Qatar shares declined after Qatar Islamic Bank posted a 35 percent decline in second-quarter profit and the Federal Reserve trimmed the growth forecast for the world’s biggest economy.
Qatar’s QE Index slipped 0.8 percent to 6,963.53, paring its gain for the week to 0.8 percent. Qatar Islamic Bank, the Gulf state’s biggest lender complying with Islamic finance rules, retreated 3.7 percent as earnings fell short of analyst estimates. Commercial Bank of Qatar slid the most since July 1. The Bloomberg GCC 200 Index lost 0.2 percent, while Dubai’s DFM General Index advanced 1 percent to 1,520.2, the highest level this month.
“On the downside, Gulf markets are highly correlated with global markets,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. “Investors are waiting for more second-quarter earnings.”
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