles cheaper and easier for visitors.Bradley Jones, executive director of the UAE-UK Business Council, said the COP28 environmental conference, which will be hosted in Dubai later this year, is “really drawing attention” to opportunities for UK-UAE collaboration in sustainability and decarbonisation.Lord Dominic Johnson, a minister of state in the UK’s Department for Business & Trade, added: “We are seeing extraordinary rates of growth for British companies operating in the Gulf.“I spoke to one of the big accounting firms. They’re looking at 35% annual growth.”He said that he met a number of construction and infrastructure companies last month at the prime minister’s business reception in Downing Street who are reporting ”phenomenal rates of growth”, particularly in Saudi Arabia.UK secretary of state for business and trade, Kemi Badenoch, had visited Qatar, Saudi Arabia and the UAE in May to maintain momentum on the potential trade deal.

Qatar Electricity and Water Company (QEWC) has reported a 12% year-on-year increase in net profit to QR769mn in the first half (H1) of 2023.Revenue showed a 15% annual increase to QR1.38bn in the first six months of this year.Net cash from operations were up 9% year-on-year to QR655mn in January-June 2023.Earnings-per-share (EPS) amounted to QR0.70 for the period ended June 30, 2023 compared to QR0.62 for the same period of the previous year.Total asset amounted to QR25.5bn at the end of June 30, 2023.Net debt stood at QR2.72bn in the review period.

The proposed single window committee is expected to ease and streamline the listing process in the Qatar’s capital market, leading the country’s bourse to see brisk activities on an expected faster approval of listings and instruments in the future, according to experts."As the name suggests, there is no need to apply in various authorities. This, in itself, will cut down the time taken for the approval. The (opportunity) cost (towards listing) also comes down in the process," an analyst with a leading brokerage house said.Early last month, the Qatar Financial Markets Authority (QFMA) issued a resolution to establish a "Single Window Committee for the Capital Market" with the goal of reducing time and effort and significantly simplifying procedures for companies whose activities are related to the financial markets in the country.“The move makes it easier for the issuers to process their applications,” he said, adding the stage is set for smooth and speedier initial public offerings (IPOs) and follow-on issues as well as other instruments such as exchange traded funds and derivatives.According to Dr Tami bin Ahmed al-Binali, QFMA chief executive officer, the establishment of a "Single Window Committee for the Capital Market" represents an important step forward as it will facilitate and simplify procedures for companies active in the country's financial market.The 11-member Committee will have five members from the QFMA, four from the Qatar Stock Exchange (QSE), and each from the Ministry of Commerce and Industry and Edaa (formerly Qatar Central Securities Depository Company).Among the other advantages provided by the 'one-stop-shop window for the capital market' for these companies is having streamlined and smooth processes for the public offering and listing of securities on QSE, whether upon their incorporation, conversion to a joint stock company, direct listing, or entry into any acquisitions or mergers.The listing process would speed up because the due diligence and other legwork start at least a year before the (actual) listing, market sources said.Since (multiple) authorities concerned are in the committee, the chance of delay at each step comes down as the new single window system will be the nodal point, which will vet the applications based on the broad guidelines set by the QFMA, according to the sources.The proposed single window committee comes amid reports of more listings expected, considering that the procedural reforms as direct listing and book-building mechanism ought to attract more companies.Having put in place a new trading mechanism, the Qatari bourse is all set to move into a T+2 settlement cycle compared to T+3. The initiative is in line with international best practices in regional and international markets, to achieve efficiency, and reduce the risks of long settlement period.

