Qatar Stocks Advance on Improving Earnings, Oil; Kuwait Index Declines - Bloomberg

Qatar stocks rose for a third day, led by Industries Qatar and Commercial Bank of Qatar, as European stocks rallied on improving earnings and oil advanced for the first time this week.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, climbed to the highest in a month after Securities & Investment raised its share recommendation. Commercial Bank, which reported a 23 percent profit increase earlier this week, rose to the highest since May. The QE Index gained 0.2 percent to 7,029.45 at the close, bringing the monthly advance to 1.9 percent. The Bloomberg GCC 200 Index added 0.3 percent.

“The earnings announced so far are considered another positive reason for traders to start building up positions at current market prices,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha.