Sept. 27 (Bloomberg) -- Qatari shares rose to the highest in more than a year on speculation stock market regulators may raise the limit on the amount of shares foreigners can hold.
Masraf al-Rayan gained after saying it will seek regulatory permission to increase foreign ownership. Industries Qatar and Qatar Shipping Co. also advanced.
Qatar's Doha Securities Market Index rose 1.4 percent to 8,003.95, its highest close since July 13, 2006. The measure has gained 6.9 percent this month.
``There are rumors regulators might raise the foreign ownership limits from 25 percent to 49, since several companies have requested it,'' Samer Al-Jaouni, head of international sales at Ahli Bank QSC in Qatar, said in a phone interview from Doha today. ``Local investors are buying as they try to get a head start on foreign investors.''
Calls to the Qatar Financial Market Authority seeking comment were not answered.
Masraf al-Rayan, the Qatari Islamic bank that raised $1.1 billion in an initial share sale last year, added 1.8 percent to 17 riyals. The company approved a plan allowing foreign investors to buy as much as 49 percent of its shares. The bank will seek regulatory permission for the change. Masraf is not a member of Qatar's benchmark.
Industries Qatar, the largest company on the Doha Securities Market, climbed 3.5 percent to 127 riyals. Qatar Shipping Co., a marine-freight transportation company, advanced 3.6 percent to 63.3 riyals.
Nine-Day Gain
Four of the six benchmarks in Persian Gulf markets tracked by Bloomberg News rose, including measures in Dubai and Bahrain. Gauges in Abu Dhabi and Kuwait declined. Saudi Arabia's market is closed for the weekend.
The Dubai Financial Market General Index added 0.2 percent. In the neighboring emirate, the Abu Dhabi Securities Market Index lost 0.2 percent, falling for the first time in four days.
The Kuwait Stock Exchange Index declined 0.3 percent. Oman's Muscat Securities Market 30 Index increased 0.1 percent, bringing the nine-day gain to 5.6 percent. The Bahrain All Share Index added 0.4 percent.
The following stocks rose or fell in Persian Gulf markets. Stock symbols are in parentheses.
AlBaraka Banking Group (BARKA BI) climbed 2 percent to $2.50. The largest publicly traded Islamic lender in Bahrain combined its Al Amin Bank with a bigger unit.
Aldar Properties PJSC (ALDAR UH) advanced 1.2 percent to 7.48 dirhams. Time Warner Inc. will develop a theme park, hotel, cinemas and a movie studio in Abu Dhabi with the local developer.
Kuwait Finance House (KFIN KK) rose 0.8 percent to 2,920 fils. The Persian Gulf's biggest Islamic investment bank plans to start a new company to trade Islamic bonds. The venture will have 100 million dinars ($357 million) of capital, the state-run Kuwait New Agency reported, citing the bank's director-general.
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