Qatar shares rose the most in more than two weeks after United Development Co. said earnings more than quadrupled and oil advanced for a third week. Israel’s benchmark index headed for the highest close since August.
United Development, the Qatari real-estate and energy investor, surged the most in more than seven years. Qatar Electricity & Water Co., the Middle East’s second-biggest utility by market value, rallied 2.9 percent before earnings scheduled for later this week. Qatar’s QE Index advanced 0.8 percent, the most since Oct. 6, to 8,432.86 at the 1 p.m. close in Doha. The Bloomberg GCC 200 Index climbed 0.3 percent at 1:44 p.m. in Riyadh and Israel’s TA-25 Index surged 1.5 percent.
Qatar’s “earnings are good, which has been good for medium to long-term investors,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.
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