Investors on the Qatari bourse became richer by a staggering over $11bn (QR41.97bn) in a single trading day yesterday as stocks rallied massively on reports of the government pumping an incredible QR15bn into the local banking system.
The 20-share main index of the bourse, the Doha Securities Market (DSM), shot up more than 390 points in a tizzy, to almost reach the 7,000-mark (6,981). The rise in percentage terms was 5.92.
“Banking is a key sector on the Qatari bourse so the impact of the state support has been so overwhelming,” said analyst
Thamer Hssan.
The counters have the potential to impact all other sectors, he added.
Reopening after weekly closure, during which the key government announcement came, the bourse witnessed feverish demand, pushing the lenders’ stocks up by a record 7.65 percent.
Doha Bank led the gainers on the index with a 9.97 percent jump. Qatar Islamic Bank trailed in with a marginally less percentage gain in an overall rally which analysts attributed to the state setting up a QR15bn ($4.1bn) fund to buy banks’ property portfolios.
This is the third time since the onset of the global recession late last year that the state has propped up listed banks pumping billions of riyals into the system. The latest support is aimed at pushing more liquidity into the banking industry so that lending to the real estate sector
is not affected.
The move aims at making sure that the record growth levels the national economy has been witnessing might not get adversely impacted, even slightly, due to the slowdown in the real
estate sector.
As a result, real estate stocks also rose on the back of increased demand. Barwa and Qatar Real Estate showed advances by more than five and six percent, respectively. Industrial counters witnessed the second largest increase after the banking stocks, while the insurance sector advanced a little more than two percent.
Trading value soared to breach the QR1bn-mark (QR1.19bn). It normally hovers around QR500m to QR600m levels. Trading volumes were close to the 40 million mark.
More than 15,400 deals were concluded by the close of trading. “This is one of the highest rallies on the DSM this year, the last being early in March,” said Hassan. “You can see that 37 of the 38 stocks that were traded yesterday were up.”
Original Article from: The Peninsula
Monday, 1 June 2009
Qatar to record highest GDP growth in world
Qatar’s per capita income has crossed the magical $70,000-mark making it one of the top 10 wealthiest nations in the world.
The country is also poised to report the highest economic growth in the world for the current year, says a prominent Kuwait-based financial
research firm.
Global Investment House said in a country report yesterday, quoting Qatar Statistics Authority (QSA), that Qatar’s per capita income was lifted to a record $70,630 as nominal gross domestic product (GDP) soared to a landmark QR372.4bn ($102.3bn) for 2008 with a growth of 44 percent. While Qatar Central Bank (QCB) estimates suggest a seven to nine percent economic growth for the current year, the International Monetary Fund (IMF) forecasts real GDP growth at 15 to 18 percent.
The Economist Intelligence Unit (EIU), on the other hand, projects real GDP growth of 13.4 percent, said Global. “According to such estimates, Qatar is on the way to reporting the highest economic growth in the world
for 2009.”
Original Article from: The Peninsula
The country is also poised to report the highest economic growth in the world for the current year, says a prominent Kuwait-based financial
research firm.
Global Investment House said in a country report yesterday, quoting Qatar Statistics Authority (QSA), that Qatar’s per capita income was lifted to a record $70,630 as nominal gross domestic product (GDP) soared to a landmark QR372.4bn ($102.3bn) for 2008 with a growth of 44 percent. While Qatar Central Bank (QCB) estimates suggest a seven to nine percent economic growth for the current year, the International Monetary Fund (IMF) forecasts real GDP growth at 15 to 18 percent.
The Economist Intelligence Unit (EIU), on the other hand, projects real GDP growth of 13.4 percent, said Global. “According to such estimates, Qatar is on the way to reporting the highest economic growth in the world
for 2009.”
Original Article from: The Peninsula
Monday, 4 May 2009
Qatar Airways allays fears over swine flu
Qatar Airways has assured passengers that is taking all measures to tackle health concern over the swine flu.
Qatar Airways has taken several steps to tackle health concerns following the recent outbreak of swine flu in Mexico.
Qatar Airways chief executive officer Akbar al- Baker said: “The health and wellbeing of all our passengers and employees is of paramount importance and Qatar Airways in no way compromises the safety of any individual.
“Passengers should be reassured that modern aircraft have very advanced air filtration systems which ensure a high level of air quality despite the confined environment they travel in.”
Qatar Airways has been working closely with health authorities in Qatar and monitoring developments with international health organisations and governments around the world in order to be able to take the most appropriate measures.
Since April 27, Qatar Airways has mandated that all flight deck and cabin crew wear masks on flights originating from the United States – namely daily services from New York, Washington DC and Houston.
The airline has taken additional mandatory measures for all 1,100 flight deck and 3,400 cabin crew in the company to be vaccinated against influenza to limit the risk of contamination to passengers and staff. The flu vaccine is a protective measure and only protects against a certain strain of flu, not swine flu, which is at the centre of the current health concerns.
Passengers on Qatar Airways’ flights originating from the US are being given masks upon boarding and advised to wear them on board. In addition, all Qatar Airways’ customer contact staff in the United States and at Doha International Airport are required to wear masks.
If prior to boarding in the US or during transit in Doha, passengers are identified as having flu or fever-like symptoms, they will be referred to a local medical centre to determine their suitability to travel.
The airline’s decision has been taken to control the potential transmission of the virus to fellow passengers and crew onboard.
Al-Baker said that the airline took these unconditional measures at an early stage in the full interests of the public.
