#Qatar stocks outperform as cap on foreign ownership removed | Reuters

Qatar stocks outperform as cap on foreign ownership removed | Reuters

Qatari shares rose sharply early on Thursday, following approval of a bill by the Gulf state’s cabinet that will allow non-Qatari investors to own up to 100% of listed companies’ capital.

In Qatar, the benchmark advanced 2.5%, its biggest intraday gain since April last year, with banks leading the gains.

Qatar Islamic Bank gained 6%, while Commercial Bank surged 10%, to become the top gainer on the index.

The cabinet also decided to keep central bank liquidity support for local banks based on need as the country faces a second wave of coronavirus infections.

Dubai’s main share index rose 1%, with blue-chip developer Emaar Properties gaining 1.9%, while budget airliner Air Arabia, which took delivery of One New Airbus, climbed 5.6%.

Saudi Arabia’s benchmark index gained 0.6%, with Al Rajhi Bank rising 2.1% and Saudi National Bank up 1.9%.

However, oil behemoth Saudi Aramco eased 0.3%.

Yemen’s Iran-aligned Houthi group used drones and missiles to attack targets in the southern Saudi city of Jazan, it said on Thursday, including one belonging to state oil giant Aramco which caused a fire.

There was no Saudi confirmation of a fire or of a hit on a Patriot anti-missile structure which the Houthi military spokesman said was also struck.

In Abu Dhabi, the index added 0.1%, supported by a 0.4% increase in the United Arab Emirates’ largest lender First Abu Dhabi Bank.