Middle East Stocks Mostly Rise, Qatar Extends Gains After Two Companies Raise Foreign Ownership Limit

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Middle East shares mostly gained, with Qatar extending gains sparked by two companies' saying they were raising their ceilings for foreign ownership.

Qatar National Bank and Industries Qatar each said they are raising foreign ownership limits to 49% from 25%. Fund managers took the decisions by the two government-linked companies as a sign authorities are determined to bring more foreign money into the market.

Meanwhile, Egypt's market gained with help from Commercial International Bank, which will go ex-dividend on March 20.

El Sewedy Electric extended its gains after the company said on Monday it signed a contract with Egyptian Electricity Transmission Co to provide power transmission lines worth 2.12 billion Egyptian pounds ($121 million).

In other company news, Sipchem said it planned to resume merger talks with Sahara Petrochemical.

Dubai Investments' board proposed a 12% cash dividend for 2017, compared to a 10% cash dividend and a 5% bonus share issue for 2016.

Saudi Arabia's main index dipped 0.04% to 7,778 points, Dubai was unchanged at 3,166 points, Abu Dhabi firmed 0.1% to 4,538 points, Qatar jumped 1.6% to 8,802 points, Egypt advanced 1.5% to 16,989 points, Kuwait inched up 0.04% to 6,728 points, Bahrain gained 0.6% to 1,361 points and Oman added 0.5% to 4,900 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 , Stocks

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