Qatar’s stocks advanced to the highest level in almost six months after leadership changes in Italy and Greece bolstered investor optimism that Europe’s debt crisis may be contained and as oil rose.
Qatar National Bank SAQ, the Persian Gulf country’s biggest bank by assets, gained 1.4 percent. Masraf Al Rayan, an Islamic lender, headed for the highest close in more than five years. The QE Index climbed 0.5 percent to 8,750.94, the highest intraday level since May 12, at 10:15 a.m. in Doha. The Bloomberg GCC 200 Index increased 0.3 percent.
“Political developments confirmed in Europe with the resignation of Silvio Berlusconi should support the market,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC. “Oil prices are still supportive in spite of global growth concerns.”
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