Qatari shares retreated for the first time in 10 days on speculation recent gains were overdone given earnings and lower dividends at the Persian Gulf nation’s banks.
Commercial Bank of Qatar (CBQK), the country’s second-biggest lender, dropped the most in almost a week. Qatar National Bank SAQ, the country’s largest bank by assets, fell 1 percent. The QE Index decreased 0.5 percent, the most since Jan. 19, to 8,687.38 at the 1 p.m. close in Doha. The gauge advanced 4.1 percent in the nine days through yesterday. The Bloomberg GCC 200 Index fell 0.2 percent at 1:18 p.m. in Riyadh.
“Qatar retreated slightly today after a good set of positive sessions,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments. “With a lack of news, investors are profit-taking to protect gains. Investors are also waiting for Industries Qatar QSC (IQCD) earnings after banks announced results.”
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