The Gulf institutions substantially stronger net selling Monday dragged the Qatar Stock Exchange more than 17 points but overall its key index stood above 10,800 levels..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[62830]**The telecom, industrials, real estate and consume goods counters witnessed higher than average selling pressure as the 20-stock Qatar Index settled 0.16% lower at 10,803.54 points.The foreign institutions were seen net profit takers in the main market, which saw the index touch an intraday high of 10,837 points.The foreign individuals’ weakened net buying had its influence in the main bourse, whose year-to-date gains stood at 1.15%.About 49% of the traded constituents were in the red in the main market, whose capitalisation shrank QR1.27n or 0.2% to QR635.03bn with small cap segments losing the most.The Gulf retail investors’ lower net buying had its say in the main bourse, which saw a total of 19,284 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.14mn changed hands across 11 deals.However, the domestic institutions turned bullish in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining faster than the other indices in the main bourse, which saw no trading of treasury bills.The Total Return Index shed 0.16%, All Share Index by 0.09% and Al Rayan Islamic Index (Price) by 0.29% in the main market, whose trade turnover grew amidst lower volumes.The telecom sector index tanked 1.61%, industrials (0.96%), realty (0.71%), and consumer goods and services (0.24%); while insurance gained 0.5%, banks and financial services (0.39%) and transport (0.35%).Major losers in the main market included Baladna, Widam Food, Ooredoo, Alijarah Holding, Qatari German Medical Devices, Industries Qatar, Gulf International Services, Qamco, Ezdan and Barwa. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value.Nevertheless, QLM, Ahlibank Qatar, Medicare Group, Al Meera and Qatar Islamic Bank were among the gainers in the main bourse.The Gulf institutions turned net sellers to the tune of QR20.19mn compared with net buyers of QR12.39mn on August 6.The foreign institutions were net sellers to the extent of QR3.54mn against net buyers of QR8.9mn on Sunday.The foreign retail investors’ net buying declined perceptibly to QR0.48mn compared to QR2.72mn the previous day.The Gulf individuals’ net buying weakened marginally to QR0.31mn against QR0.55mn on August 6.However, the domestic funds were net buyers to the extent of QR17.69mn compared with net sellers of QR7.37mn on Sunday.The local retail investors turned net buyers to the tune of QR6.24mn against net profit takers of QR8.04mn the previous day.The Arab individual investors’ net selling shrank noticeably to QR0.99mn compared to QR9.16mn on August 6.The Arab institutions had no major net exposure.Trade volumes in the main market were down 4% to 110.13mn shares, but value shot up 35% to QR334.59mn and deals by 69% to 14,597.The venture market saw a 68% surge in trade volumes to 0.67mn equities, 83% in value to QR1.41mn and 61% in transactions to 127.

Europes biggest companies suffered at least 100 billion euro in direct losses from their operations in Russia since the beginning of the Russian military operations in Ukraine last year.An analysis by the Financial Times said that a survey of 600 European groups annual reports and 2023 financial statements shows that 176 companies have recorded asset impairments, foreign exchange-related charges and other one-off expenses as a result of the sale, closure or reduction of Russian businesses, adding that this aggregate figure does not include the wars indirect macroeconomic impacts such as higher energy and commodities costs. On the other hand, the war has also delivered a profit boost for oil and gas groups and defense companies.Analysts believe that Moscows decision to seize control of the Russian businesses of gas importers Fortum and Uniper in April, followed by the expropriation of Danone and Carlsberg last month, suggests more pain lies ahead.The newspaper noted that more than 50 percent of the 1,871 European-owned entities in Russia before the war are still operating in the country, according to data compiled by the Kyiv School of Economics. European companies still present in Russia include Italys UniCredit, Austrias Raiffeisen, Switzerlands Nestlé and the UKs Unilever.Partner at strategic consultancy Control Risks Nabi Abdullaev said that "even if a company lost a lot of money leaving Russia, those who stay risk much bigger losses....It turns out that cut and run was the best strategy for companies deciding what to do at the start of the war. The faster you left, the lower your loss."The heaviest costs of withdrawal were concentrated in a few exposed sectors. Those with the biggest writedowns and charges are oil and gas groups, where three companies alone BP, Shell and TotalEnergies reported combined charges of 40.6 billion euro. However, the losses were far outweighed by higher oil and gas prices, which helped these groups report bumper aggregate profits of about 95 billion euro ($104 billion) last year.As for other sectors, utilities took a direct hit of 14.7 billion euro, while industrial companies, including carmakers, have suffered a 13.6 billion euro blow. Financial companies including banks, insurers and investment firms, have recorded 17.5 billion euro in writedowns and other charges.BP reported a $25.5 billion charge, announcing three days after the invasion that it would sell its 19.75 per cent stake in state-owned oil group Rosneft, according to the Financial Times, while it took TotalEnergies longer to report a total cost of $14.8 billion. The French energy group has yet to write down its 20 per cent stake in the Yamal LNG project.German group Wintershall Dea said in January the Kremlins expropriation of its Russia business had wiped 2 billion euro of cash from its bank accounts. Uniper, which was bailed out by the German state last year, booked 5.7 billion euro in impairments, while Finlands Fortum took a 5.3 billion euro hit.Eleven carmakers took a combined 6.4 billion euro in charges. Renault wrote off 2.3 billion euro after selling its Moscow plant and the stake in Russias Avtovaz in May 2022. Volkswagen reported a 2 billion euro writedown and in May Moscow approved the sale of VWs local assets, including a plant employing 4,000 people, which were still valued at Rbs111.3 billion (1.5 billion euro) last year.In the financial sector, Frances Societe Generale sold Rosbank and its insurance activities to Vladimir Potanin, an ally of Putin, taking a 3.1 billion euro hit in the process.Nevertheless, only a handful of the 45 western banks with Russian subsidiaries have exited the country, partly because of constraints imposed by Moscow.The newspaper noted that the groups still operating in Russia are taking a high-risk gamble, as the tighter exit rules introduced by Moscow since the start of the war has made expropriation likely and extracting any dividends out of these businesses is almost impossible.

