MidEast Shares Rise, Qatar Closes at Highest Level Since June 2008

By MidnightTrader.com Staff,

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Middle East stocks rose, with Qatar reaching the highest close since June 2008.

Vodafone Qatar was among the strong gainers, still benefiting from an appointment on Sunday of a new chief business officer and a new chief technology officer from the UAE's du and Pakistan's Mobilink.

In Dubai, Dubai Islamic Bank said late on Tuesday that regulators had approved a move to allow foreigners to hold up to 25% of its shares, up from 15% previously. Thomson Reuters data shows investors from outside the Gulf held 10.1% of shares as of Tuesday while Gulf investors from outside of the United Arab Emirates held 4.8%.

Qatar's main index jumped 1.1% to 12,454 points, Dubai added 0.9% to 4,728 points, Abu Dhabi gained 0.9% to 5,132 points, Saudi Arabia dipped 0.01% to 9,504 points, Egypt firmed 0.7% to 8,080 points, Kuwait inched up 0.02% to 7,516 points, Bahrain rose 0.3% to 1,380 points and Oman firmed 0.05% to 6,827 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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