MIDEAST STOCKS-Qatar makes fresh breakthrough; other mkts recover | Reuters:
"Qatar's bourse continued to conquer new highs on Monday while markets in the United Arab Emirates and Saudi Arabia recovered from the previous day's profit-taking.
The Doha benchmark rose 0.6 percent to a new all-time closing high of 13,067 points. The measure closed just below the 2005 intra-day high of 13,069 but set a new intra-day peak of 13,080 points earlier in the day.
Ali Adou, portfolio manager at The National Investor, said the two major factors driving growth in Qatar's market were valuations and the performance of the UAE markets, especially Dubai, which this month will, together with Qatar, move to the emerging market index compiled by MSCI.
Although Qatar trades close to the Middle East and North Africa (MENA) average in terms of price-to-earnings ratio, the massive spending planned by its government could justify higher multiples, Adou said."
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