A highly-awaited inflation report and elevated bond yields offer the latest test to a US stock rally that has delivered hefty gains this year.The benchmark S&P 500 index is up 16.6% year to date, fuelled by an improving economic outlook, excitement over developments in artificial intelligence (AI) and signs that the Federal Reserve is close to ending its market-bruising US interest rate hikes.Stocks’ near-term trajectory, however, may depend on whether next week’s inflation report shows consumer prices remaining subdued. Investors are also closely watching the path of Treasury yields, which rattled equity markets in recent days by rising to fresh year highs. The S&P 500 fell 2.27% this week, its biggest weekly decline since March 10.“After a massive run-up in equities... any sort of blip in terms of any of the macro data (is) probably going to be a reason for people to take profits,” said Jack Janasiewicz, lead portfolio strategist and portfolio manager at Natixis Investment Managers.While consumer prices have not been rising as fast lately, some investors worry stubborn inflation may force the Fed to leave rates at current levels longer than expected. The US reports consumer price data on August 10.On Friday, US employment data showed the economy maintained a moderate pace of job growth. Yet wages grew at a faster-than-expected annual clip of 4.4%. Many fear that is too high to be consistent with the Fed’s 2% inflation target. Janasiewicz of Natixis said a stronger-than-expected consumer price reading next week could spark a decline of up to 5% in the S&P 500. He said such a drop would be “healthy” given the index’s big runup this year.Other investors have been taking profits. Concerns over rising stock valuations pushed Aaron Chan, a managing partner at equity hedge fund Recurve Capital, to trim stakes in shares of companies including Amazon.com, which is up 68% this year, and Norwegian Cruise Line, up 47%.The S&P 500 is trading at about 19.5 times forward 12-month earnings estimates, much pricier than its long-term average of about 15.6 times, according to Refinitiv Datastream.Rising global prices for oil and food, which the Fed’s rate increases do little to control, may have more sway on inflation in coming months, said Tim Murray, a capital markets strategist at T Rowe Price. Prices for Brent crude were on track for their sixth straight week of gains, up roughly 17% in that period on signs of tightening global supply and rising demand.“As long as CPI remains flat to trending down, the market will accept it thoroughly,” said Ann Miletti, Allspring’s head of active equity. “If we do see upticks, it is really dependent on where the upticks are and whether or not investors believe they’re temporary in nature.” Miletti is growing more bullish on corners of the market that have underperformed, including small cap stocks. A stronger-than-expected inflation number next week could also boost Treasury yields further. Yields, which move inversely to bond prices, spiked this week following a downgrade of the US credit rating by Fitch and on the prospect of a flood of Treasury supply in the third quarter.The benchmark 10-year yield fell sharply after Friday’s jobs report but remained above 4%, a level last seen in November 2022.Rising yields on Treasuries, viewed as among the world’s safest investments because they are backed by the US government, can dull the allure of stocks. Projected company cash flows are also worth less in current dollars when interest rates rise.“The move in the 10-year US Treasury yield above the 4% level will likely act as a headwind to further expansion in already lofty equity valuations,” Keith Lerner, co-chief investment officer at Truist Advisory Services, wrote this week.

