Qatar’s shares rose to the highest in more than two weeks on speculation second-quarter earnings will exceed estimates. Bahrain’s measure also advanced.
Commercial Bank of Qatar QSC, the Persian Gulf country’s second-biggest bank by assets, climbed 1.8 percent. Industries Qatar QSC (IQCD), the second-largest petrochemicals company in the Middle East, increased to the highest in almost two weeks. Qatar’s QE Index (DSM) added 0.3 percent to 8,361.07, the highest since June 15, at the 1:15 p.m. close in Doha. The measure jumped 1.8 percent this week, trimming the decline for the quarter to 1.1 percent.
“There are some positive expectations” for second-quarter earnings in Qatar, said Ashraf Yassin, a Doha-based sales trader at QInvest. “Locals are positioning themselves before the release” of the financial statements.
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