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Mannai Corp shifted to ‘consumer goods’ sector in QSE review

Mannai Corporation has found its place within the consumer goods and services segment against the earlier classification under industrials,  while Widam Foods (formerly Mawashi) joined the Al Rayan Islamic Index, effective from yesterday.
Moreover, Qatari Investors Group replaced Al Meera Consumer Goods Company in the Qatar Stock Exchange’s benchmark 20-stock barometer.
The moves come as part of the bourse’s semi-annual review of the indices to better reflect the fundamentals.
On Mannai Corporation’s shifting to consumer goods, the bourse spokesman said it was at the request of the company itself. “The financial statements for 2013, 2014 and 2015 were reviewed. Consistency in business unit revenue drivers was reviewed to determine the sector for the company,” the bourse had said in a statement.
As a result of the review, Mannai joined the consumer goods and services sector index, it said, adding the company has been removed from the calculation of industrial sector index.
The consumer goods and services index now has nine listed companies (against the earlier strength of eight) and the industrials sector has eight constituents (nine). Post inclusion of Qatari Investors Group, the main barometer continues to have QNB, Industries Qatar (IQ), Ooredoo, Masraf Al Rayan, Commercial Bank, Qatar Islamic Bank (QIB), Qatar Electricity and Water, Doha Bank, Nakilat, Barwa, Ezdan, Milaha, Qatar Insurance, United Development Company (UDC), Gulf International Services, QIIB, Aamal Company, Mazaya Qatar and Vodafone Qatar.
Zad Holding and Qatar Islamic Insurance were removed from Al Rayan Islamic Index, whose other constituents are IQ, Masraf Al Rayan, Barwa, QIB, UDC, QIIB, Qatari Investors Group, Vodafone Qatar, Aamal Company, Ezdan, Gulf Warehousing, Al Meera, Qatar National Cement, Medicare Group, Mazaya Qatar and Qatar Industrial Manufacturing Company.
Under the new index practices, a review is carried out twice a year to ensure that the selection and weighting of the constituents continue to reflect the purpose of the index.
The maximum weight a single stock can hold within Qatar index is 15%. If during the index review any stock is found to exceed this limit, the stock’s market value will be capped and any excess weight be distributed proportionately among the remaining index constituents.
The bourse has seven sectors: Banks and financial services, insurance, industrials, realty, telecom, transportation and consumer goods and services in the ‘All Share Index’, which comprises listed stocks with annual share velocity greater than 1%. Its constituents have not been changed in the new revision.

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