The Qatar Stock Exchange (QSE) yesterday opened the week on a stronger note with its key index gaining more than 22 points, on the back of buying interests, especially in the banks and consumer goods sectors.The Gulf institutions were seen increasingly into net buying as the 20-stock Qatar Index was up 0.2% to 10,820.82 points.The foreign individuals turned net buyers in the main market, which saw the index touch an intraday high of 10,840 points.The foreign institutions were net bullish in the main bourse, whose year-to-date gains stood at 1.31%.However, more than 55% of the traded constituents were in the red in the main market, whose capitalisation shrank QR1.12bn or 0.18% to QR636.3bn with microcap segments losing the most.The Arab retail investors turned net sellers in the main bourse, which saw a total of 16,713 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.04mn changed hands across nine deals. The domestic institutions were seen net profit takers in the main market, which saw no trading of sovereign bonds.The Islamic index was seen gaining faster than the other indices in the main bourse, which saw no trading of treasury bills.The Total Return Index gained 0.2%, All Share Index by 0.03% and Al Rayan Islamic Index (Price) by 0.28% in the main market, whose trade turnover and volumes were on the decrease. The consumer goods and services sector index gained 0.47% and banks and financial services 0.31%; while transport declined 1.19%, insurance (0.95%), telecom (0.5%), realty (0.17%) and industrials (0.02%).Major movers in the main market included Baladna, Beema, Qatar Islamic Bank, Qatar Industrial Manufacturing and Doha Insurance. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, Qatar General Insurance and Reinsurance, Qatar Cinema and Film Distribution, Lesha Bank, QLM and Ahlibank Qatar were among the losers in the main bourse. In the junior market, Mahhar Holding saw its shares depreciate in value.The Gulf institutions’ net buying increased markedly to QR12.39mn compared to QR10.92mn on August 3.The foreign institutions turned net buyers to the tune of QR8.9mn against net sellers of QR42.82mn last Thursday.The foreign retail investors were net buyers to the extent of QR2.72mn compared with net sellers of QR9.33mn the previous day.However, the Arab individual investors turned net sellers to the tune of QR9.16mn against net buyers of QR2.13mn on August 3.The local retail investors were net profit takers to the extent of QR8.04mn compared with net buyers of QR28.32mn last Thursday.The domestic funds turned net sellers to the tune of QR7.37mn against net buyers of QR9.17mn the previous day.The Gulf individuals’ net buying weakened perceptibly to QR0.55mn compared to QR1.63mn on August 3.The Arab institutions had no major net exposure.Trade volumes in the main market were down 6% to 114.59mn shares, value by 37% to QR247.38mn and deals by 47% to 8,657.The venture market saw a 61% contraction in trade volumes to 0.4mn equities, 67% in value to QR0.77mn and 36% in transactions to 79.

Federal Reserve official Michelle Bowman said the US central bank may need to raise rates further in order to fully restore price stability.“Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% target,” Bowman said, referencing the policy-setting Federal Open Market Committee (FOMC).Bowman, in remarks prepared for an event with the Kansas Bankers Association in Colorado on Saturday, said she supported the decision to raise rates at the Fed’s meeting last month.While data released since then show a slowdown in price growth, Bowman indicated she wants to see more proof of sustained disinflation.“The recent lower inflation reading was positive, but I will be looking for consistent evidence that inflation is on a meaningful path down toward our 2% goal as I consider further rate increases and how long the federal funds rate will need to remain at a restrictive level,” she said. “I will also be watching for signs of slowing in consumer spending and signs that labour market conditions are loosening.”The Fed’s July rate hike brought the federal funds rate to a range of 5.25-5.5%, the highest level in 22 years. The median estimate of Fed officials’ most recent quarterly projections, published in June, showed two more rate increases this year, the first of which was accomplished with last month’s hike.Bowman said that policymakers would be assessing incoming data and should be willing to raise rates in the future should inflation progress stall. The Fed has three more policy meetings in 2023 and next meets in September.On Friday, a Bureau of Labor Statistics report showed non-farm payrolls increased 187,000 last month — less than forecast — while the unemployment rate unexpectedly dropped to 3.5%, one of the lowest readings in decades.After the release of the jobs data, two Fed officials said slower US employment gains suggest the labour market is coming into better balance, arguing the central bank may soon need to pivot to thinking about how long to hold interest rates at elevated levels.“I expected the economy to slow down in a fairly orderly way, and this number — 187,000 — comes in continuing that pace,” Atlanta Fed President Raphael Bostic said. “I’m comfortable. I’m not expecting this to be over in a short period of time,” Bostic added in reference to the slowdown, suggesting he doesn’t see any need for additional rate hikes.Chicago Fed President Austan Goolsbee, speaking in a separate interview with Bloomberg Television’s David Westin, said policymakers will need to be patient through the disinflation process, and is hopeful the central bank can bring inflation down to its 2% target without causing a recession.They will soon need to start thinking about when to hold interest rates steady, and for how long, he said.

