Qatar’s shares advanced to the highest level in one month on speculation index provider MSCI Inc. will upgrade the Persian Gulf nation to an emerging market in June.
Qatar National Bank SAQ (QNBK), the Persian Gulf country’s biggest bank by assets, jumped 2.4 percent and Qatar Electricity & Water Co. (QEWS), the state-controlled utility, increased the most in almost a month. The QE Index (DSM) advanced a fourth day, rising 1.2 percent to 8,765.14, the highest since April 14, at the 1:15 p.m. close in Doha. The Bloomberg GCC 200 Index (BGCC200) of regional stocks gained 0.1 percent at 3:11 p.m. in Dubai.
“The rumor mill at work” suggests that “there may soon be an announcement regarding the raising of foreign ownership limits,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai. The assumption is that if the limits are raised it “would remove any remaining barriers for entry into MSCI EM (MXEF),” he said.
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