“There is absolutely no compromise for the safety of any individual, whether they are travelling or not. As an airline we are fully responsible for the safety of our passengers, crew and ground staff, but also as the national carrier of the State of Qatar, we have a responsibility to reduce the risk of exposure to people living and working in the country.”
“Qatar Airways strongly recommends that in the best interests of fellow travellers, passengers refer to information available through international health authorities, including the World Health Organisation, at www.who.int prior to travelling. In addition, individual countries are issuing their own travel advisories.”
Qatar Airways Head of Medical Services Dr Soha al-Bayat added: “In light of the current situation, it is vital for people to observe strict personal hygiene controls to protect themselves and those around them.
“If passengers develop fever or flu-like symptoms, they are advised to consult their doctor or medical practitioner straightaway. Symptoms of this A (H1N1) particular strain of flu include fever, cough, sore throat, body aches, chills and fatigue,” she said.
Health authorities around the world have advised that in the interests of personal hygiene, people should cover their mouths when coughing and sneezing; avoid touching their eyes and nose in case the virus has been transmitted, and frequently wash their hands.
Gulf Times
Emir maps way out of crisis
The Emir H H Sheikh Hamad bin Khalifa Al Thani yesterday said the right way to deal with the current economic crisis is to acknowledge and correct past errors.
“The solution lies not in abandoning the market laws and free trade or to resort to selective protectionist measures or to reject planning entirely, but the solution as is the case with each crisis, lies in striking a balance between responsibility and freedom, between market laws, and public social responsibility,” the Emir said in his address to the 9th Doha Forum on Democracy, Development and Free Trade, that opened at the Doha-Sheraton last evening. He also said the crisis has exceeded what is usually foreseen and expected of the market activity, from expansion to deflation. “It has gone out of control and has turned into a dangerous hurricane that threatens beyond our imagination,” he said.
The crisis is not a natural catastrophe like a hurricane or earthquake, but a result of human policies, miss-planning, excessive self confidence, desire to get rich quickly, and mixing the necessary loans needed for production and consumption with borrowing for speculations that exceed the gross production, the Emir said.
“What happened was a result of confusing beneficial investment in the stock exchange with gambling. It was also a result of turning away from the fundamentals of sound economy that is based on labour, production, market, and profit,” he said. He added that what is more dangerous than the economic crisis is the cultural and moral crisis which would not have been taken seriously by some people, had this critical crisis not happened.
The culture of consumption and getting rich quickly without production, he said, has spread out and turning speculations into a norm in the same developed countries in which the extent of the financial catastrophe was suddenly revealed.
The Emir also pointed out that the state should interfere in a crisis of such a magnitude and adopt new laws to monitor the activities of banks and financial institutions in general.
“However, there should be a warning against this interference turning into a wrong attempt to put the blame on others or on the principle of free trade itself on the one hand or in exaggerations in defending all its negative aspects and those of the banking system on the other,” he said warning against protectionist measures as a way out of the crisis. He said such measures would hinder international efforts to face the crisis and its repercussions.
Historically the crises had a corrective effect on the course of economy when producers and decision makers collaborated in drawing the correct conclusions, and not by looking for sedatives and painkillers that would mitigate the symptoms while the ailment aggravates, the Emir said.
The Peninsula
“The solution lies not in abandoning the market laws and free trade or to resort to selective protectionist measures or to reject planning entirely, but the solution as is the case with each crisis, lies in striking a balance between responsibility and freedom, between market laws, and public social responsibility,” the Emir said in his address to the 9th Doha Forum on Democracy, Development and Free Trade, that opened at the Doha-Sheraton last evening. He also said the crisis has exceeded what is usually foreseen and expected of the market activity, from expansion to deflation. “It has gone out of control and has turned into a dangerous hurricane that threatens beyond our imagination,” he said.
The crisis is not a natural catastrophe like a hurricane or earthquake, but a result of human policies, miss-planning, excessive self confidence, desire to get rich quickly, and mixing the necessary loans needed for production and consumption with borrowing for speculations that exceed the gross production, the Emir said.
“What happened was a result of confusing beneficial investment in the stock exchange with gambling. It was also a result of turning away from the fundamentals of sound economy that is based on labour, production, market, and profit,” he said. He added that what is more dangerous than the economic crisis is the cultural and moral crisis which would not have been taken seriously by some people, had this critical crisis not happened.
The culture of consumption and getting rich quickly without production, he said, has spread out and turning speculations into a norm in the same developed countries in which the extent of the financial catastrophe was suddenly revealed.
The Emir also pointed out that the state should interfere in a crisis of such a magnitude and adopt new laws to monitor the activities of banks and financial institutions in general.
“However, there should be a warning against this interference turning into a wrong attempt to put the blame on others or on the principle of free trade itself on the one hand or in exaggerations in defending all its negative aspects and those of the banking system on the other,” he said warning against protectionist measures as a way out of the crisis. He said such measures would hinder international efforts to face the crisis and its repercussions.
Historically the crises had a corrective effect on the course of economy when producers and decision makers collaborated in drawing the correct conclusions, and not by looking for sedatives and painkillers that would mitigate the symptoms while the ailment aggravates, the Emir said.
The Peninsula
Tuesday, 21 April 2009
Lisbon links
HH the Emir Sheikh Hamad bin Khalifa al-Thani being welcomed by Portuguese Prime Minister Jose Socrates upon his arrival at Sao Bento Palace in Lisbon yesterday.They attended the signing of a joint statement to establish diplomatic relations between the two countries, an agreement to encourage and protect mutual investments, and a memorandum of understanding between Qatar Olympic Committee and the Olympic Committee of Portugal.
Original Article from : Gulf Times
Subscribe to:
Comments (Atom)