Qatar’s benchmark stock index advanced to the highest in two weeks, led by banks, on optimism quarterly earnings at Doha Bank QSC may increase.
Doha Bank, which after the end of the trading day reported a 10 percent increase in third-quarter profit, rose to the highest level in almost a month. Qatar National Bank SAQ, the Persian Gulf country’s biggest bank by assets, climbed for a fifth day. Qatar’s QE Index advanced 0.8 percent to 8,418.16, the highest since Sept. 28, at the 1 p.m. close in Doha. The Qatar Exchange Banking Sector Index rose for a sixth day, jumping 1 percent. The Bloomberg GCC 200 Index fell 0.2 percent at 2:45 p.m. in Riyadh.
“Doha Bank was expected to report after the close, and sentiment was bullish on that name, hence lifting the market,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC.
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