The Qatar Stock Exchange (QSE) closed 2023 on a mildly positive note, buoyed by strong gains in the telecom and insurance sectors.
The benchmark QSE index edged up 1.4% to end the year at 10,830.6 points. The broader Qatar All Share Index fared better, climbing 5.2% to 3,629.57 points.
The primary market saw three new listings – Dukhan Bank, Damaan Islamic Insurance and MEEZA – indicating continued investor interest.
Telecom stocks were the top performers, with the sectoral index surging 29.4%. Ooredoo and Vodafone Qatar led the rally, their shares appreciating 23.9% and 20.3% respectively.
Hot on their heels was the insurance index, up 20.4%, propelled by Qatar Insurance Co and Al Khaleej Takaful Group, both notching up double-digit gains.
Industrials took the third spot with an 8.9% return, while consumer goods and services lagged with a 4.3% decline. Real estate and transportation also closed lower.
Gulf International Services was the top gainer, rocketing 89.1%. Qatar Oman Investment and Qatar Insurance took second and third places.
On the economic front, Qatar approved a prudent budget for 2024, forecasting an 11.4% revenue drop to QR202 billion due to lower oil prices. Spending is pegged at QR200.9 billion, up 1%. The country posted a QR12 billion budget surplus in Q3 2022.
The positive market close indicates investor confidence in Qatar’s economic prospects. Telecom and insurance sectors appear attractive for 2024, while industrials also hold promise. Declines in consumer stocks could signal challenges ahead for retailers. Overall, the Qatar bourse seems well positioned to build on 2022’s gains.
