DOHA: Expecting a bigger weighting in MSCI’s Thursday review, Qatari stocks climbed 1.15 percent to close at 13,780 yesterday. Industrials sector was the key driver. Behemoth Industries Qatar surged 3.21 percent.
When the MSCI upgraded Qatar and the United Arab Emirates to emerging markets in May, the global index compiler MSCI applied an “adjustment factor” of 0.5 to stocks there, citing “accessibility issues to international institutional investors”; in August, it said it might consider at a November review whether to raise Qatar’s adjustment factor to 1, Reuters reported.
MSCI is to announce the results of the review on Thursday evening and some analysts think Qatar’s weighting is likely to be raised, which could attract some $200m of fresh, passive funds to the market. As a leading blue chip, Industries Qatar would be a major beneficiary. Vodafone and QNB were among other top gainers. The market capitalisation rose by QR9bn to touch QR743bn. Total traded value fell to QR663m from the previous session’s QR688m.
The Peninsula
