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Qatar to build the first gold and minerals fund

Qatar intends to build the first trading gold and minerals fund in its financial market in 2021.
Qatar intends to build the first trading gold and minerals fund in its financial market in 2021.

Qatar intends to establish the first trading gold and minerals fund in its financial market in 2021. Qatar Stock Exchange will also witness the first company operating in the education sector listing.

The beginning with gold

Qatar Stock Exchange sources said the minerals trade market fund will be limited to gold at the beginning. Other minerals will be gradually included.

In addition, three new companies will be listed on the Qatar Stock Exchange the next year. Their activities will be distributed in the pharmaceutical, education and real estate sectors.

Likewise, QLM Health Insurance is expected to be listed on January 6, 2021 after the closing the subscription to 60% of the capital.

Rashid bin Ali Al Mansouri, CEO of the Qatar Stock Exchange, revealed a plan to introduce new mechanisms,  such as lending and borrowing for stocks and short selling, during the new year 2021.

High trading volume

He explained that Qatar is working on package of tools that will be offered in cooperation with the Qatar Financial Markets Authority, the first and main partner of the exchange, in the framework of supporting and developing the market.

“We are currently witnessing the listing of at least one company every year. But, we are working and ready technically to increase the number of new companies and investment tools so that there will be more than one listing in the market during the year.”

Trading volumes are constantly improving, with average daily trading increasing from about 280 million riyals ($77 million) during the past year 2019.

And that to more than 420 million riyals per day ($116 million) during the current period of this year 2020.

Yesterday’s trades

In a related context, the general index of the Qatar Stock Exchange recorded, on Monday, a decrease of 4.97 points. That is 0.05% Qatar Stock Exchange, which means the Qatari Stock market reached 10 thousand 559.36 points.

During the session, 179,597, 582 shares were traded, which worth 308,261,279.168 riyals as a result of implementing 5,319 transactions in all sectors.

Shares of 23 companies rose at the meeting, while the prices of 20 other companies decreased. One company maintained its previous closing price.

The market capitalization at the end of the trading session reached 609,167,600,838.740 riyals.


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