Qatari stocks rose to the highest level in nine months on expectations Qatar National Bank SAQ (QNBK), the Middle East’s biggest lender, will report higher full-year earnings, boosting the outlook for the nation’s banks.
Qatar National, which will probably release results Jan. 13, surged the most since May 2011. Commercial Bank of Qatar QSC, the Persian Gulf country’s second-biggest bank, gained 1.7 percent. The Qatar Exchange Banking Sector Index (DSMBNKI) rallied 1.8 percent, helping lift the benchmark QE Index (DSM) 1 percent to 8,781.70, the highest level since April 12, at the close in Doha. The measure advanced 2.5 percent this week.
Qatar National “will kick off the Qatari earnings season on Sunday and the market is clearly pricing in a strong result,” said Akber Khan, director of asset management at Al Rayan Investment in Doha. “The rally today was all about banks, the sector that held the market back throughout 2012.”
Qatar Stocks Rise to 9-Month High Spurred by Bank Profit Bets - Bloomberg
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