Milaha has reported 1.09% year-on-year jump in net profit to QR648mn in the first half (H1) of 2023. Operating revenues amounted to QR1.51bn for the six months ended June 30, 2023, compared to QR1.77bn for the same period in 2022.Earnings-per-share increased to QR0.57 at the end of June 30, 2023, compared to QR0.56 for the same period in 2022.Milaha Gas and Petrochem’s net profit increased by QR20mn, largely driven by its first floating storage and offloading (FSO) unit, which began operations in the middle of 2022.Milaha Offshore’s net profit increased by QR99mn from higher yielding projects and improved operating efficiency.Milaha Capital’s net profit increased by QR35mn, driven by increased income from our investment unit along with reduced provisions recorded in 2022.Milaha Trading’s bottom line increased by QR6mn, mainly from higher margin product offerings and sales.Milaha Maritime and Logistics’ net profit decreased by QR152mn as container shipping rates dropped from near record highs.

Baladna has achieved revenue growth of 7% and net profit of QR42mn in the first half (H1) of 2023.The enhanced revenue growth has been fuelled by effective management strategies to leverage favourable market dynamics.However, net profit declined on an annualised basis due to increase in commodity prices and finance cost on account of inflation.For the second quarter specifically, there was a modest rise of 3% in net profit, reaching QR22mn with solid growth in both the HORECA and retail channels, bolstering revenue expansion.The company's overall market share was seen improving 1.1% to 51.4% in the review period.Baladna is currently working towards a potential reduction in finance cost, which if successfully completed, is expected to have a "positive" impact on profit margins and net profit in the second half of 2023.Driven by a commitment to operational efficiency and a firm control in overhead costs, Baladna is exploring new business growth opportunities, including potential international expansions and partnerships.As a part of this strategic initiative, Baladna now holds a 15% stake in Juhayna Food Industries, Egypt.Even amidst present challenges, Baladna continues to underscore its primary focus on fortifying Qatar's self-sufficiency and food security.The company remains resolute in its commitment to its shareholders, striving to create value through superior product delivery, broadening its product range and emphasising efficiency across all aspects of its value chain.

Qatar’s current account surplus will remain in double digits this year and in 2024, Oxford Economics said in its latest country update.The surplus widened to over 26% of GDP in 2022, Oxford Economics noted.Oxford Economics expects Qatar's overall GDP to grow by 2.6% this year and next. Non-oil activity is continuing to rise according to the purchasing managers' index (PMI) survey, ending second quarter (Q2) strongly at 53.8 in June.Robust demand has been a key driver of the recovery in output and employment and has kept businesses optimistic, particularly in the manufacturing and services sectors.“We expect non-oil GDP growth to soften somewhat, slowing from 3.3% this year to 3.2% in 2024,” Oxford Economics said.The latest industrial output data show the mining sector's performance continues to improve, albeit at a slower pace of just 0.8% year-on-year (y-o-y) in May.The trend is “consistent” with Oxford Economics’ energy GDP growth outlook, which the researcher thinks will ease to 1.3% this year, from 1.7% in 2022.“Still, the North Field gas expansion project is driving a more positive medium-term outlook for the sector,” Oxford Economics noted.Budget data for the first quarter (Q1) showed revenues rose 5.5% compared to the same quarter last year, driven by energy income. Meanwhile, spending fell 4.9% y-o-y amid reduced capital and project spending, which widened the quarterly budget surplus to QR19.7bn.Notwithstanding lower global commodity prices, Oxford Economics anticipate a full year budget surplus of 9.2% of GDP this year, before it narrows to 8.4% in 2024.Inflation moderated to a two-year low of 2.5% y-o-y in June, dragging down the Q2 average to 3%, from 4.2% in Q1.Disinflation continued across most categories, but food and recreation and culture prices climbed, driving a 0.1% month-on-month (m-o-m) increase in the headline rate.“We expect inflation to ease further in the next few months and briefly turn negative in Q4. We have hardly changed our 2023 forecast, now at 2.2%, and expect inflation to average 1.9% next year,” Oxford Economics said.Qatar's central bank raised interest rates by 25bps in July, mirroring the move by the US Fed. This, it said, is likely to be the final hike of this cycle given that both inflation and demand are cooling, though further tightening is still a potential.Moreover, the shift to rate cuts will likely be delayed well into 2024, with policy easing only gradually, Oxford Economics added.

