Industries Qatar (IQCD) is set to become the best-performing stock in the Persian Gulf nation this quarter as investors bet 2012 profit will exceed expectations and after the company allowed foreigners to buy more stock.
Shares of the Middle East’s second-biggest petrochemicals maker gained 0.4 percent to 156.30 riyals at 11:56 a.m. in Doha, set for the highest close since September 2008 and bringing a gain for the past six days to 2.8 percent. The stock, which is the most traded on Qatar’s benchmark gauge by value so far today, has advanced 11 percent in the fourth quarter, making it the best performer among 20 members on the index.
The Doha-based company’s foreign ownership limit was raised to 12.25% from 7.5% in September. Companies in Qatar limit foreign ownership at 25 percent, although they’re allowed to increase the limit to 49 percent if shareholders approve. The company that also makes fertilizers and steel posted a 27 percent jump in third-quarter profit, topping estimates. Industries Qatar has the biggest weighting on the Doha gauge.
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