Qatari Shares Drop to 2-Month Low After Bank Earnings Disappoint - Businessweek

Qatar’s shares tumbled to the lowest in more than two months after Qatar Islamic Bank’s full-year earnings missed analysts’ estimates.

Qatar Islamic, the Persian Gulf country’s biggest Shariah- compliant lender, slumped 2.5 percent. Doha Bank QSC fell for a sixth day after reporting 2011 profit in line with expectations. Qatar’s QE Index declined 0.6 percent to 8,504.27, the lowest intraday level since Nov. 2, at 11:45 a.m. in Doha. The measure retreated 2.3 percent this week.

“Banks earnings are weighing on the Doha bourse and disappointed some investors as Qatar Islamic missed estimates and Doha Bank was in line,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments. “Investors were highly anticipating Qatari bank results."

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