Qatar Shares Fall Most in 2 Months on Qatar Islamic Bank Report

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Qatar’s benchmark stock index declined the most in more than two months after Qatar Islamic Bank SAQ posted lower-than-expected first-quarter earnings.

Qatar Islamic Bank, the Gulf state’s biggest lender complying with Muslim banking rules, retreated the most since February as profit fell 14 percent. Competitor Masraf Al Rayan slumped the most since December and the Qatar Exchange Banking Sector Index lost 1.8 percent. The DSM 20 Index lost 1.2 percent, the biggest drop since Feb. 7, to 7,627. The measure had gained 4.5 percent in the first nine trading days of the month, its longest winning streak in two years.

“Speculators were waiting for a cue to cash out, the Qatar Islamic results gave them the opportunity to do so,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi.