Gulf stocks advanced, sending Qatar’s benchmark index to the highest level since 2008, after growth in U.S. and European manufacturing boosted confidence in the global economic recovery. Crude traded near a 27-month high.
Qatar Industrial Manufacturing, a producer of building materials, surged to the highest in five years after it allocated 150 million riyals ($41 million) for investment projects in 2011. Kuwait’s Aref Investment Group soared 7.9 percent after Al-Anba reported it reached an accord to restructure $35 million of debt. Qatar’s QE Index increased 1.1 percent to 8,972.94, the highest since Sept. 29, 2008, at the 12:30 p.m. close in Doha. The Bloomberg GCC 200 Index climbed 0.4 percent at 2:19 p.m. in Dubai.
Local gains are being driven by “positive movements in global markets and on strong oil prices,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi.
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