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UPDATE 1-Qatar stock exchange CEO says shock of Arab boycott has passed
November 21, 2017 / 11:02 AM / in a month

UPDATE 1-Qatar stock exchange CEO says shock of Arab boycott has passed

(Adds interest in listings, context)

DOHA, Nov 21 (Reuters) - The Qatar Stock Exchange has passed the shock of the boycott imposed on Doha by other Arab states and is now operating normally, the exchange’s chief executive Rashid Ali al-Mansoori said on Tuesday.

Over 100 new foreign funds have begun investing in Qatar since the boycott was imposed in early June, Mansoori said in a speech, without naming any of the funds.

He also said the exchange was in talks with Arab and Asian countries, which he did not name, to arrange dual listings of foreign stocks in Qatar.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5, and portfolio investors and depositors from the four countries began pulling money out of Qatar. The Qatar stock index has plunged 22 percent since then to six-year lows.

In June, Mansoori told Reuters that some institutional investors from the four countries were deliberately dumping shares in order to damage Qatar’s market.

On Tuesday, however, he said: “We passed the blockade shock and are operating as normal.”

The exchange is encouraging privatisation exercises and trying to persuade family-owned companies to list on the market, and 10 small-sized firms have showed interest in listing on the exchange’s QE Venture Market, which is designed for smaller companies, Mansoori said. (Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia)

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