Qatar: QSE hits 36-month high as index gains 119 points; M-cap adds $1.09bln
A higher than average demand, particularly in the banking counter, led the 20-stock Qatar Index surge 1.08% to 11,141.04 points, recovering from an intraday low of 10,992 points.
The Arab retail investors turned net buyers in the main market, whose year-to-date gains improved further to 5.39%.
The Gulf individuals were seen bullish in the main bourse, whose capitalisation added QR4bn or 0.61% to QR657.37bn mainly on midcap segments.
The foreign funds continued to be net buyers but with lesser intensity in the main market, which saw as many as 1,250 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.01mn trade across two deals.
The Arab institutions' weakened net profit booking had its marginal influence on the main bourse, whose trade turnover and volumes were on the decline.
The Islamic index was seen gaining slower than the main barometer of the main market, which saw no trading of treasury bills.
The Gulf institutions continued to be net buyers but with lesser vigour in the main bourse, which saw a total of 0.11mn sovereign bonds valued at QR1.06bn change hands across three deals.
The Total Return Index gained 1.08%, the All Islamic Index by 0.61% and the All Share Index by 0.85% in the main market.
The banks and financial services sector index rose 1.57%, transport (0.22%), telecom (0.1%) and industrials (0.05%); while insurance declined 0.43%, consumer goods and services (0.24%) and real estate (0.1%).
Major gainers in the main market included Qatar Islamic Bank, Qatar Oman Investment, Mazaya Qatar, Commercial Bank, Qatar Industrial Manufacturing, Industries Qatar and Nakilat. In the junior bourse, Techno Q saw its shares appreciate in value.
Nevertheless, about 54% of the traded constituents were in the red in the main market with major losers being Mannai Corporation, Qatar German Medical Devices, Widam Food, Inma Holding, Qatar National Cement, Lesha Bank, Milaha, Mesaieed Petrochemical Holding and Qatar Insurance.
The Arab individuals turned net buyers to the tune of QR11.36mn compared with net sellers of QR10.85mn the previous day.
The Gulf retail investors were net buyers to the extent of QR2.62mn against net sellers of QR2.43mn on July 21.
The Qatari individuals' net profit booking declined substantially to QR2.98mn compared to QR32.27mn on Monday.
The foreign retail investors' net selling weakened noticeably to QR0.35mn against QR2.71mn the previous day.
The Arab institutions' net profit booking decreased marginally to QR0.03mn compared to QR0.43mn on July 21.
However, the domestic funds turned net sellers to the tune of QR19.93mn against net buyers of QR1.35mn on Monday.
The foreign institutions' net buying decreased significantly to QR8.66mn compared to QR36.15mn the previous day.
The Gulf institutions' net buying shrank noticeably to QR0.66mn against QR11.17mn on July 21.
The main market saw 11% contraction in trade volumes to 177.76mn shares, 11% in value to QR448mn and 12% in deals to 19,012.
In the venture market, a total of 6,917 equities valued at QR0.02mn changed hands across five transactions.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
Aramco collaborates in study on leveraging AI for carbon market integrity
The Future Investment Initiative (FII) Institute has released a white paper exploring how artificial intelligence (AI) could improve transparency, accuracy, and efficiency in the voluntary carbon market. Done in collaboration with Aramco and Arthur D Little (ADL), 'AI-Enabled Carbon Markets: Identifying AI Solutions for the Voluntary Carbon Industry' also offers practical guidance for organisations working to meet carbon emissions reduction targets and addresses evolving challenges in the carbon market, such as project identification, cost overruns, and regulatory as well as market complexities. The white paper emphasises AI as a tool for overcoming issues like pricing transparency and the risk of greenwashing. It highlights AI's potential to contribute to enhancing the breadth, consistency, and integrity of carbon credits, with the aim of providing companies with greater confidence and precision in pursuing carbon emissions reduction. Richard Attias, CEO of FII Institute, commented: 'Our collaboration with Aramco and Arthur D Little reflects a shared goal of leveraging technology to enhance efficiency. This publication is a vital resource for any organisation focused on making credible, impactful advances in carbon emissions reduction through AI-driven carbon markets.' Musaab M Al Mulla, Aramco's Vice President of Market Analysis and Sustainability, added: 'We see the voluntary carbon markets as a unique and important lever in supporting a practical and orderly energy transition. However, for the market to reach its considerable potential to mitigate carbon emissions at scale, a number of key challenges will need to be addressed. 