Doha, Qatar: The Qatar Stock Exchange (QSE) wrapped up 2023 at 10,830.6 points with a minimal gain of 1.4 percent. Comparatively, the broad-based Qatar All Share Index reported a yearly gain of 5.2 percent to close at 3,629.57 points.
The primary market in Qatar remained fairly active during the year. The exchange saw three new listings during the year namely, Dukhan Bank in the banking sector, Damaan Islamic Insurance Co in the insurance sector and MEEZA in the consumer goods and services sector, according to Kamco Invest GCC equity markets analysis.
The telecom index was the best performing index in 2023 with a gain of 29.4 percent led by the shares of Ooredoo and Vodafone Qatar which were up by 23.9 percent and 20.3 percent, respectively.
The insurance index followed with a gain of 20.4 percent led by the positive performance of most of the constituent stocks. Qatar Insurance Co SAQ (+34.7) and Al Khaleej Takaful Group QSC (+29.1) witnessed strong gains during the year.
While the industries sector was the third-best performing sector during the year with a gain of 8.9 percent. On the other hand, the consumer goods and services index during the year declined by 4.3 percent y-o-y, followed by real estate and transportation indices that receded by 3.8 percent and 1.2 percent, respectively. The decline in the consumer goods and services index came after eight out of twelve constituents of the index reported declines during the year.
Gulf International Services topped the gainers chart for the year with a gain of 89.1 percent followed by Qatar Oman Investment Co QSC and Qatar Insurance Co SAQ with gains of 72.9 percent and 34.7 percent respectively.
On the economic front, Qatar approved the state general budget for 2024 with an oil price assumption of $60 per barrel as compared to $65 per barrel as the basis for the 2023 budget. The 2024 budget forecasts revenues to decrease by 11.4 percent to QR202bn ($55.5bn), while expenses are expected to rise by 1 percent to reach QR200.9bn ($55.2bn).
According to the Finance Ministry, Qatar posted a budget surplus of QR12bn ($3.3bn) for the third quarter of last
year.
