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Satyendra Pathak
Doha
Qatar Alumnium Manufacturing Company (Qamco) made an impressive debut on the Qatar Stock Exchange (QSE) by rising more than 30 percent from its face value of QR10 on Sunday.
Qamco, which raised the number of listed companies to 46, opened 80 percent higher at QR 18 and reached an intraday-high of QR18.90 before settling at QR13.01 at the close of the trading session.
Accounting for about 78 percent of total trade volume on Sunday, a total of 23.21 million Qamco shares valued at QR323.81 million exchanged hands amid 21,447 transactions.
Earlier, Minister of State for Energy Affairs and Qatar Petroleum MD and CEO HE Saad bin Sherida al Kaabi rang the ceremonial opening bell to celebrate the listing of Qamco and announce the start of trading of its shares on Qatar’s stock exchange.
Speaking on the occasion, Kaabi said Qamco’s listing is part of the government’s keenness to provide Qatari citizens with investment opportunities and enhance their participation in the economic activity of the country.
The listing, he said, has given Qataris a valuable opportunity to participate in the success of one of the largest and most competitive aluminum producers in the region, and one of Qatar’s most successful projects in the manufacturing sector.
The listing will support the diversity of Qatari capital market in line with the country’s economic vision, he said.
Qatar Stock Exchange CEO Rashid bin Ali al Mansoori said, “The listing of Qamco will increase depth of the exchange and offer new opportunities and additional choices to investors. Qatar’s stock exchange has emerged as one of the best performing stock markets in the world this year. This listing will give more confidence to the market.”
“The listing of Qamco is an important step in the implementation of the Qatar’s National Vision, and another step in achieving economic diversification and providing a real opportunity to all citizens to benefit directly from economic growth and boom in industrial sector,” he said.
Commenting on Qamco’s performance on the first day of listing, Akbar Khan, senior director of asset management at Al Rayan Investment, said, “The last time a new company was listed on QSE, it was QATR, which accounted for 22 percent of total trading on its debut. Qamco’s QR323 million today was an eye-opening two-thirds of the trading on the QSE. While fundamentals do not support the 30 percent jump, the stock will be joining the FTSE EM index and attract passive foreign buying.”
Saugata Sarkar, head of research at QNB Financial Services (QNBFS), said, “The listing was a huge success and a testament to vibrancy and health of the Qatari equity markets.”
Meanwhile the main index of QSE gained 40.36 points to 10,496.50 amid heavy liquidity triggered by Qamco’s listing.
The IPO subscription for listing Qamco on Qatar Stock Exchange started after Qatar Petroleum (QP) authorised the transfer of its entire 50 percent stake in Qatalum to Qamco and offered 49 percent of Qamco’s issued shares in the IPO.
The IPO was oversubscribed 2.5 times.
Doha
Qatar Alumnium Manufacturing Company (Qamco) made an impressive debut on the Qatar Stock Exchange (QSE) by rising more than 30 percent from its face value of QR10 on Sunday.
Qamco, which raised the number of listed companies to 46, opened 80 percent higher at QR 18 and reached an intraday-high of QR18.90 before settling at QR13.01 at the close of the trading session.
Accounting for about 78 percent of total trade volume on Sunday, a total of 23.21 million Qamco shares valued at QR323.81 million exchanged hands amid 21,447 transactions.
Earlier, Minister of State for Energy Affairs and Qatar Petroleum MD and CEO HE Saad bin Sherida al Kaabi rang the ceremonial opening bell to celebrate the listing of Qamco and announce the start of trading of its shares on Qatar’s stock exchange.
Speaking on the occasion, Kaabi said Qamco’s listing is part of the government’s keenness to provide Qatari citizens with investment opportunities and enhance their participation in the economic activity of the country.
The listing, he said, has given Qataris a valuable opportunity to participate in the success of one of the largest and most competitive aluminum producers in the region, and one of Qatar’s most successful projects in the manufacturing sector.
The listing will support the diversity of Qatari capital market in line with the country’s economic vision, he said.
Qatar Stock Exchange CEO Rashid bin Ali al Mansoori said, “The listing of Qamco will increase depth of the exchange and offer new opportunities and additional choices to investors. Qatar’s stock exchange has emerged as one of the best performing stock markets in the world this year. This listing will give more confidence to the market.”
“The listing of Qamco is an important step in the implementation of the Qatar’s National Vision, and another step in achieving economic diversification and providing a real opportunity to all citizens to benefit directly from economic growth and boom in industrial sector,” he said.
Commenting on Qamco’s performance on the first day of listing, Akbar Khan, senior director of asset management at Al Rayan Investment, said, “The last time a new company was listed on QSE, it was QATR, which accounted for 22 percent of total trading on its debut. Qamco’s QR323 million today was an eye-opening two-thirds of the trading on the QSE. While fundamentals do not support the 30 percent jump, the stock will be joining the FTSE EM index and attract passive foreign buying.”
Saugata Sarkar, head of research at QNB Financial Services (QNBFS), said, “The listing was a huge success and a testament to vibrancy and health of the Qatari equity markets.”
Meanwhile the main index of QSE gained 40.36 points to 10,496.50 amid heavy liquidity triggered by Qamco’s listing.
The IPO subscription for listing Qamco on Qatar Stock Exchange started after Qatar Petroleum (QP) authorised the transfer of its entire 50 percent stake in Qatalum to Qamco and offered 49 percent of Qamco’s issued shares in the IPO.
The IPO was oversubscribed 2.5 times.