'This white paper showcases AI's potential role in helping to make carbon markets more transparent and efficient. Integrating AI could support organisations in enhancing the reliability and accountability of their carbon emissions reduction efforts.' The publication identifies four primary ways AI could help advance the voluntary carbon market: Carbon quantification: AI technology could potentially enhance the precision of carbon sequestration measurements, allowing for more accurate assessments of project impacts and better prioritisation. Transparency: AI is expected to enable real-time monitoring of carbon offset projects, providing verified emissions data that could contribute to building stakeholder trust. Integrity: The use of AI may mitigate the risk of greenwashing by identifying discrepancies between reported and actual carbon reductions, which could help bolster the credibility of carbon credits. Pricing forecasting: AI-driven models could offer dynamic, data-based valuations for carbon credits, with the aim to support market participants in making well-informed decisions. Carlo Stella, Managing Partner and Global Practice Leader for the Sustainability Practice at Arthur D Little, added: 'AI's role in carbon markets is essential for organisations aiming to achieve meaningful and measurable progress. This white paper highlights AI's potential to improve accuracy in carbon reduction measures, a critical factor to improve confidence among adopters.' The FII Institute is a global non-profit foundation driven by data with an investment arm and a one-point agenda – Impact on Humanity.
Arabian Business
an hour ago
- Arabian Business
GWC and Qatar Airways extend logistics agreement by five years
Gulf Warehouse Company (GWC) will continue to deliver a full spectrum of integrated logistics services for Qatar Airways after the two parties officially extended their long-standing partnership by signing a five-year service agreement. For over a decade, GWC has served as the logistics service provider for Qatar Airways and its key affiliates, including MATAR, and Qatar Duty Free. The airline's behind-the-scenes logistics operations has complemented the premium passenger experience, which has led to its success on the global stage. GWC services will include import/export handling, customs clearance, warehousing and distribution, inventory management, document storage, and other value-added solutions. Sheikh Abdulla Bin Fahad Bin Jassim Bin Jabor Al Thani, GWC Group Managing Director, commented: 'The renewal of the agreement with Qatar Airways reflects the strength of Qatar national institutions working together to achieve excellence on a global stage. 'At GWC, we are proud to support the operations of the world's best airline with world-class logistics solutions rooted in innovation, efficiency, and reliability. Our long-standing partnership with Qatar Airways is a testament to our shared values and our unwavering commitment to Qatar's continued progress and global connectivity.' Badr Mohammed Al-Meer, Qatar Airways Group Chief Executive Officer, added: 'We are pleased to renew our long-standing partnership with GWC. This agreement strengthens our operational capabilities and supports our continued global growth. By working together, we remain committed to delivering world-class services across a broad range of functions.'
The National
an hour ago
- The National
UAE's sugar tax plan to 'incentivise' drink brands to deliver healthier options
Tax increases on sugar loaded drinks have been backed by soft drink producers and experts who said the move will push companies to offer healthier choices. From 2026, all UAE drinks will be priced according to their sugar content, per 100ml serving. Although it is not yet clear if new tariffs will affect alcoholic beverages, the drinks industry is braced for change. A departure from the flat rate sugar tax, will see the most calorific drinks hit with higher taxes to push consumers away from unhealthy options. The UAE has some of the region's highest rates for diabetes at about 20 per cent of the adult population, a condition exacerbated by sugar-sweetened drinks. Manufacturers have been exploring alternatives to sugar, such as the plant-based stevia, to sweeten drinks. But one of the world's largest soft drinks producers, PepsiCo, said consumer choice will always be driven by taste. 'We see this tax as allowing consumers to have more choices by allowing the industry to really innovate and reformulate products,' said Wael Ismail, vice president for corporate affairs, Africa, Middle East and South Asia, PepsiCo. 'Because of the tax brackets and how they're structured it allows the industry to invest more in awareness campaigns and research. We've seen this work in other places where this type of structure allows the industry to reformulate, innovate and offer consumer choices. 