Jan. 26 (Bloomberg) -- Qatar’s shares advanced for a second day as United Development Co.’s profit jumped six-fold and after the U.S. Federal Reserve took steps to boost economic growth. Oil rose in New York.
United Development, a Qatari company that invests in infrastructure and energy, surged to the highest in almost a month. Masraf Al Rayan, a Qatari lender, climbed 1.5 percent. Qatar’s QE Index added 0.2 percent to 8,434.70 at the 1 p.m. close in Doha, trimming its drop for the week to 0.3 percent. The Bloomberg GCC 200 Index gained 0.3 percent.
“Qatar is trading on a positive note today following positive performance from international markets and improved earnings at United Development,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments.
The MSCI Emerging Markets Index rose as much as 1.6 percent by 3:35 p.m. in Dubai after the U.S. Federal Reserve signaled plans to maintain near-zero interest rates through 2014 and laid the groundwork for a possible third round of asset purchases to boost economic growth. In Europe, the STOXX Europe 600 Index gained 0.7 percent.
Crude oil advanced on data showing a pickup in U.S. fuel demand. Crude for March delivery rose as much as 0.9 percent to $100.32 a barrel in electronic trading in New York. Gulf Arab oil exporters, including Qatar and the United Arab Emirates, supply about a fifth of the world’s oil.
United Development rallied 6.6 percent to 25.8 riyals, the highest close since Dec. 28. Net income climbed to 3.75 billion riyals ($1 billion) from 597 million riyals a year earlier. United Development gained 3 billion riyals on revaluation of investment properties, while revenue rose 34 percent to 1.9 billion riyals.
Masraf Al Rayan advanced the most since Dec. 20 to 24.4 riyals.
Dubai’s DFM General Index increased 0.7 percent and Oman’s MSM 30 Index and Kuwait’s gauge rose 0.2 percent. Abu Dhabi’s ADX General Index jumped 0.6 percent. Bahrain’s BB All Share Index slipped 0.3 percent. Saudi Arabia’s market was closed for the weekend.
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