Business
FTSE Russell includes Doha Insurance, upgrades Estithmar Holding
February 19, 2023 | 08:43 PM
The London Stock Exchange group entity FTSE Russell has included Doha Insurance under microcap segment in its global equity indices and has upgraded Estithmar Holding to small cap from microcap.The index compiler deleted Qatar Insurance from midcap segment, Qatari German Medical Devices from microcap and QLM from microcap.Commercial Bank, Ezdan Holding and Mesaieed Petrochemical Holding have been downgraded to midcap from large cap. United Development Company has been downgraded from mid to small cap segment.The changes, which come as part of the February 2021 semi-annual review, will be effective on the close of business on March 16, 2023The index review changes included within the attached files may be subject to revision until close of business Friday, 03 March 2023. Effective Monday, March 6, 2023, the index review changes will be considered final.Any subsequent changes will generally only be considered in exceptional circumstances, in accordance with the FTSE Russell recalculation policy and guidelines.The companies’ inclusion and reclassification in global indices are subject to various criteria, the most important of which are the size of the company’s investable capital and market capitalisation, liquidity and turnover rates.The periodic index reviews, including companies’ reclassifications, additions and deletions, carried out by international index providers are among the main factors influencing the investment appetite of international investors and portfolio managers.The QSE is seen actively pursuing a strategy to lure overseas investments as part of further diversifying its investor base, having put in place the required legislation, including a higher up to 49% foreign ownership limit (FOL).Many companies have already enhanced FOL up to 49% and the Qatar Central Securities Depository (QCSD) has amended the FOL in this regard.The bourse had said it has become a focus of interest for many foreign investment portfolios from the US, Europe and Asia, and therefore has readied its infrastructure and technical to admit new companies and instruments.
February 19, 2023 | 08:43 PM