Qatar stocks drop to two-week low ahead of potential IPO | Business , Middle East | THE DAILY STAR:
"Qatar’s shares fell to a two-week low Wednesday and are seen facing further pressure ahead of a planned listing, while most other regional bourses traded in a tight intraday range as investors await further catalysts following big market gains this year. Doha’s benchmark fell 1 percent to its lowest since Sept. 11. The measure has lost 2.8 percent this week on expectations state-run energy firm Qatar Petroleum will launch an initial public offering for its unit.
QP has picked two banks to help arrange the IPO, an issue which could be worth around 3.2 billion riyals ($880 million), banking sources told Reuters. The IPO may launch by the end of this year.
“Local retail and institutional investors are selling for the IPO but foreigners are gradually accumulating,” said Ahmed Shehada, head of trading at QNB Financial Services. “There is a lot of value in the market and with Q3 reporting soon, expect most names to have positive earnings.”"
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