UAE banks rallied as Qatar's banking sector blew past earnings estimates and the big UAE banks prepared to report next week on financials for the third quarter.
Qatar Islamic Bank's third-quarter earnings, released after Doha's market closed on Wednesday, reported profit 34 per cent above last year's third-quarter figure at 407.2 million rials, beating estimates. The shares rallied 0.2 per cent to 80.1 rials in trading yesterday.
Doha Bank made the biggest gains on the Qatari market, rising 1.3 per cent to 62.50 rials, while HSBC analysts upgraded much of the country's banking sector yesterday, with Qatar National Bank raised to "neutral" and Qatar Islamic Bank rated "overweight".
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