(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Qatari financial market witnessed significant growth in last year evident by the completion and implementation of qualitative measures and initiatives in the process of outstanding performance of the Qatari financial sector.
The growth was reflected in the Qatari financial market performance during 2023, as the QSE general index increased by 1.4 percent compared to a decrease of 8.13 percent during 2022, and the market value of listed companies increased by about 2.7 percent to reach QR624.6bn, according to annual report recently issued by the Qatar Financial Markets Authority (QFMA).
The influx of foreign investment into the Qatari market continued, with net purchases by non-foreigners reaching QR1.7bn, contributing to the increase in non-Qatari ownership of Qatari shares listed on the financial market.
This is in addition to the increase in the contributions of activities brought to the Qatari financial market by QFMA, such as the activities of market maker and liquidity provider, which contributed to about 22 percent of the total value of market trading, amounting to QR125bn.
Margin trading activity also contributed to about 28.8 percent of the total value of trading during 2023.
Qatar Central Bank Governor and Board Chairman of QFMA H E Sheikh Bandar bin Mohammed bin Saoud Al Thani stated in the report the launch of the 3rd QFMA's Strategic Plan 2023-2027 was the starting point and beginning for this new phase, as this plan is based on the key principles of QNV 2030 and derives its objectives from both the 3rd Qatar National Development Strategy and the 3rd Qatar Financial Sector Strategy.
It aims to achieve the sustainability of financial markets, promote green financial instruments, and adopt technological and digital developments.
The 3rd QFMA's Strategic Plan includes a set of initiatives and projects that reflect the QFMA's future vision for the financial markets and seeks to achieve the desired goals in the coming years and establishes a regulatory framework and infrastructure for the Qatari financial markets to be in line with the best international standards and practices.
Last year witnessed the QFMA's issuance of a set of legislations aimed at accommodating the changes in the regional and international financial markets, attracting more Qatari and non-Qatari investors and reducing the cost, burden and effort on all those dealing with the Qatari financial markets.
Sheikh Bandar added,“We would like to emphasise that QFMA, in this new phase in its journey towards elevating the Qatari financial markets to the ranks of developed financial markets, is open to cooperation and coordination with all of the State agencies and parties concerned with the Qatari financial markets, as well to share them with all issued legislation for consultation, and that QFMA is fully prepared to consider and adopt any proposals aimed at development, removing obstacles or facilitating procedures.”
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