Thursday 5 August 2010

Qatar Shares Advance to May 18 High on Earnings, Global Economic Outlook - Bloomberg

Qatar stocks rose to a more than two- month high, leading Gulf markets gains, as Industries Qatar said profit climbed and faster-than-estimated growth in U.S. service industries quelled concern the global economy is slowing.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, increased 1.7 percent. Qatar National Bank SAQ, the Persian Gulf nation’s largest bank by assets, climbed for a fourth day. The QE Index rose 0.7 percent to 7,133.41, the highest since May 18, at the 12:30 p.m. close in Doha. The gauge advanced 1.5 percent this week. The Bloomberg GCC 200 Index of Gulf stocks gained 0.2 percent.

“Market movements are being dictated by day traders, who rely on the direction of the global markets,” said Humam al- Shamaa, economic adviser at Al-Fajer Securities LLC, an Abu Dhabi-based brokerage. “The rise in Asia helped push up local shares.”

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