'Consumers will catch up to these trends, but our focus is really on taste. People like our products because of the recipes of the formulas that use sugar, but it's not the only component. As long as we're meeting consumer demands and tastes, we will always have a role to play.' Reformulated products Two of PepsiCo's most popular products are Pepsi-Cola and Mountain Dew. A reformulation of regular Pepsi sold in supermarkets and retailers has seen the sugar content reduced from 36g of sugar in a regular 330ml can to 15g. Mountain Dew is one of the most sugar laden soft drinks with each 355ml can containing a staggering 46g of sugar. By 2025, PepsiCo aims for at least two-thirds of its drinks sales volume to have 100 calories or less from added sugars per 355ml serving, which equates to about 26g of sugar. 'Back in 2017 when this tax was first introduced we went from an environment with no taxes to an environment with very high taxes,' said Mr Ismail. 'This had an impact on volumes, but markets have stabilised, since. We see this new change in the tax regime as fundamentally showing how the UAE and Gulf countries want to work with industry to consult, collaborate to find these win-win solutions.' Many soft drinks manufacturers have evolved to suit changing markets, by reducing the size of cans or developing sugar-free alternatives. Coca-Cola is also modifying products to suit consumer tastes and new tax bands. The company said it was committed to making more reduced and no-sugar versions of drinks, while making them easier to find. In 2023, 30 per cent of drinks sold by Coca-Cola were low or no calorie, while 68 per cent of products contained less than 100 calories per 355ml serving. International approach has mixed success The tiered sugar tax set for the UAE has been in place in South Africa since 2018. The Health Promotion Levy is fixed at 2.1 per cent per gram of sugar above 4g per 100ml, but has had a mixed effect in a nation where 70 per cent of women are obese or overweight, and one in three men. As taxes were not ring fenced for health services, just ZAR38 million (Dh7.8m) of the ZAR7.9 billion (Dh1.63bn) collected was used to promote healthy living, while the sugar industry suffered 16,621 job losses. There was, however, a 29 per cent reduction in average consumption of carbonated drinks per household. In the GCC, consumer choices have changed significantly since the sugar tax was first introduced in 2017, and the price of some soft drinks doubled overnight. A cross-sectional study by King Fahd Hospital in Madinah showed a 19 per cent decrease in soft drinks consumption after taxation in Saudi Arabia, with a 75 per cent reduction among obese participants. In the UAE, however, the results from the first sugar tax were less conclusive. A study conducted by the Dubai Health Authority and University of Ontario showed no statistically significant change in consumption of sugar sweetened drinks by gender, age or nationality. It is not yet clear if the new sugar taxes will include alcoholic drinks. While most beers contain up to 3g of sugar per 355ml serving, some wines can contain about 8g per 148ml glass. Cider is generally the most sugary alcoholic drink with a 473ml glass containing up to 21g of sugar. "The results of the 2017 UAE sugar tax were not exactly a revolution, but not bad either,' said Shamma Al Falahi, partner, Head of the Tax Department at BSA Law. 'Sales of sugary drinks dropped from 7.4 per cent to 5.9 per cent of the beverage market, according to World Health Organisation data. 'The new tiered system is expected to incentivise healthier formulations and make healthier beverages more affordable and accessible. 'It means new compliance costs for businesses, registration, and the need to rethink reformulating the products. Wealthier consumers are less sensitive to price hikes and may accept paying off the extra cost. 'However, evidence from other countries suggests that sugar taxes can still be effective in reducing consumption among vulnerable populations, such as young people and low-income consumers, who are more responsive to changes in relative prices.' The UAE Ministry of Finance said the recent amendment to the excise tax on sugar-sweetened beverages was only preliminary, When asked about the addition of sugar taxes to include alcoholic beverages, a spokesperson said 'additional details will be announced in due course to support businesses in achieving full compliance with an updated policy'. A review of the region's sugar tax by the WHO found further taxation had the potential to reduce childhood obesity in Saudi Arabia from 38 per cent in 2020, to 34 per cent by 2030. In the UAE, the potential is to reduce the rate from 37 per cent, to 34 per cent. Health implications Reshma Devjani, a clinical dietician at Fakeeh University Hospital Dubai, said fewer than 10 per cent of a child's calorie intake should be derived from free sugars. 'Reducing sugar content will help cut down on a concentrated source of calories and carbohydrates,' she said. 'This could reduce weight gain and obesity, type 2 diabetes, metabolic syndrome, dental caries and heart health.' According to the World Bank, there are 117 nations and territories now subject to a tax on sugary drinks, affecting 57 per cent of the global population.
