DOHA: The main Qatari equities index is this year’s best performer worldwide in dollar terms, which is up 15 percent, Bloomberg reported yesterday.
Qatar’s stock market has outshined Dubai and other Gulf stock markets. Qatari stocks recovered all losses caused by the Gulf crisis, which began 15 months ago.
The recovery of the stocks was because of several steps taken by Qatar to attract investors after the crisis, while the State allowed many companies to increase foreign ownership, said the Bloomberg report. Qatar also made permanent residence an option for non-Qatari nationals.
Qatar is moving to stimulate its economy in a rapid manner, said Joice Mathew, the head of equity research at United Securities.
Large-cap stocks in Doha surged earlier this year amid prospects of inflows from investors tracking emerging-market indexes after the relaxation on foreign ownership curbs, adding to improving prospects for banks and petrochemicals. In Dubai, real-estate shares have put the most pressure on the benchmark index as rentals and sale prices drop amid weaker domestic demand.
“Despite the embargo and the geopolitical challenges, Qatar has adapted,” said Talal Samhouri, head of asset management at Doha-based Amwal LLC. He added that Qatar “worked diligently to reshape itself and its economy.”
Robust performance by Qatar’s stock market has proved that the illegal blockade has failed to make any impact on country’s economy.
The QSE benchmark index, on August 1, had surged to 9,976.51, its highest levels in 14 months, to close the gap created back in June 2017, the day on which the Arab quartet imposed a blockade on Qatar.
