Thursday 3 December 2009

Doha Shares Reach Week High as Barwa Expects No Dubai ‘Impact’

Doha shares rose to their highest in more than a week after Barwa Real Estate Co. said it’s not affected by Dubai World’s debt difficulties, boosting speculation the emirate’s woes won’t spill over into Qatar.

Barwa, Qatar’s second-largest property developer, and Qatar Gas Transport led the DSM 20 Index 1.2 percent higher to 7,033.52 at the close in the Persian Gulf emirate. The gauge’s 6.6 percent gain in the past two days still leaves it 2.3 percent down from its close on Nov. 25, when Dubai World roiled markets by saying it planned to delay debt payments.

“There is increasing realization that Dubai World is a contained event,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “Also, Qatar has been focusing on its own domestic developments, thus limiting its exposure to Dubai.”

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