Continuing the upward momentum, the Qatar Stock Exchange (QE) index jumped yesterday 62.81 points to reach closer to 11,000 mark.
The Index closed yesterday at 10,968.88 after registering a rise of around 0.6 percent. It has been a positive month for shares which have seen a consistent rise since the start of this month.
The QE Index has surged over 500 points since April 1, this year. It had closed at 10,457 points on April 1, the first trading session of the month. The index has gained around 490 points in the past trading session at it had closed at 10,480 points on April 13.
One of the major growth triggers for the shares this month was Qatar’s decision to allow overseas investors to own up to 100 percent of listed companies. On April 15, the Cabinet approved a draft law amending some provisions of Law No. (1) of 2019 regulating the investment of non-Qatari capital in economic activity.
The draft law includes the amendment of Article 7 of the law so that non-Qatari investors can own up to 100 percent of the capital of Qatari shareholding companies listed on the Qatar Stock Exchange.
This announcement has turned foreign investors bullish on Qatari stock market. the decision could trigger inflows of about $1.5bn into listed companies that would earn bigger representation in global benchmarks, according to estimates by investment bank EFG-Hermes.