Qatar Shares Climb to Record Led by Banks Amid MSCI Inflow Bets

21/08/2014 18:16 AST

Qatari stocks closed at a record high as local institutional investors bought shares amid speculation a weighting increase by index provider MSCI Inc. will attract new cash to the bourse.

The benchmark QE Index rose 0.7 percent to 13,776.19, the strongest finish since Bloomberg began collecting the data in 1998. Qatar Islamic Bank SAQ, the Shariah-compliant lender with the fourth-biggest weighting on the gauge, surged 6 percent to highest in almost six years. Qatar International Islamic Bank added 2.8 percent and lender Masraf Al Rayan climbed 1.1 percent.

The country’s stock market was included in MSCI’s Emerging Markets Index in June, where its weighting is poised to increase to 0.57 percent from 0.46 percent when changes announced in the index provider’s most recent quarterly review take effect on Sept. 1, according to a note published last week by Cairo-based investment bank EFG-Hermes Holding SAE. That could attract as much as $97 million of additional investment, mainly into Industries Qatar QSC and Qatar National Bank SAQ, EFG-Hermes said.

“The index rebalancing will be at the end of the month so we have seen active investors pick up Qatari shares ahead of that,” Amer Khan, senior executive at Shuaa Asset Management in Dubai, which oversees more than $300 million in assets, said in a phone interview today. The sentiment has improved and “there are local institutions buying,” Khan said.


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