Qatar Up About 1 Pct, Outperforms Lacklustre Gulf MarketsSource: www.export-egypt.com 3/19/2018, Location: Middle East |
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Qatar’s main stock index rose nearly 1 percent as a planned increase in foreign ownership limits boosted blue-chips and helped Doha to outperform the rest of a region weighed down by weak global stocks and oil prices.
The gain in Qatar’s index was powered by a 2.9 percent surge in heavyweight Industries Qatar and a 1.8 percent rise for Qatar National Bank. The two announced last week that they were raising ceilings for foreign ownership of their shares, which will boost their weightings in emerging market equity indexes. Vodafone Qatar jumped by 9.4 percent to close at 8.63 riyals on buying from retail investors after recent declines. Qatar Insurance rose 7.8 percent, recovering from heavy losses last week, when it was removed from some FTSE equity indexes. Arqaam Capital upgraded the stock to a buy this week on what it called compelling valuations and an earnings rebound. Its price target is 43.6 riyals. The stock closed at 37 riyals. A portfolio manager in Qatar said foreign investors had stepped up buying recently, encouraged by the rise in foreign ownership limits. Exchange data showed foreign investors were net buyers by a ratio of almost four to three. |
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