High performance trading system, spate of listings, foreign ownership up to 100% hog limelight in 2023

High performance trading system, spate of listings, foreign ownership up to 100% hog limelight in 2023

The Qatar Stock Exchange (QSE), which launched a new and high-performing trading platform built on the same advanced technology used by many global capital markets,was seen kick-starting the process of shortening the settlement cycle and widening the ambit of stocks eligible for margin trading, liquidity provision and covered short-selling as it bids adieu to 2023, which ended on a high note. The stock market, where foreign funds typically account for 30-40% of average daily turnover, was volatile since the start of 2023 mainly on global inflation, oil price decline and the hardening interest rates in the US, which is now on a 22-year high. However, the latter part, especially in the last two months, expectations ran high on rate cuts in the US by early 2024, which overall made the QSE land in a positive trajectory in 2023 with the Gulf and foreign funds turning overall net buyers, even as domestic institutions and local retail investors remained net sellers.Aided by strong demand, especially in the telecom, insurance, industrials and banking counters, the 20-stock Qatar Index vaulted 1.4% and capitalisation added QR16bn in 2023, which saw the third financial sector strategy take a holistic view to make Qatar's capital market lead