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Tuesday, 16 August 2016

MIDEAST STOCKS-Qatar leads Gulf up, Dubai testing chart barrier | Reuters

MIDEAST STOCKS-Qatar leads Gulf up, Dubai testing chart barrier | Reuters:

"Qatar's stock market led the Gulf higher early on Tuesday, boosted by a surge in blue chips such as Qatar National Bank (QNB), while Dubai tested technical resistance.

The Qatari stock index climbed 2.1 percent as QNB, the country's biggest bank, jumped 4.4 percent to 165.00 riyals in unusually heavy trade, rising above resistance on last September's peak of 163 riyals. The next resistance is on the May 2015 peak of 169 riyals.

Petrochemical producer Industries Qatar added 3.4 percent. In addition to the impact of strong oil prices and global stock markets, Qatar is benefiting from expectations for a fresh inflow of foreign funds when it is promoted this September to the status of secondary emerging market from frontier market by index compiler FTSE."



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