Qatar’s stock index climbed the most in a month, leading gains in Persian Gulf markets, as oil rose after OPEC failed to reach an agreement on output targets.
Industries Qatar, the second-biggest petrochemicals maker in the Middle East, surged the most in three months. Al Khaliji gained after its acting chief executive officer said the lender will seek a credit rating this year ahead of a bond sale. The benchmark QE Index climbed 1.1 percent, the most since May 11, to 8,276.27 at the 1:30 p.m. close in Doha. The Bloomberg GCC 200 Index rose 0.4 percent.
"The market was helped by the rise in oil prices," said Samer Darwiche, financial analyst at Gulfmena Investments in Dubai. "Industries Qatar gave the momentum for the market."
Oil rose for a third day to $101.70 a barrel in New York on speculation that OPEC’s failure to reach an agreement on output targets for the first time in at least 20 years may limit supply as U.S. inventories fell more than analysts forecast. The Organization of Petroleum Exporting Countries will maintain its current output for now, Mohammad Aliabadi, the acting Iranian oil minister and OPEC president, said.
Saudi Arabia, OPEC’s biggest producer, Kuwait, Qatar and the United Arab Emirates were ready to supply more oil to the market, according to Saudi Arabian Oil Minister Ali Al-Naimi. The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.
Industries Qatar climbed 3.7 percent to 139 riyals, the most since March 13. Al Khaliji rose 2 percent to 16.94 riyals.
Qatar Telecom QSC rose 2.9 percent, the most since April 5, to 154.80 riyals. The country’s biggest company by revenue, appointed Nasser Marafih as group chief executive officer. Sheikh Saud Bin Nasser Al Thani will replace Marafih as the CEO in Qatar, while Waleed Al-Sayed will replace Nick Dent as chief operating officer.
Dubai’s DFM General Index, Oman’s gauge and Abu Dhabi’s measure rose 0.3 percent. Bahrain’s BB All Share Index was little changed. Saudi Arabia is closed for the weekend.