Mideast's biggest banks climb on plans for foreign ownership

Mideast's biggest banks climb on plans for foreign ownership

Qatar's stock market continued rising on Tuesday after two top companies said they were raising their ceilings for foreign ownership, while strength in Egypt's biggest bank lifted that market. Qatar National Bank's stock rose by 10%, the biggest growth of more than 12 years, while shares of the largest bank in Dubai Emirates NBD reported a 4.5% rise in prices.

The bank intends to recommend to the extraordinary general assembly to approve increasing the percentage of non-Qatari ownership in the company's capital to 49% from 25% in accordance with the applicable provisions of Law No. 9 of 2014 regulating the investment of non-Qatari capital in the economic activity and subject to approval of the regulators concerned. On Tuesday, the company said it had increased its foreign ownership limit to 49 percent from 25 percent. Industrials stock Qatar Electricity and Water 8.71 percent.

Petrochemicals were particularly strong as National Petrochemical, which had jumped 10 percent on Sunday after reporting annual net profit more than doubled, rose by the same margin again.

Industries Qatar gained 5.9 percent on Tuesday morning after leaping 10 percent on Monday.

Historically Qatar had only two categories - Qatari and non-Qatari investors, but with an Emiri decree stipulating increased FOL, the country moved towards a three-tier system where investors have been classified as Qatari, Gulf Cooperation Council and foreign investors.

"Said QNB has been "very resilient" in the past few years, helping it overcome the "current political situation"; said investors had begun to doubt Qatar's place in the EM space, especially with Saudi and Kuwait poised for inclusion in emerging market indexes this year", which will reduce the weight of Qatar and the U.A.E.

Dubai's index was nearly flat as Emirates NBD closed unchanged.

NOTE: FTSE Russell included Kuwait to its emerging markets category past year, and is expected to announce a decision on a potential inclusion of Saudi Arabia on March 28.

El Sewedy Electric, which had gained 5.9 percent on Monday after saying it had signed a contract with Egyptian Electricity Transmission Co to provide power transmission lines worth 2.12 billion Egyptian pounds ($121 million), last traded 10 percent higher. The upbeat market announcement helped push the benchmark index up to gain 410.38 points to 8,663.04, the biggest leap in 15 months. Barwa advanced by 6.09 percent.

Related Articles

  • Alec Baldwin Talks Trump Twitter Feud On 'Fallon'

    Alec Baldwin Talks Trump Twitter Feud On 'Fallon'

    While Baldwin had expressed concern over making Trump seem " too cuddly ", all indications pointed toward an extended run in the role for him. "We call them the Cabinet".
    PAOK chairman Ivan Savvidis marches onto the pitch carrying

    PAOK chairman Ivan Savvidis marches onto the pitch carrying

    Savvidis' behaviour also provoked PAOK's suspension on Tuesday from the 230-member group of Europe's most influential clubs. Olympiakos boss Oscar Garcia was hit in the head with a roll of toilet paper, forcing the match to be abandoned.
    ¥530 Million Loss Causes Japan to Reconsider its Approach to Cryptocurrencies

    ¥530 Million Loss Causes Japan to Reconsider its Approach to Cryptocurrencies

    Other Cryptocurrency Heists Perhaps the most concerning aspect of the Coincheck incident is that it is not the first of its kind. At the recent World Economic Forum in Davos, Switzerland, many leaders reiterated warnings in the dangers of cryptocurrencies.
  • Staying fit is a great way to stave off dementia

    Staying fit is a great way to stave off dementia

    The medium fitness level (n = 92) was defined as achieving an average peak cardiovascular capacity between 88 and 112 watts. They also examined the incidence of dementia in 1974, 1980, 1992, 2000, 2005 and 2009 using criteria from DSM-III-R.
    Ayodhya dispute: Can't force parties concerned to settle dispute, says SC

    Ayodhya dispute: Can't force parties concerned to settle dispute, says SC

    The court in its previous hearing delayed the verdict as some of the documents and translations were yet to be filed before it. The Supreme court today dismissed 32 intervention applications/petitions on the Ayodhya Ram Janmabhoomi-Babri dispute case.

    JC Penney (JCP) Coverage Initiated by Analysts at Credit Suisse Group

    It worsened, as 39 investors sold ZAYO shares while 77 reduced holdings. 41 funds opened positions while 98 raised stakes. Employees Retirement Association Of Colorado holds 55,945 shares or 0% of its portfolio. 765 were reported by Sei Invs.
  • Passing The Cisco CCNA Certification Exam Guide

    The course develops your knowledge and skills according to the digital era, which helps in getting evolution in the network. 3. This will also help in building up the required aptitudes the course requests. · Bifurcate what is important to learn.
    Clemency denied in the 'Stocking Strangler' case

    Clemency denied in the 'Stocking Strangler' case

    Finally, they ask if the death penalty itself is unconstitutional because of "an unacceptable risk of executing the innocent". Gary was sentenced to death in 1986 for the rapes and murders of Florence Scheible, Martha Thurmond and Kathleen Woodruff.
    Bill Shorten is walking back his attack on pensioners

    Bill Shorten is walking back his attack on pensioners

    Even though the wealth of older generations has increased in line with asset prices, noted Wood, Coates and Daley, the share of older Australians who pay income tax has almost halved (from 27 per cent to 16 per cent) in the past two decades.
  • What is mean by Low Beta Stock?: American Airlines Group Inc. (AAL)

    Personal Capital Advisors Corp purchased a new position in American Airlines Group during the fourth quarter valued at $208,000. The research firm rates the sentiment of press coverage by reviewing more than 20 million blog and news sources in real-time.

    Anheuser-Busch InBev SA/NV (NYSE:BUD) Growth Estimates in Focus

    The firm owned 28,700 shares of the consumer goods maker's stock after acquiring an additional 3,481 shares during the period. It dropped, as 30 investors sold BUD shares while 138 reduced holdings. 63 funds opened positions while 151 raised stakes.
    Aussie Cup hero Spithill nabs Italian job

    Aussie Cup hero Spithill nabs Italian job

    Team New Zealand duo Peter Burling and Blair Tuke have welcomed the chance to again lock horns with Jimmy Spithill when they defend the America's Cup in 2021.