Qatar Shares Lead Gulf Advance on Global Growth Confidence; Saudi Declines - Bloomberg

Qatar shares advanced to the highest level this month, leading Gulf markets higher, on increased confidence in the global recovery after Singapore raised its economic growth forecast. Saudi shares retreated as oil fell.

The QE Index climbed 0.9 percent to 7,018.48, the highest since June 28. Qatar Islamic Bank, the Gulf state’s biggest Shariah-compliant lender, led the gain. Qatar Insurance Co. advanced 4.1 percent, the most in two months. The Bloomberg GCC 200 slipped 0.1 percent and Saudi Arabia’s Tadawul All Share Index lost 0.7 percent.

“Gains in global markets, especially Asia, helped push up local shares,” said Humam al-Shamaa, economic adviser at Al- Fajer Securities LLC, a U.A.E. brokerage.