Gulf Stocks: Commercial Bank, Emaar and Qatar National Bank
The DFM General Index gained 1.6 percent to 1,605.89, the highest since Jan. 27, at the 2 p.m. close in Dubai as Egypt’s government met with opposition leaders to quell protests, stoking speculation the turmoil in the North African country may ease. Abu Dhabi’s ADX General Index advanced 1.1 percent. Qatar’s QE Index rose 1.5 percent. The QE Banking Sector Index jumped 1.9 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Qatar National Bank (QNBK QD), the country’s largest lender, tumbled the most in more than a year, decreasing 4.8 percent to 139 riyals. Qatar’s central bank issued an order Feb. 1 calling for non-Shariah compliant banks to close Islamic branches by year-end and stop taking deposits in those units immediately, said a person familiar with the announcement, who asked not to be identified because the directive hasn’t been made public. Officials at the central bank declined to comment.
Masraf Al Rayan (MARK QD), the nation’s second-largest Islamic lender surged 10 percent, the most in more than four years, to 23.1 riyals. Qatar Islamic Bank (QIBK QD) jumped the most since October 2008, soaring 9.4 percent to 88.3 riyals. Qatar International Islamic Bank (QIIK QD) gained the most in more than three years, rising 9.9 percent to 56.6 riyals.
Emaar Properties PJSC (EMAAR UH) rose to the highest in more than a week, gaining 1.5 percent to 3.3 dirhams. The company’s Egyptian unit, Emaar Misr for Development S.A.E., has investments of about 29 billion dirhams ($8 billion) in the North African country, according to its website.
Dana Gas PJSC (DANA UH) advanced to the highest since Jan. 27, climbing 3.1 percent to 67 fils. The fuel producer with most of its output coming from Egypt is developing deposits, production and transportation facilities the North African country.
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