x Abu Dhabi, UAETuesday 25 July 2017

MSCI upgrade hopes boost Qatar

Qatar's measure rose to its highest level in more than three weeks on expectation that the Gulf country will become an emerging market.

The Qatar Exchange added almost 1 per cent. Ryan Carter / The National
The Qatar Exchange added almost 1 per cent. Ryan Carter / The National

Qatar's measure rose to its highest in more than three weeks on expectation the country will become an emerging market next week.

The Qatar Exchange added almost 1 per cent to 8,386.30 ahead of the index compiler MSCI's decision on a possible status upgrade next Tuesday. The top gainers on the market included Barwa Real Estate, which rose 1.9 per cent to 30.3 Qatari rials, and lender Masraf al Rayan, which edged almost 1 per cent higher to 23.14 rials.

Qatar and the UAE are both vying for an upgrade by the MSCI to "emerging market" status from "frontier market" status.

Doha's measure has been gaining momentum over the past month, even as the exchange said it would not increase the foreign ownership limit, one important component for an upgrade.

Elsewhere in the region, Dubai's measure rose to its highest level in almost a month led by gains in property bellwethers including Emaar Properties, Arabtec and Deyaar Developments. Shares in those companies gained 3.2 per cent to Dh3.22, 3 per cent to Dh1.38 and 1.3 per cent to 31 fils respectively.

The Dubai Financial Market General Index added 2.2 per cent to 1,601.55 points, and the Abu Dhabi Securities Exchange General Index increased 1.2 per cent to 2,753.64 points.

Saudi Arabia's Tadawul All-Share Index ended 0.3 per cent down at 6,546.06.

fhalime@thenational.ae