Sunday 26 December 2010

Qatar Index Rises Most in Two Weeks on Oil, Growth Prospects; Israel Gains - Bloomberg

Qatar’s benchmark stock index rose the most in more than two weeks as oil prices boosted Industries Qatar QSC and on speculation spending for the 2022 World Cup will spur economic growth.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, climbed the most in almost four months. Masraf Al Rayan, the country’s second-largest lender complying with Islamic law, advanced 2.1 percent. The QE Index rose 1.3 percent, the most since Dec. 8, to 8,737.39 at the 12:30 p.m. close in Doha. The gauge has rallied 26 percent in 2010, headed for the biggest yearly gain since 2007. Teva Pharmaceutical Industries Ltd. led Israeli shares higher.

Crude oil increased to the highest level in more than two years as confidence among U.S. consumers advanced to a six-month high, signaling that fuel demand will increase in the biggest oil-consuming country. Oil rose $1.03 to $91.51 a barrel on the New York Mercantile Exchange on Dec. 23, the highest settlement since October 2008. Prices are up 15 percent this year.

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