Complex Made Simple

Qatar Exchanges loses the third day straight

The Doha-based QE Index finished at 8,381.39 points on Tuesday (off 0.71%). All sectors landed in the red. A real estate expert in Doha who does not want to be named told that only few firms fire in Qatar and that 2011 will be a period of consolidation in the domestic economy. Qatar National Bank (QNB) shares lost 1.78% to close at QR137.70. The QE issued a statement earlier in the day, saying "The Qatar Exchange expresses its satisfaction to see Qatari banks enter the exchange as members and start providing financial services activities, including brokerage, with QNB being the first bank to offer brokerage services at Qatar Exchange on Monday May 16th, 2011." But the financial sector took a setback as HSBC announced to quit its operations of HSBC Amanah, the Shari'ah finance division of the bank as a result of the Central Bank's decision to separate conventional and Islamic banking in the country. Conventional banks, such as HSBC, can no longer run Islamic windows.