MIDEAST STOCKS-Earnings hopes lift Qatar, Saudi petrochem, banks rise | ZAWYA MENA Edition:
Most Gulf stocks ended higher on Tuesday, led by Qatar, whose main index surged to an over five-month high on expectations of strong corporate earnings, while firm oil prices boosted petrochemical stocks in Saudi Arabia.
Qatar index closed 1.4 up at 9,396 points, its highest since January 30 this year. The gains were fuelled by a 2.2 percent gain in Qatar National Bank QNBK.QA and a 2.1 percent rise in Industries Qatar .
QNB Financial Services said in a note it estimates banks, under its coverage, are expected to post an annual increase of 18.4 percent in earnings during the second quarter, largely due to a base effect stemming from Qatar's Commercial Ban .
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