Qatar stock market rallies as cabinet approves full foreign ownership draft law

The move, if approved into law, is expected to bring in overseas funds

  
A trader monitors a screen displaying stock information at Qatar Stock Exchange in Doha, Qatar November 9, 2016.

A trader monitors a screen displaying stock information at Qatar Stock Exchange in Doha, Qatar November 9, 2016.

REUTERS/Naseem Zeitoon

Qatar stock market jumped shortly after opening on Thursday on positive news that the country’s cabinet has approved a draft law to allow foreign investors to fully own companies listed on the exchange.

The move, if approved into law, is expected to bring in overseas funds.

The country's stock market jumped on the news and the index was last trading 1.8 percent higher at 10,800.87 points at 11 am local time. Commercial Bank of Qatar surged over 9 percent, while Qatar Islamic Bank rose 6 percent.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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