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The Norwegian sovereign wealth fund, the world’s largest, has revealed that it is investing in 18 stocks listed on the Qatar Stock Exchange with a total value of 3.85 billion riyals ($1.06 billion) as of the end of the first half of this year, representing more than $4.09 billion in total investment by the fund in stocks of listed companies in the Gulf market.
The value of the Norwegian fund’s ownership is distributed as follows: $439.07 million in Qatar National Bank shares, $151.91 million in Qatar Industries shares, $115.14 million in Nakilat shares, $111.83 million in “I Want” shares, $58.52 million in Commercial Bank shares, $17.87 million in Doha Bank shares, $2.98 million in Investment Holdings shares, $14.21 million in Gulf International Services Company shares, $5.55 million in Masraf Al Rayan shares, $12 million in Meeza Company shares, $1 million in Qatar Aluminium Manufacturing Company “QAMCO” shares, $21.79 million in Electricity and Water Company shares, $29.65 million in Qatar Fuel Company “WOQOD” shares, $28.68 million in Qatar Islamic Bank shares, $37.14 million in Qatar Navigation Company “Milaha” shares and $9.02 million in QLM Life and Health Insurance shares. shares, $830,000 in Al-Faleh Education Holdings and $690,000 in Mesaieed Petrochemical Holdings.
In the first half of 2024, profits of Qatar’s listed companies increased by 5.5% to 25.73 billion riyals, compared with approximately 24.386 billion riyals in the same period last year.
The banking and financial services sector achieved a net profit of 14.9 billion riyals in the first half of the year, accounting for about 58% of the total profit of listed companies, followed by the industrial sector with a total profit of 4.645 billion riyals, and then the communications sector with 2.164 billion riyals.
On the other hand, the service and consumer goods industries saw the largest increase in the first half of 2024, with net profit increasing by 22.7%, while the real estate industry’s net profit decreased by 12.32%.
Qatar Stock Exchange continued its positive performance, with market gains reaching 11.8 billion riyals in July 2024 and market capitalization increasing to 586.98 billion riyals, compared with 575.17 billion riyals at the end of June last year. The Shanghai Stock Exchange rose 1.9% to close at 10,154.05 points, up 189.57 points.
Qatar Stock Exchange ranked fifth in the Gulf region’s gainers in July, Dubai Financial Market ranked first in the gainers list, up 5.9%, and Kuwait Stock Exchange ranked second in the Gulf region with a 4.4% increase. Saudi Arabian Market ranked third in the Gulf region, up 3.7%, followed by Abu Dhabi Financial Market, which ranked fourth in the Gulf region, up 3.1%. Bahrain’s losses were 0.5% and 2.7% respectively.
In July 2024, the Banking and Financial Services Index led the way, rising 4.8%, followed by the Consumer Goods and Services Index and the Communications Index, which rose 2% and 1.8%, respectively. In the Banking and Financial Services Index, seven of the nine stocks included in the index recorded monthly gains. Qatar National Bank (QNB) and Qatar Islamic Bank saw their share prices rise by 4.4% and 5.9%, respectively. Most companies in the Consumer Goods and Services sector rose, with Widam Food Company rising 17.2%, followed by Baladna Food Industries, which rose 9%. Qatar Film and Film Distribution Company fell 6.8%. The rise in the telecommunications sector was mainly due to the 2.7% increase in the share price of “Ureed”, while Vodafone Qatar’s share price fell slightly by 0.8%.
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