Foreign funds’ strong buying support lifts Qatar bours… – MENAFN.COM

Foreign funds’ strong buying support lifts Qatar bours… – MENAFN.COM

(MENAFN - Gulf Times) * QSE crosses 11, 000 levels as bank scrips soar on 100% foreign ownership limit The Qatar Stock Exchange witnessed strong buying interests from the foreign funds as it crossed the 11, 000 levels this week, which saw the cabinet approve up to 100% foreign ownership limit in four listed banks. The Gulf and foreign individuals were seen bullish this week, which saw the listed companies register 28% year-on-year rise in net profit to QR20. 56bn in the first half of this year. The banking and financial services counter witnessed higher than average demand as the 20-stock Qatar Index rose 1. 03% this week which saw Fitch, a global credit rating agency, revises up Qatar's 2021 fiscal surplus to 4% of gross domestic product from 2. 3% on rising hydrocarbon prices. The Gulf funds and Arab individuals continued to be net buyers but with lesser intensity this week which saw QNB, Qatar Islamic Bank (QIB), Commercial Bank and Masraf Al Rayan receive cabinet approval to enhance foreign ownership limit up to 100%. However, domestic funds and local retail investors were increasingly net sellers this week which saw Baladna sign memorandum of co-operation with Felcra to produce