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Tuesday, 16 August 2016

MIDEAST STOCKS-FTSE expectations boost Qatar, most markets retreat | Reuters

MIDEAST STOCKS-FTSE expectations boost Qatar, most markets retreat | Reuters:

"Qatari stocks rose on Tuesday amid expectations money will flow into the market when the index compiler FTSE promotes it to emerging-market status from frontier market. Most other Gulf markets gave up early gains to close lower and Dubai pulled back from technical resistance.

FTSE, which will promote Qatar on Sept. 19, announced on Monday some of the criteria which it will use to choose individual Qatari stocks for its index, including liquidity requirements.

Investment bank EFG Hermes said that as a result, it had raised its prediction for FTSE-related fund inflows next month to $550 million from $289 million. Three stocks that had looked unlikely to be chosen - Qatar National Bank (QNB), Qatar Insurance and Qatar Navigation - were now likely to enter the index, it said.

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