MIDEAST STOCKS- #Qatar hits highest in nearly 2 years, financials lift most Gulf markets | Reuters

MIDEAST STOCKS-Qatar hits highest in nearly 2 years, financials lift most Gulf markets | Reuters:

The Qatar stock market hit its highest level in nearly two years on Thursday, as financial stocks boosted most major Gulf bourses ahead of corporate earnings announcements next week.

Saudi's main index gained 0.8 percent, aided by a 1.6 percent rise in Al Rajhi Bank and a 1.2 percent increase in Saudi Basic Industries.

Contractor Al Khodari rose 1.7 percent after its board proposed to use its statutory reserve of 71 million riyals ($19 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million.