Qatar’s QE Index increased 3.6 percent to 8,477.32, the highest in more than two years. Oman’s gauge advanced 0.5 percent, while Saudi Arabia’s Tadawul All Share Index retreated 0.3 percent. Stock markets in the United Arab Emirates were closed for an Islamic holiday.
The following stocks gained or fell in the Gulf. Symbols are in parentheses.
Al Jouf Agricultural Development Co. (JADCO AB) rose the most in a year, jumping 5.2 percent to 38.2 riyals. The Saudi Arabian producer of olive oil and dairy products said it plans to offer bonus shares that would increase capital by 25 percent.
Barwa Real Estate Co. (BRES QD), Qatar’s biggest publicly traded property developer by assets, jumped 6.2 percent, the most since December 2009, to 36 riyals. The Persian Gulf country plans to more than double the number of hotel rooms, build nine stadiums and refurbish three others and construct a rail and metro network after winning the rights to host the soccer World Cup in 2022.
Industries Qatar (IQCD QD) surged 4.3 percent to 135 riyals, the highest in more than two years. Crude oil rose to the highest level in 25 months, with oil for January delivery settling at $89.19 a barrel on the New York Mercantile Exchange on Dec. 3. Industries Qatar is the second-biggest petrochemicals maker in the Middle East.