Qatar Shares Rise to Highest in Three Weeks on Earnings Optimism, Oil Gain - Bloomberg

Qatar’s shares rose to the highest level in more than three weeks on optimism third-quarter earnings will increase following government stimulus programs and after oil gained last week. Israel’s benchmark rallied.

Industries Qatar QSC (IQCD), the Middle East’s second-biggest petrochemicals company, rose 0.8 percent. Masraf Al Rayan, the country’s second-largest Shariah-compliant lender, advanced to the highest this month, lifting the Qatar Exchange Banking Sector Index 0.6 percent. The QE Index (DSM) climbed 0.5 percent to 8,437.61, the highest since Sept. 22, at the 1 p.m. close in Doha. The Bloomberg GCC 200 Index (BGCC200) slipped 0.2 percent at 2:21 p.m. in Riyadh, while Israel’s TA-25 Index surged 4.5 percent, the most since April 2009.

“We are positive on banks and industrial sectors” in Qatar, said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “The government has embarked on a spending program to stimulate the economy, and the central bank adopted an expansionary policy which is positive for economic growth and the stock market.”

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