Qatar’s shares headed for the highest close in a week as United Development Co. (UDCD)’s profit jumped six-fold and after the U.S. Federal Reserve took steps to boost economic growth. Oil rose in New York.
United Development, a Qatari company that invests in infrastructure and energy, headed for the highest close in almost a month. Qatar National Bank SAQ (QNBK), the country’s biggest bank by assets, gained 0.6 percent. Qatar’s QE Index (DSM) added 0.3 percent to 8,445.72 at 11:11 a.m. in Doha, poised for the highest close since Jan. 19 and trimming its drop for the week to 0.2 percent. The Bloomberg GCC 200 Index was little changed.
“Qatar is trading on a positive note today following positive performance from international markets and improved earnings at United Development,” said Samer Darwiche, a Dubai- based analyst at Gulfmena Investments.
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