DUBAI: Qatar’s benchmark rose yesterday as trading resumed after a one-day holiday during which the Emir handed over power to his son, calming investor nerves.
Doha’s index climbed 0.9 percent; its biggest one-day gain in two weeks that extended 2013 gains to 10.8 percent.
“The message from the outgoing Emir gave confidence and sent the right political and economic signals,” said Yassir Mckee, Wealth Manager at Al Rayan Financial Brokerage in Doha. “Investors were a bit concerned about the transition.”
No dramatic change is expected to economic and foreign policies, according to analysts, but Mckee said new Cabinet members will give indications of how the country will move ahead with mega-projects in preparation for the 2022 soccer World Cup.
Banks led gainers; Qatar National Bank (QNB) rose three percent to a record closing high.
In Egypt, shares in Orascom Construction Industries surged 10 percent after Dutch-listed OCI NV received Egyptian regulatory approval to buy out shareholders.
The tender offers OCI NV shares or 255 Egyptian pounds in cash for each ordinary Egyptian share in the construction and fertilisers company; it will end on July 28.
OCI shares closed at 238.1 pounds. The 10 percent move is the market’s one-day upward limit for shares.
Most other regional bourses declined; Saudi Arabia’s measure slipped 0.2 percent, heading into a sideways trend on a lack of catalysts.
Reuters
