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The tiny Doha Securities Market was probably the most exciting stock market in the world last week, with a record 9% leap in the all-share index to 2,065.63 points, comfortably above the 2,000 barrier for the first time.
There were substantial gains in the five main blue chip stocks traded on the DSM, Qatar Telecom, Qatar National Bank, Qatar Navigation, Qatar Cement and Qatar Insurance. But the market gained all round with high liquidity and good company profits fuelling optimism.
Qatar Islamic Bank was the most frequently traded share, with 34 per cent of the total, and rose by 8.3 per cent in the week.
The news reflects considerable local optimism about the likelihood of continued success for local companies. Qatar is the fastest growing economy in the world and is developing its huge oil and gas reserves by allowing an effectively open door to foreign direct investment.
This open door to FDI is in noted contrast to most of its neighbors who shun the idea of foreign capital, technical expertise and market knowledge, and are paying the price in terms of slower economic development.
Meanwhile, the Qatari example is being copied to a greater or lesser extent by most of the Gulf countries. That its stock market is booming under such conditions should not really be a surprise to anyone.
Record breaking week for Qatar
Shares on the DSM jumped by 9% last week as the all-shares index powered above 2,000 points.
Sunday, May 19 - 2002 at 14:10
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Peter J. CooperSunday, May 19 - 2002 at 14:10 UAE local time (GMT+4)
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This Article was updated on Tuesday, May 01 - 2007
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