Qatar’s non-energy sector witnessed a rosy start in the second half of 2023 with output, new orders, employment and purchasing witnessing expansion, according to Qatar Financial Centre (QFC).The latest Purchasing Managers’ Index (PMI) survey data from the QFC said backlogged work continued to fall, albeit less so than in the first half of the year, while inflationary pressures eased.The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies. The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data.The headline PMI – a composite single-figure indicator of non-energy private sector performance that is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases – posted 54 in July, up slightly from 53.8 in June, indicating another strong improvement in business conditions.The latest figure was a superior outcome relative to the first half of 2023 (52.5) and remained well above the long-run trend of 52.3.“Qatar PMI data continued to point to an expansion of the non-energy private sector as we enter the second half of 2023. The latest headline figure of 54.0 is well above the long-run survey average as total business activity and demand both rose strongly in July," said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.Companies also stepped up hiring as a slower fall in outstanding work hinted at returning pressure on business capacity, according to him.Total business activity among Qatari non-energy private sector firms rose further in July. Output has risen every month for more than three years, except for a brief correction in January following the conclusion of the FIFA World Cup Qatar 2022. The rate of expansion accelerated since June and was the second-strongest of 2023 so far."The 12-month outlook for the non-energy private sector remained optimistic in July. Higher expected business volumes were linked to new sales strategies, new hires, tourism and new products," it said, adding positive expectations remained broad-based by sector with service providers being the most optimistic, followed by goods producers.July data signalled another increase in non-oil private sector employment and at the fastest rate since July 2022.Recruitment was aimed both at new workloads and efforts to clear backlogs, which were reduced for the twelfth successive month. Supply chains continued to improve as average lead times fell for the fifteenth successive month, a series-record sequence.Input inventories rose only slightly, suggesting companies managed stock levels well during the month.Price pressures eased in July, as the overall input prices index fell since June and was at a level indicative of a marginal rate of inflation. Meanwhile, output prices fell for the third month running, albeit only marginally.Qatar's financial services sector continued to expand markedly at the start of the second half of 2023. Growth in new business remained sharp, leading to another strong rise in total activity. The outlook brightened since June and employment in the sector rose at the strongest rate in over a year."Financial services remains a strong point for the economy, with the key indices for activity and new business both remaining elevated in July, while employment in the sector rose at the strongest rate in over a year," al-Jaida said.

