Qatar Telecom QSC, the country’s biggest phone-service provider, and Vodafone Qatar QSC, will be included in Qatar’s rebranded benchmark index starting May 6 as the bourse seeks to boost volumes.
Qatar’s DSM20 Index will be renamed the QE Index following the rebranding of the Qatar Exchange in June, the exchange said in a statement on its Web site today. The QE Index will be calculated based on free-float market value and the average daily traded value.
“The overall enhancements to the current index are beneficial to public investors in Qatar and will contribute to the development of the liquidity of the Market,” Andre Went, chief executive officer of the Qatar Exchange said in a statement posted on the local bourse.
The Qatar Exchange replaced its trading systems with NYSE Euronext technology after the Gulf state sold a 20 percent stake in the Exchange to NYSE Euronext for $200 million in June. Went, who was previously with NYSE Euronext, was named chief executive officer of the bourse in June.
Qatar Electricity & Water Co., Gulf International Services QSC, Qatar Insurance Co. will also be members of the QE Index, while Qatar Meat & Livestock Co., Gulf Warehousing, Medicare Group, Qatar Islamic Insurance and Qatar Fuel Co. will be excluded.
To contact the reporter on this story: Dana El Baltaji in Dubai at email@example.com