QIC to replace SIIL in key QSE index

QIC to replace SIIL in key QSE index

Qatar Insurance will replace Salam International in the Qatar Stock Exchange's (QSE) main barometer QE Index, effective October 1.

Aamal will be removed from the QE Al Rayan Islamic Index.

Under the new index practices, a review is carried out twice a year to ensure that the selection and weighting of the constituents continues to reflect the purpose of the index.

The other constituents of the main barometer will remain Industries Qatar, QNB, Qatar Islamic Bank, Masraf Al Rayan, Commercial Bank, Doha Bank, Milaha, Woqod, QIIB, Nakilat, Qatar Electricity and Water, Mesaieed Petrochemical Holding, Ooredoo, Barwa, Qamco, Gulf International Services, Ezdan, Baladna and Investment Holding Group.

All listed companies are ranked by giving free float market capitalisation with a 50% weight and average daily value traded also 50% weight. Companies with velocity less than 5% are excluded from the review, as are entities whereby a single shareholder can only own less than 1% of outstanding shares.

A 15% cap is applied to an individual constituent's weight in the index, with the excess weight distributed proportionately among the remaining index constituents. In such cases, the fixing of shares figures takes place only at rebalance dates.

The index free-float for a stock is total outstanding shares minus shares