Qatar's GDP per capita has been revised to $84,261 this year and $112,353 in 2027 by researcher FocusEconomics.In its latest monthly update, FocusEconomics said Qatar's GDP per capita will scale up to $87,241 next year, $95,159 (2025) and $102,868 (2026).The country’s GDP, according to FocusEconomics, will be $221bn this year, $226bn (2024), $244bn (2025), $261bn (2026) and $282bn (2027).GDP growth has been estimated to be 2.4% this year and in 2024, rising to 4.8% (2025), 4.4% (2026) and 4.3% (2027).Qatar’s merchandise trade balance, FocusEconomics said, will be $73.7bn this year, $71bn (2024), $69.6bn (2025), $72.8bn (2026) and $80.2bn (2027).Current account balance will be $37.3bn this year, $34.1bn (2024), $37.9bn (2025), $35.4bn (2026) and $37.4bn (2027).Fiscal balance (as a percentage of the country’s GDP) will be 6.5% this year, 5.6% (2024), 5.2% (2025), 6.3% (2026) and 7.1% (2027).Public debt (as a percentage of Qatar’s GDP) will be 45.3% this year, 43.8% (2024), 43.8% (2025), 41% (2026) and 38% (2027).Unemployment (as a percentage of the country’s active population) has been estimated at a meagre 0.2% until 2027.According to FocusEconomics, the Qatari economy appears to have “performed well” so far this year. PMI data points to a “solid” expansion in the non-oil private sector in H1, aided by a booming tourism industry; visitor arrivals were up over 300% in annual terms in January–May and well above pre-pandemic levels.Moreover, energy output rose by close to 4% year on year through May.That said, higher interest rates and the end of the World Cup building boom weighed on the construction sector.In late June, Qatar signed a long-term gas supply deal with a Chinese state-controlled company, following an identical deal with a different Chinese state firm last November and a similar supply agreement with Bangladesh reached earlier in June.“This bodes well for long-term energy exports, and further energy contracts with Asian and European nations will likely be announced in the coming months,” FocusEconomics noted.GDP growth is projected to roughly halve this year on a weaker construction sector and tighter monetary policy.However, improved relations with Arab neighbours, a lasting boost to tourism from the World Cup and ongoing energy sector investment—both in fossil fuels and renewables—will provide support, the researcher noted.Higher-than-expected interest rates are a downside risk. FocusEconomics panellists see GDP expanding 2.4% in 2023, which is down by 0.1 percentage points from one month ago, and expanding 2.4% in 2024.Qatar Central Bank hiked rates from 6.00% to 6.25% in late-July, following the Federal Reserve’s same-sized hike.Panellists see inflation moderating on average this year from last on tighter monetary policy, the end of the World-Cup-related demand surge and lower commodity prices.Inflation fell to 2.5% in June from 2.6% in May.FocusEconomics panellists see consumer prices rising 2.9% on average in 2023, which is up by 0.1percentage points from one month ago, and rising 2.3% on average in 2024.

Qatar Stock Exchange (QSE) Index moved down by 95.61 points or 0.9% during the week to close at 10,798.98, QNB Financial Services (QNBFS) said in a report.Market capitalisation edged down 0.3% to QR637.4bn compared with QR639.3bn at the end of the previous trading week.Of the 50 traded companies, some 35 ended the week lower and 10 ended higher, while five were unchanged.Qatar Oman Investment Company (QOIS) was the worst performing stock for the week, dipping 11.4%.Meanwhile, Qatar Aluminum Manufacturing Company (QAMC) was the best performing stock for the week, up 4.6%.Qatar Islamic Bank (QIBK), Qatar Gas Transport Company Ltd. (QGTS) and Qatar International Islamic Bank (QIIK) were the primary contributors to the weekly index loss.QIBK and QGTS removed 63.84 and 33.86 points from the index, respectively. Further, QIIK removed another 20.29 points.Traded value during the week declined 11.9% to QR2,319.2mn from QR2,632.1mn in the prior trading week.QNB Group (QNBK) was the top value traded stock during the week with total traded value of QR282.4mn.Traded volume dropped 18.6% to 906.5mn shares compared with 1,113.3mn shares in the prior trading week. The number of transactions moved lower by 4.9% to 81,347 vs 88,534 in the prior week, QNBFS said.Qatar Aluminum Manufacturing Company (QAMC) was the top volume traded stock during the week with total traded volume of 162.7mn shares.Foreign institutions remained bullish, ending the week with net buying of QR215.5mn compared with net buying of QR255.2mn in the prior week.Qatari institutions stayed bearish with net selling of QR92.5mn compared with net selling of QR98.6mn in the week before.Foreign retail investors ended the week with net selling of QR36.5mn compared with net selling of QR24.8mn in the prior week.Qatari retail investors recorded net selling of QR86.4mn compared with net selling of QR131.8mn the week before.YTD (as of Thursday’s closing), global foreign institutions were net short $66.4mn, while GCC institutions were net buyers of Qatari stocks by $667.9mn, QNBFS said.

