Qatar shares rose the most in more than a month, led by Qatar National Bank SAQ (QNBK), on speculation index provider MSCI Inc. may upgrade the Persian Gulf nation to emerging market.
Qatar National Bank climbed to the highest since January as its 12.7 billion-riyal ($3.5 billion) rights offer was fully subscribed. Doha Bank, the country’s fourth-biggest lender by assets, advanced 3 percent. The QE Index (DSM) surged 1.4 percent, the most since March 20, to 8,665.42, at the 1:15 p.m. close in Doha. The DFM General Index (DFMGI) advanced 1.2 percent. Tamweel PJSC, the Dubai-based home finance company plunged 10 percent on its first trading day in more than two years.
“MSCI upgrade speculation is beginning,” said Akram Annous, Middle East and North Africa strategist at Al Mal Capital PSC in Dubai. “There was some chatter going around today about a possible foreign ownership free-float raise to the 30 to 49 percent range from the current 25 percent level.”
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