By: Eman Ghaly
Mubasher: The Qatar stock exchange (QSE) closed Sunday’s trading in the green, supported by Qatar Petroleum's decision to increase non-Qatari investors' ownership in the listed state-run energy firms to 49%.
Early on Sunday, four companies took this decision, namely: Gulf International Services, Mesaieed Petrochemical Company, Qatar Fuel and Qatar Electricity and Water Company.
The decision came after CEO of the QSE Rashid Al Mansoori called all the QSE-listed firms to increase non-Qatari share ownership to 49% in a bid to enhance foreign investment in the Qatari market.
Increasing non-Qatari investors' ownership will support the QSE’s vision, as well as attract more investments to the Qatari market, analysts told Mubasher.
Moreover, the decision will enhance the market’s liquidity, in addition to enabling the general index to overcome its previous losses, analysts added.
Financial analyst Ahmed Eid said that increasing non-Qataris share ownership in the Qatari companies is a step in the right track since it will improve their investments in the QSE in general and in the energy sector in particular.
Further companies are expected to take the same decision over the coming period topped by Al Meera Consumer Goods, Widam Food Company and Qatar National Cement, Eid added.
By the end of the first session of this week, the general index rose 1.11%, or 95.05 points, to 8,669.04 points.
The QSE’s liquidity decreased to QAR 274.66 million on Sunday from QAR 299.75 million on Thursday, while the trading volume increased to 10.73 million shares against 9.85 million in the previous session.
The goods sector topped the QSE’s five gainers adding 3.27% as Qatar Fuel jumped 7.07%.
Similarly, the industrial sector rose 2.43% on the back of Mesaieed’s 9.94% surge, while the banking sector levelled up 1.15% as Qatar National Bank (QNB) grew 1.62%.
Meanwhile, the insurance sector topped the markets decliners falling 0.78% as Qatar General Insurance and Reinsurance went down 0.88%.
Mesaieed’s stock led the bourse in terms of trading volume with 2.95 million shares, while Qatar Fuel’s stock headed the market in terms of liquidity with QAR 55.02 million.
Translated by: Kholoud Mohamed Hussein
