BANKING BLOW: Banking shares suffered the most in the first half of the year in Qatar. (Getty Images)

Banking stocks were among the biggest losers in the first half of the year on Qatar's benchmark index, the Qatar Exchange.

Energy companies were the main gainers, as Qatar's economy, driven by oil and liquefied natural gas exports, continues to boom despite the global crisis.

The DSM 20 Index, which represents the 20 most capitalised companies traded on the Qatar Exchange, formerly the Doha Securities Market (DSM), closed at 5891.66 on Jun 6, down 8.78 percent since the start of the year.

Qatar Holding, the government's investment arm and NYSE Euronext entered into a strategic partnership to establish the Qatar Exchange last month.

Arabian Business has tested the index's performance so far this year by investing an imaginary $100,000 at the beginning of 2009 into each of the companies listed on the DSM.

Financial services firms dominated the 10 biggest losers, with worst performer General Insurance diving 44.13 percent, and International Islamic Bank losing 31.40 percent.

Qatar Fuel Company and Gulf International Services Company, which acquires and manages oil companies, were the two biggest gainers, jumping 29.44 percent and 27.11 percent.

Qatar Insurance rose 21.26 percent, bucking the trend for the sector which saw mainly losses.

Of the 42 companies listed on the Qatar Exchange, only 12 stocks posted overall gains in the first half of the year.

The stock exchange's market capitalisation has climbed to QR273.9bn (US$75.3bn) from QR18.8bn (US$5.2bn) in 2000.

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