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Tuesday, 6 June 2017

Biggest Mideast Bank Is Cheapest in Four Years as Crisis Swirls - Bloomberg

Biggest Mideast Bank Is Cheapest in Four Years as Crisis Swirls - Bloomberg:

"Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock.

The Doha-based bank is trading at close to nine times its expected earnings, the nearest it’s been for four years to the average among 110 emerging-market lenders in MSCI Inc.’s index for the sector. Shares in QNB, whose biggest investor is the state sovereign wealth fund, fell 7.2 percent in the past two sessions to the lowest in more than six months as a Saudi Arabian-led alliance including the United Arab Emirates and Egypt severed links with the Gulf nation over its stance on Iran and Islamist groups."



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