Qatar shares fell the most in two weeks, led by banks, after Germany damped expectations of a quicker resolution to the European debt crisis and China’s economic growth slowed. Crude oil declined.
Commercial Bank of Qatar QSC, up 6.2 percent in the past two weeks excluding today, dropped. The Persian Gulf country’s second-biggest lender reported an 8.6 percent increase in quarterly profit. Industries Qatar QSC, the Middle East’s second-biggest petrochemicals company, decreased 1.1 percent. The QE Index retreated 0.8 percent, the most since Oct. 4, to 8,400.04, at the 1 p.m. close in Doha. The measure gained 1.9 percent last week.
“Shares are retreating on poor international sentiment and profit-taking,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Investors bought on positive bank expectations and are now selling after strong results.” Excluding today’s drop of 1 percent, the Qatar Exchange Banking Sector Index gained 2.2 percent in the past two weeks.
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