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Doha Securities Market up by 8.85% following government purchase decision.

Summary: Doha Securities Market increased 8.85% on Monday

Sheikh Hamad Bin Jassem Bin Jabor Al Thani, the Qatari Prime Minister and Foreign Minister has declared that the government decided to purchase the investment portfolios of local banks shares listed on the Doha Securities Market (DSM) and which (shares) are owned by Qatari local banks wishing to sell these shares. The purchase price is to be defined as per the cost of the portfolio registered in the banks records on February 28, 2009 minus allocations accumulated by the end of December 31, 2008.

Sheikh Hamad, in remarks carried by the Qatar news Agency and published in Qatari Newspapers today, stated that such procedures aims at supporting local Qatari banks. The decision includes the following banks:

(1) Qatar National Bank (QNB)(2) Commercial Bank(3) Doha Bank(4) Qatar Islamic Bank(5) Qatar International Islamic Bank(6) Ahli Bank(7) Al Khalij Commercial Bank

The move has boosted trading in the local bourse. The index closed Monday 8.85% higher compared to Sunday.

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Publication:Mena Report
Date:Mar 9, 2009
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