Qatar shares fell the most in almost three weeks, leading a decline in Middle East markets, after oil prices had their biggest weekly drop in six on concern the global economic recovery is faltering. Abu Dhabi shares gained.
Industries Qatar, the second-biggest petrochemicals maker in the region, decreased for a third day. Qatar Islamic Bank SAQ, the Gulf emirate’s biggest Shariah-compliant lender, lost 1.6 percent. Qatar’s QE Index slid 0.6 percent, the most since July 26, to 7,020.36, at the 12:30 p.m. close in Doha. In Dubai, Union Properties PJSC retreated after reporting a loss. The Bloomberg GCC 200 Index of Gulf stocks rose for the first time in six days, increasing 0.2 percent.
“Reduced institutional participation makes us more immune, but not fully immune” to global market movements, said Yazan Abdeen, fund manager at ING Investment Management (Dubai) Ltd., which oversees $50 million. “It is Ramadan and culturally, trading declines due to fasting. There is no fundamental catalyst to drive the markets upward.”
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