Persian Gulf shares advanced, sending Qatar’s benchmark index up the most in three months, after an official said the Gulf Cooperation Council may discuss aid to help Bahrain and Oman quell political unrest.
Qatar National Bank, the country’s biggest lender, gained 6.1 percent. Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper in Dubai, advanced 4.1 percent. Qatar’s QE Index (DSM) rallied 3.4 percent, the biggest gain since Dec. 5, to 7,944.97 at 10:40 a.m. in Doha. The DFM General Index (DFMGI) climbed 2.1 percent, the most since March 6, to 1,403.43 in the emirate. The gauge has lost 14 percent since Tunisia’s Zine El Abidine Ben Ali was ousted in January. The Bloomberg GCC 200 Index (BGCC200) rose 0.8 percent.
The gains were prompted by “positive economic news including the GCC’s possible plan to extend aid to Bahrain and Oman,” said Mahdi Mattar, head of research at Abu Dhabi-based CAPM Investment PJSC, an investment banking company. “It may be the beginning of a relief period. We will have to wait till next week as some are watching for possible events in Saudi Arabia.”
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