Qatar shares rose to the highest this month after Industries Qatar QSC (IQCD), the Middle East’s second- biggest petrochemicals company, reported a 46 percent surge in third-quarter profit.
Industries Qatar climbed to the highest in three weeks. Gulf International Services OSC (GISS), which provides services to the oil and gas industry, headed for the highest close this month. The benchmark QE Index (DSM) gained 0.1 percent to 8,428.73 at 11:16 a.m. in Doha, the highest intraday level since Sept. 28. The measure has advanced 2.2 percent this week. The Bloomberg GCC 200 Index was little changed.
Industries Qatar’s “price is cheap and the earnings are good,” said Haissam Arabi, chief executive officer at Gulfmena Alternative Investments in Dubai.
The shares of the Doha-based company are trading at a price-to-earnings ratio of 9, compared with an average of 10.7 times for the benchmark index, according to data compiled by Bloomberg. Net income surged to 2.08 billion riyals ($570 million) from 1.42 billion riyals, according to Bloomberg calculations based on the company’s nine-month results released yesterday. Sales increased 44 percent, the calculations showed.
Industries Qatar gained 1.9 percent to 127.4 riyals. Gulf International rose 1.1 percent to 24.84 riyals.
Dubai’s DFM General Index advanced less than 0.1 percent. Abu Dhabi’s ADX General Index fell 0.4 percent and Oman’s MSM30 Index, Kuwait’s measure and Bahrain’s index retreated 0.1 percent. Saudi Arabia’s bourse is closed for the weekend.
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