The Qatar FinTech Hub (QFTH) is working to create a positive impact on the country’s economic development through the Qatar Central Bank’s (QCB) National FinTech Strategy, a top official of Qatar Development Bank (QDB) has said.“Keeping in mind our role as a sector developer and the executor of the National FinTech Strategy orchestrated by the Qatar Central Bank (QCB), this year, we are focusing on new themes that target emerging trends and market demand, which are paytech, insurtech, buy now, pay later (BNPL), and collective debt-based crowdfunding,” QDB CEO Abdulrahman Hesham al-Suwaidi stated earlier in an event.In a speech, al-Suwaidi summarised QFTH’s ambition to enable the digital transformation of Qatar’s financial services ecosystem, promote economic diversification and attract industry partners, and build financial services skillsets of the future.“One of the goals behind the Qatar FinTech Hub programme is to develop an ecosystem for the fintech industry to thrive in Qatar. As part of the same, we are honoured to be partnered with the likes of Qatar Central Bank, Qatar Financial Centre, Microsoft, Visa, MasterCard, Qatar Insurance Company, Meeza, and Blockchain Research Institute,” he said.Over the years, al-Suwaidi said QFTH has also made significant investments in the fintech portfolio, committing a total of “$6.5mn,” out of which more than “$4mn” inclusive of cash and in-kind value has already been dispersed.“Qatar FinTech Hub has created a legacy through our fintech innovation and solutions introduced in the prior waves of our incubation and acceleration programme, focusing on thriving areas, such as payment solutions, emerging technologies, embedded finance, techfin, and next-generation banking,” al-Suwaidi explained.He emphasised that QFTH is committed to contributing to achieving economic impact by creating new jobs and diversifying the economic implementation of various strategic initiatives, such as localising new fintech services and the adoption of emerging technologies.“We have always maintained that Qatar FinTech Hub attracts and sustains entrepreneurs that are ready to embrace the future with innovative and cutting-edge technology and fintech ideas. Now, more than ever, there is a need to embrace disruptive technologies with the adoption and expansion of Artificial Intelligence and other tools at our disposal to bring ideas to life and discover solutions to problems in the payment and finance domains.“As we prepare to embark on another impactful and rewarding journey with our next cohort of fintechs, we are looking forward to seeing positive technological disruption within the fintech sector through the active participation of our representatives. Qatar FinTech Hub remains committed to enabling your journey and providing you with the technical, financial, and regulatory support from your reception to maturity,” al-Suwaidi added.

The Tunisian authorities announced the rescue of 150 illegal immigrants from drowning in the Mediterranean Sea.The National Guard said, in a statement, that its units managed to rescue immigrants of Tunisian nationalities and sub-Saharan African countries, off Sfax and Mahdia in 3 different operations, and they were gathered in a naval station several kilometers away.The Tunisian Minister of the Interior Kamal Al Feki had previously stated that 15,327 irregular migrants had been rescued in the first half of this year, 95 percent of them hold nationalities from sub-Saharan African countries.It is worth noting that the Tunisian coasts have been witnessing for years a large influx of illegal African immigrants wishing to reach the European coasts, however, these attempts recorded the drowning of thousands of people, according to the statistics of the International Organization for Migration (IOM).

Gas Exporting Countries Forum has announced the opening of the nomination period for the second edition of the GECF Awards.The nomination period will run until October 31.GECF secretary-general Mohamed Hamel said, “These prestigious awards, which are held biennially to coincide with the GECF Summits of Heads of State and Government, celebrate exceptional individuals and esteemed institutions that have made a remarkable impact in the gas sector through advocacy, policy formulation, international partnership, research, education, or media.”Categories of GECF awards:The GECF Foundation and Advancement Award: This recognition is reserved for individuals who have played a vital role in establishing the GECF and/or achieving its strategic goals.Nominees for this award must be from GECF countries and hold positions at the level of ministers and above. Nominations for this category are not open to the public.The Friend of GECF Award: This category honours individuals and institutions from non-GECF countries who have demonstrated exceptional co-operation with the forum, contributing significantly to the advancement of GECF objectives or the natural gas industry as a whole.The GECF Award for Long-Term Commitment to Natural Gas: Celebrating lifetime achievements, this accolade recognises outstanding individuals and institutions from both GECF and non-GECF countries who have demonstrated a remarkable track record of accomplishments in the natural gas sector throughout their careers.Nominations for the ‘Friend of GECF Award’ and the ‘GECF Award for Long-Term Commitment to Natural Gas’ are open to the public.Both individuals and institutions from GECF or non-GECF countries are welcome to nominate worthy candidates.Nominators can complete the nomination form available on the GECF website.After the closing of nominations (on October 31), a distinguished selection panel will carefully review all submissions and select the deserving awardees.The grand ceremony of the GECF Awards will take place during the 7th GECF Summit in Algiers.