Qatar shares rose to a six-week high, led by banks, on bets first-quarter earnings in the Persian Gulf nation will beat expectations and after the central bank cut interest rates yesterday.
Qatar National Bank SAQ (QNBK), the Persian Gulf country’s biggest lender, headed for the highest close since March 20 before reporting first-quarter profit. Masraf Al Rayan (MARK), the nation’s second-largest Islamic lender, rallied 7 percent. The QE Index (DSM) increased 1.1 percent to 8,593.16, the highest intraday level since Feb. 21, at 12:37 p.m. in Doha. The Qatar Exchange Banking Sector Index rose 2 percent.
“The market is placing its bets on Qatar National Bank numbers which will kick off the earnings season in Qatar and set the overall sentiment,” said Amro Halwani, a senior trader at Shuaa Capital PSC in Riyadh. “Qatar Central Bank’s rate cut likely reflects improved liquidity in the system on the back of rising hydrocarbons revenue, which is also giving the Qatari banking sector a boost.”
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