Qatar’s shares advanced for a second day as United Development Co.’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, surged to the highest in almost a month. Masraf Al Rayan, a Qatari lender, climbed 1.5 percent. Qatar’s QE Index added 0.2 percent to 8,434.70 at the 1 p.m. close in Doha, trimming its drop for the week to 0.3 percent. The Bloomberg GCC 200 Index gained 0.3 percent.
“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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