x Abu Dhabi, UAETuesday 25 July 2017

Qatar bourse rises with oil

Reginal markets saw mixed performance while European bourses opened higher on improved investor confidence.

Qatar National Bank, the country's largest bank by assets, rose 0.7 per cent to 152.10 Qatari riyals a share. Ryan Carter / The National
Qatar National Bank, the country's largest bank by assets, rose 0.7 per cent to 152.10 Qatari riyals a share. Ryan Carter / The National

Qatar's stock market edged up yesterday as oil traded near its highest price in more than three months.

Qatar National Bank, the country's largest bank by assets, rose 0.7 per cent to 152.10 rials. The QE Index advanced 0.2 per cent to 8,762.63.

Brent crude had gained 32 cents to reach US$114.48 a barrel in late afternoon Abu Dhabi trading, after rising to as much as $114.83 a barrel.

"Qatar has been the best-performing stock market in the region for the past two years," said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi. "The government is spending money on infrastructure projects while banks are lending and have ample liquidity."

Qatar, the host of the 2022 Fifa World Cup and the world's biggest exporter of liquefied natural gas, expects economic growth of about 16 per cent this year and projects a budget surplus of $6.1 billion this fiscal year.

The Dubai Financial Market General Index closed 0.3 per cent lower at 1,387.81. The Abu Dhabi Securities Exchange General Index slipped 0.2 per cent to 2,486.83.

Amlak Finance, a UAE Islamic financing company whose shares have been frozen since 2008, reported a third-quarter loss of Dh40 million. The company reported a profit of Dh6m in the same period last year.

Oman's MSM 30 Index slipped 0.1 per cent to 5,559.20, Bahrain's index fell 0.3 per cent to 1,150.07, Kuwait's was unchanged at 5,870.40, and the Saudi Tadawul All-Share Index declined 0.3 per cent to 6,238.01.

halsayegh@thenational.ae

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