Qatar stocks rose the most in a year after the the news that it allows foreign investors to fully own listed companies, a move that could trigger $1 billion of foreign inflows
Qatar , Qatar
16 April 2021, 12:00 AM
30 April 2021, 12:00 AM
Qatar Exchange jumped to its best day in a year after the government gave the go-ahead for foreigners to own the entire capital of publicly trading companies.
The cabinet approved a draft law that will allow overseas investors to own up to 100% of listed companies, according to the state-run Qatar News Agency. If the law is implemented, companies would have to individually approve the increased limit.
Qatar Exchange surged 2.6 per cent in what was its best single-day gain in a year after the country's cabinet approved a plan for non-Qatari investors to own 100 per cent of companies trading on the exchange.
Stocks that could benefit the most include Qatar Islamic Bank SAQ, Masraf Al Rayan QSC and the Commercial Bank of Qatar, the investment bank said. Their shares climbed 8.3%, 5.5% and 10% on Thursday, respectively, leading gains among members of the main gauge.
The government will also maintain central bank liquidity support for local lenders in the face of a second wave of the COVID-19 pandemic. Qatar Commercial Bank jumped 10 per cent and Qatar Islamic Bank advanced more than 7 per cent.