Dukhan Bank begins trading as QSE makes half-century in listed constituents

Dukhan Bank, the third largest and fastest growing Islamic lender, Tuesday began trading in the Qatar Stock Exchange (QSE), which now has 50 listed constituents.Dukhan Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani rang the customary bell in the presence of QSE acting chief executive officer Abdul Aziz Nasser al-Emadi and other senior officials and dignitaries."We are thrilled to see Dukhan Bank’s shares successfully listed on Qatar Stock Exchange giving the investment community a promising investment choice in the banking sector category...Our unrelenting efforts to provide world-class Shariah-compliant services to our clients helped us today to boast a robust 150,000 customers base and assets worth over QR100bn," Sheikh Mohamed said.Dukhan Bank, which forayed into QSE with direct listing, a common mechanism in all the regional markets that allows companies to be listed without an IPO, however settled 31% lower at the close.On the decline in stock price on debut day, Dukhan Bank acting chief executive officer Ahmed Hashem said it was expected "as the market is not at its best of the time now. We are expecting that shares will bounce back during the course of next one week.”Dukhan Bank’s shares are listed under the banks and financial services sector with the ticker 'DUBK'. The lender's share price was floated on the first trading day.The lender, the second one to be listed on QSE this year, saw as many as 22.46mn shares valued at QR73.57mn trade across 1,878 transactions. Its shares comprised about 39% of the total volumes in the bank and financial services sector.The stock’s opening price was QR4, but the last transaction price was QR2.992 riyals. The highest price reached QR4 during the trading session and the lowest price was QR2.99. Starting from the second day of trading, the stock price will be allowed to fluctuate by 10% up and down, as is the case for other companies listed on the market."The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital, while providing investors with the opportunity to invest in leading Qatari companies,” al-Emadi said.The QSE is making unremitting efforts to increase the number of companies listed on the stock exchange by raising awareness of the advantages of listing, he added.