Qatar’s stocks dropped the most since November after crude closed below $90 a barrel and as investors remained cautious before Commercial Bank of Qatar results. Israel’s gauge declined for a second day.
Industries Qatar QSC, the second-biggest petrochemicals maker in the Middle East, lost the most since May 25. Commercial Bank of Qatar, the country’s second-largest lender, retreated 2.2 percent. Masraf Al Rayan, an Islamic lender, decreased 1.5 percent. The QE Index slid 1.5 percent, the most since Nov. 23, to 8,931.94, at the 12:30 p.m. close in Doha. The measure has gained 16 percent since the end of the third quarter. Israel’s TA-25 Index, fell 0.1 percent at 12:15 p.m. in Tel Aviv.
“Sentiment on oil remains cautious after last week’s performance,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh. “Wary investors are also cutting down their exposure to banks as they cautiously wait for Commercial Bank of Qatar results to come out before committing any additional funds.”
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