Qatar index at one-month high

Qatar's measure rose to the highest point in more than a month as positive first quarter results are expected

Profits at Qatar National Bank rose by 31 per cent.
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Qatari shares rose to their highest point in more than a month as anticipation that first-quarter results will beat expectations lifted banking stocks.

Qatar National Bank, the country's biggest lender by market value, rose 0.9 per cent to 139.2 rials. The bank posted a 31 per cent jump in net profit to 1.7 billion rials, after the market closed, as it reported higher loan growth and customer deposits.

Masraf Al Rayan, the state's second-largest Islamic bank, climbed 6.4 per cent to 24.2 rials, and Qatar Islamic Bank advanced 2.5 per cent to 83 rials.

The gains helped to push the Qatari index 1.1 per cent higher to 8,591.77 points - its highest level since February 20.

The index was also helped by the Qatari central bank's decision this week to cut interest rates. The bank lowered both the lending rate and deposit rate by half a percentage point.

UAE markets gained momentum after a muted start as the Dubai Financial Market (DFM) General Index rose 1.3 per cent to 1,557.64. The Abu Dhabi Securities Exchange General Index closed flat at 2,591.58.

Julian Bruce, the director of institutional sales at EFG-Hermes in Dubai, said most trading in the UAE would remain subdued until results were announced.

"We are obviously focused on banking stocks, but shares in Air Arabia and Dana Gas are also going to be interesting to watch out for," Mr Bruce said.

Air Arabia rose 0.4 per cent to 743 fils on the DFM and Dana Gas was flat at 65 fils.

Elsewhere in the region,Kuwait's index rose 0.4 per cent to 6,326.50, Bahrain's fell 0.5 per cent to 1,411.87, Muscat's fell 0.3 per cent to 6,271.53, Egypt's rose 0.1 per cent to 5,477.63, and Saudi Arabia's Tadawul All-Share Index finished 0.4 per cent higher at 6,574.63.