Qatar Financial Market Update
Qatar to lower foreign tax rate
Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported. Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Qatar to drop corporate tax rate to 10%
Qatar has announced plans to lower the tax rate on foreign companies to a flat 10% starting next year, the counry's finance minister said. 'There is a new tax law and once promulgated it will lower the rate to 10%,' Youssef Hussain Kamal said in Doha today. Qatar currently taxes profits at foreign-owned companies at a progressive rate ranging from 10 to 35%, according to Bloomberg.
Qatar Holding becomes Songbird top shareholder
The investment arm of Qatar Investment Authority, Qatar Holding has announced that it has become the largest shareholder in Songbird Estates with total investment exceeding £350m, Reuters has reported. The firm had taken up its right to 24% of ordinary shares issued, in addition to its subscription to preference shares and participation in a £135m credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds. Songbird is the principal owner of London's Canary Wharf business hub.
Qatar continues upward run
The Qatari exchange DSM continued its upward trend, ending the day on 7,516.77 (up 0.43%). Twenty-seven stocks rose, eight fell and four remained unchanged. Vodafone Qatar was the most traded stock, ending the day up by 5.29% at QR10. Doha Bank was the day's biggest loser, falling by 1.36% to QR50.90.
Trading volumes surge at Qatar Exchange
The Doha-based Qatar Exchange (QE) closed 0.95% higher at 7,484.75 points with QR492.06bn value traded. All industry sectors advanced. Vodafone Qatar, after trading in a lacklustre way for over a week, soared 7.39% higher, closing at QR9.65. Qatar General Insurance and Reinsurance dipped 4.96% lower, finishing at QR54.00. The firm and Ezdan Real Estate Company announced that they will sign a Memorandum of Understanding (MoU) with Al Sarri Trading Company on the Development of Real Estate Project Al Dafna. The DSM20 Index lost insignificantly (down 3.5 points) during the week.
Qatari shares end mixed
Shares in Doha ended the month of September 0.57% lower (DSM20-Index) as investors prefer to stay on the sidelines, waiting for the coming earnings season on third quarter results. Al-Khaleej Insurance posted the largest retreat (off 4% at QR37.40). Qatar Telecom (Qtel, up 0.6% at 149.80) is approaching a key resistance level at QR160. Qtel has signed an agreement with Packet One International (P1i), the international WiMax global service provider, EFG Hermes quotes Trade Arabia.
Doha market stabilises around 7,450 points
The Qatar Exchange joined the GCC markets' rebound and finished 0.27% higher at 7,456.72 points. Trading, however remained lacklustre as 12 shares remained unchanged. Dlala jumped 8.93% higher and closed at QR18.40 as a top gainer. Trading volumes remained at a low level with 10.87m stocks changing hands.
Real estates weigh on Qatar Exchange
The Qatar Exchange was pulled down by 0.96%, ending at 7,436.74 points due to weak performing real estate shares. United Development Company (UDC), the sector's bellwether and builder of the prestigious island The Pearl Qatar, closed 2.43% lower at QR40.40. Banks mostly declined in value as well. Doha Bank, which rose to an 11-month high last Thursday, dipped 1.70% on profit booking. Al-Ahli Bank bucked the trend by advancing 2.09%, finishing at QR44.00. Bank of America Securities-Merrill Lynch says in its latest report that Qatari banks 'have emerged relatively unscathed from the regional downturn.The sector offers an attractive combination of discounted valuation (9.3x 2010E Price-Earning Ratio), robust profitability (2.7% Retorn on Assets, 19% Return on Equity) and decent growth prospects (12% 2009-12E EPS CAGR).'
Qatar National Bank approaches key resistance level
The Qatar Exchange closed at 7,508.53 (up 0.27%) on rising trading volumes. Qatar National Bank added three per cent, closing at QR150.50. The country's largest lender in relation to market capitalisation is approaching a key resistance level at QR160 which it failed to crack in January this year. Al-Ahli Bank, on the other hand, posted the largest loss, ending 4.22% lower at QR44.0
T'azur gets Qatar licence
Bahrain-based Islamic insurance provider, T'azur has received a license from the Qatar Financial Centre Regulatory Authority (QFCRA) to operate in the country, Gulf Times has reported. The Manama-based T'azur has set out an expansion plan that is backed by an initial authorised capital of $500m, the firm said.
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