Qatar markets down as investors book profits

Qatar's market declined today as investors booked profits after banking stocks outperformed their regional peers.

The QE Index lost 0.1 per cent to 8321.33 points at 11am. Masraf al Rayan, an Islamic lender, lost 0.2 per cent to 24 Qatari riyals a share. Qatar National Bank was down 0.2 per cent to 142.50 riyals.

The market was expected to correct this morning, as "Qatar banks have outperformed their regional peers," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.

In the UAE, markets are little changed at the open as investors remain uncertain that eurozone leaders and the US Federal Reserve will be able to resolve their debt issues.

Dubai's benchmark, the Dubai Financial Market General Index was up 0.08 per cent higher to 1461.86 points.

In the capital, the Abu Dhabi Securities Exchange General Index was down 0.1 per cent to 2580.75 points.

"All eyes are on the Europe debt crisis and whether the Fed will step in to provide another round of quantitative easing," Mr Shurrab said.

Elsewhere in the region, Kuwait's measure is up 0.2 per cent to 6021.00 points. Bahrain's index added 0.07 per cent to 1266.39 points. Oman's index was up 0.01 per cent to 5693.64 points. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6068.92 points.

halsayegh@thenational.ae