Qatari shares rallied the most in more than a week on speculation a drop in Qatar National Bank SAQ (QNBK)’s stock yesterday was overdone given the bank’s earnings and the nation’s economic growth.
Qatar National, the country’s biggest bank by assets, rose the most since Oct. 23, after slumping 5.2 percent yesterday. Industries Qatar QSC (IQCD), the Middle East’s second-biggest petrochemicals company, advanced 0.4 percent. Qatar’s QE Index (DSM) gained 1 percent, the most since Jan. 3, to 8,710.89 at the 1 p.m. close in Doha after dropping 2.1 percent yesterday. The Bloomberg GCC 200 Index rose 0.2 percent.
“The sell-off in Qatar National Bank yesterday prompted by retail investors who overreacted to their interpretation of a poor dividend was unjustified,” said Fadi al Said, head of equities at ING Investment Management (Dubai) Ltd. in Dubai.
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