Monday 3 January 2011

Qatar's Stocks Climb to 2-Year High on Economic Growth; Dubai Shares Drop - Bloomberg

Qatar’s stocks climbed to the highest level in more than two years as nominal gross domestic product in the oil- and gas-rich Persian Gulf country increased. Dubai’s gauge declined for the first time in four days.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, gained for a fourth day. Barwa Real Estate Co., the nation’s largest publicly traded property developer by assets, advanced to the highest in a week. The QE Index gained 1.5 percent to 8,872.53, the highest since September 2008, at the 12:30 p.m. close in Doha. The MSCI Emerging Markets Index advanced 0.9 percent at 4:35 p.m. in Dubai, set for the highest close since June 2008.

"Qatar’s GDP growth came in higher than anticipated," said Omair Ansari, equity strategist at Gulfmena Alternative Investments in Dubai. "Earnings upgrades are expected due to the new mandates that will be allocated in anticipation of the World Cup."

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