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Banks, industrials surge in Doha despite MSCI reversal on Mesaieed

The Qatar Exchange (QE) Index closed 1.70 per cent higher at 13,644.64 points on Monday, August 18.

The QE Al Rayan Islamic Index rose likewise by 1.70 per cent to hit 4,707.59 points. Qatar Islamic Bank surged 4.10 per cent, finishing at QAR115.

Mesaieed Petrochemical Holding Company (MPHC) lost 1.60 per cent to QAR34.30. On Sunday, the firm, which is a subsidiary of Qatar Petroleum, said that index provider MSCI through their press release issued on August 13, 2014, included MPHC in their MSCI Emerging Market Index and MSCI ACWI Growth Index. But through their press release issued on August 14, 2014 mentioned that MPHC will not be added to their Index contrary to what was stated earlier by MSCI Inc.

In this regard, MPHC would like to confirm that it has no contractual relationship with MSCI Inc. nor does MSCI Inc. coordinate with MPHC on any of its matters. “MPHC is therefore not responsible for any of MSCI Inc. decisions. MPHC’s strength is driven by its own performance and not by MSCI Inc. decisions,” said the firm in a statement to the market.

Gérard Al-Fil