Qatar Shares Advance, Leading Gulf Markets Higher, Before Muslim Holiday

Qatar shares rose a second day this week, leading gains in Gulf markets, as investors bought shares before this week’s Muslim holiday on speculation stocks will rally after Ramadan ends.

Qatar National Bank SAQ, the country’s biggest lender, increased 1.4 percent. Qatar Telecom QSC climbed the most since June 21 after it said Nawras, an Omani phone company it controls, may raise as much as $608 million in Oman’s first initial public offering in two years. The QE Index advanced 0.4 percent, the most since Sept. 5, to 7,453.73 at the 12:30 p.m. close in Doha. The Bloomberg GCC 200 Index rose 0.1 percent.

“Investors returned to the market before the Eid holiday in a race to pick up stocks, though gains were minimal,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “Historically, shares rally after the holiday.”

The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, began Aug. 11 and ends this week with the celebration of Eid. Qatar’s stock exchange rallied 2.8 percent in the week before Eid last year and Dubai’s index rose 4 percent. Qatar’s gained 2.3 percent and Dubai’s rose 3.6 percent on the first day of trading after the holiday.

Qatar’s markets are shut from Sept. 12 through Sept. 14. Qatar National Bank climbed to 150 riyals, the highest since July 3.

Qatar Telecom, which provides telecommunications services in 17 countries from Asia to Africa, rose 1.3 percent, the most since June 21, to 173.5 riyals. Muscat-based Nawras set a price range of 702 baisas to 902 baisas per share. The sale will raise 182 million Omani rials ($473 million) to 234 million rials, giving Nawras a market value of as much as 586 million rials, it said.

Oman’s MSM30 Index lost 0.1 percent and Bahrain’s BHSE All Share Index was little changed. The Kuwait SE Price Index advanced 0.1 percent. Kuwait’s stock exchange will close from tomorrow to Sept. 12, while Oman and Qatar’s markets are shut from Sept. 12 through Sept. 14. United Arab Emirates markets are closed today and may reopen Sept. 12 or Sept. 13.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

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