Qatar Economic Outlook Issue Number 13

Figure 2-31: Shares indices by economic 
sectors
 
-60
-40
-20
0
20
40
60
80
General
Total Return
Al Rayan Islamic
All share
Banks&Finance
Consumer G&S
Industrials
Insurance
Real Estate
Telecoms
Transportation
H1-20
H2-20
H1-21
H2-21
Source: QSE & prepared by PSA
Figure 2-32: Developments in QSE trading 
value during 2020-2021
 
-1500
-1000
-500
0
500
100
0
150
0
Foreign_ind
Foreign_ins
GCC_ind
GCC_ins
Qatari_ind
Qatari_ins
QR Million
2020 H1
2020 H2
2021 H1
2021 H2
Source: QSE website & prepared by PSA

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Part 2 - Economic Performance 2017 - 2020 
 
 
85 
economic and financial benefits offered by 
the Qatar Stock Exchange. 
As for the net trading deals for GCC 
investors, they were negative, whether they 
were individuals or institutions, during the 
year 2020 until the first quarter of 2021. 
However, during (April – November 2021), 
the data showed that while the net 
institutional investment of the GCC investors 
returned to a positive level, the net individual 
investment portfolio remained negative until 
the end of November 2021. 
GCC Stock Markets 
For measuring the performance of GCC 
stock markets indices, as well as the S&P 
Index (Standard & Poor's), the All-Share 
Index is used in this report. During 2020, the 
GCC stock market indices (excluding Oman), 
as depicted in Figure (2-33), showed that 
they declined by about negative 8.4%, 
ranging between negative 15.9% as a 
maximum, and negative 2.5% as a minimum, 
against a 9.5% growth in the S&P Index. 
Most of the decline came from the Dubai 
Stock Exchange (16.9%), followed by Abu 
Dhabi, Saudi Arabia, Kuwait, Qatar (4.64%), 
and then Bahrain (4.2%). 
However, all markets recovered during the 
four quarters of 2021 with an average growth 
of about 28.8%, ranging between a maximum 
of 55.4% and a minimum of 12.44%, 
compared to 33.8% growth in the S&P index, 
and most of the growth came from the Abu 
Dhabi Stock Exchange (55.4%), followed by 
Saudi Arabia, Kuwait, Dubai, Qatar (18.5%), 
and Bahrain (13.6%). 
In relation to the average cost and earnings 
of shares in GCC stock markets, Table (2-4) 
indicates that the demand for buying shares 
in Saudi Arabia has been the highest, as the 
Price-to-Earning (PE) ratio reached about 
23.2 points, which suggest high expectations 
on the part of investors regarding earnings 
growth in Saudi Arabia, followed by Abu 
Dhabi, Kuwait, Qatar, Dubai, and Bahrain. 
With regard to share Price-to-Book (P/B) ratio