Tuesday 4 January 2011

Qatar Leads Gain in Gulf Shares on Global Growth, Higher Oil - Bloomberg

Gulf stocks advanced, sending Qatar’s benchmark index to the highest level since 2008, after growth in U.S. and European manufacturing boosted confidence in the global economic recovery. Crude traded near a 27-month high.

Qatar Industrial Manufacturing, a producer of building materials, surged to the highest in five years after it allocated 150 million riyals ($41 million) for investment projects in 2011. Kuwait’s Aref Investment Group soared 7.9 percent after Al-Anba reported it reached an accord to restructure $35 million of debt. Qatar’s QE Index increased 1.1 percent to 8,972.94, the highest since Sept. 29, 2008, at the 12:30 p.m. close in Doha. The Bloomberg GCC 200 Index climbed 0.4 percent at 2:19 p.m. in Dubai.

Local gains are being driven by “positive movements in global markets and on strong oil prices,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi.

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