Qatar stocks soar on plan to allow full foreign ownership

Qatar said it could allow foreign investors to fully own listed firms, which could trigger nearly $1.5bn in inflows.

Qatari stocks rose the most in a year after the country said it may allow foreign investors to fully own listed companies, a move that could trigger more than $1 billion of overseas inflows. The cabinet approved a draft law that will allow overseas investors to own up to 100% of listed companies, according to the state-run Qatar News Agency. If the law is implemented, companies would have to individually approve the increased limit. While implementation is yet to be confirmed, the decision could trigger inflows of about $1.5 billion into listed companies that would earn bigger representation in global benchmarks, according to estimates by investment bank EFG-Hermes. The QE Index gained 2.8% Thursday, the most in more than a year, to close at the highest level since Jan. 14.