Qatar Shares Fall the Most in 2 Weeks, Led by Banks, on Europe
Commercial Bank of Qatar QSC, up 6.2 percent in the past two weeks excluding today, dropped. The Persian Gulf country’s second-biggest lender reported an 8.6 percent increase in quarterly profit. Industries Qatar QSC (IQCD), the Middle East’s second-biggest petrochemicals company, decreased 1.1 percent. The QE Index (DSM) retreated 0.8 percent, the most since Oct. 4, to 8,400.04, at the 1 p.m. close in Doha. The measure gained 1.9 percent last week.
“Shares are retreating on poor international sentiment and profit-taking,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Investors bought on positive bank expectations and are now selling after strong results.” Excluding today’s drop of 1 percent, the Qatar Exchange Banking Sector Index gained 2.2 percent in the past two weeks.
Asian stocks fell, with the MSCI Asia Pacific Index losing as much as 2.7 percent, after a report showed China’s economy grew at the slowest pace since 2009. The Standard & Poor’s 500 Index sank 1.9 percent in New York yesterday as Germany said European Union leaders won’t provide a complete fix to the euro- area debt crisis. The STOXX Europe 600 Index decreased 0.8 percent at 11:52 a.m. in London.
Commercial Bank of Qatar (CBQK) lost 2.7 percent, the most since Oct. 4, to 79.8 riyals. The bank yesterday said third-quarter profit jumped to 552.1 million riyals ($152 million), topping estimates, as fee and commission income increased. Masraf Al Rayan (MARK), Al Khaliji (KCBK) and Al Ahli Bank (ABQK) yesterday posted higher nine- month net income. Masraf shares fell 0.5 percent, Al Khaliji dropped 2.5 percent, while Al Ahli didn’t trade.
Industries Qatar, which last week posted a 46 percent increase in quarterly profit, fell to 126.5 riyals.
Crude oil for November delivery declined as much as 1 percent to $85.55 a barrel. Gulf Arab oil exporters, including Saudi Arabia and Qatar, supply about a fifth of the world’s oil.
Saudi Arabia’s Tadawul All Share Index lost 0.1 percent. In the United Arab Emirates, Dubai’s DFM General Index (DFMGI) slipped 0.6 percent and Abu Dhabi’s ADX General Index (ADSMI) declined 0.3 percent. Oman’s gauge decreased 0.4 percent, while Bahrain’s BB All Share Index and Kuwait’s measure were little changed.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com