Qatar’s United Development Snaps Losing Streak After 2-Day Drop
United Development Co. (UDCD), a Qatari company that invests in energy and infrastructure, advanced the most in a week amid investor speculation that a 16 percent plunge in the previous two days was exaggerated.
The shares climbed 1.3 percent, the biggest intraday gain since Dec. 27, to 23.10 at 1:18 p.m. in Doha. The benchmark QE Index (DSM) rose 1.1 percent.
United Development tumbled after Qatar’s pension fund said Dec. 28 it seeks to buy 80 million shares at 20 riyals each, or less than the stock’s traded value.
Today’s surge is a “correction,” said Omar Darwish, an equity sales trader at Cairo-based Commercial International Brokerage. “It doesn’t have to fall back to 20 riyals exactly.”
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