Qatar stock index hits 21-week high
Doha, September 20, 2010
Qatar's stock index hit a new 21-week peak as buyers bet on the country's bullish macroeconomic outlook.
Industries Qatar climbed 0.4 percent and Commercial Bank of Qatar rose 1.6 percent.
The index climbed 0.5 percent to 7,631 points, hitting its highest level since April 27 and is the best performing Gulf Arab benchmark.
'I think the index is aiming to touch 7,800 by the end of the year,' says Hani Girgis, assistant chief dealer at Dlala brokerage. 'Yesterday we saw that there were buyers in the market and they were high power buyers. There is a positive vision for investors in this market.'
Al Khaliji Bank climbed 0.6 percent. In June, the lender launched merger talks with unlisted rival International Bank of Qatar, and investors are awaiting the terms of any deal, Girgis added.
Qatar's economy is forecast to expand around 16 percent in 2010, one of the highest growth rates in the world.
Meanwhile, Emaar Properties and Dubai Financial Market are among losers as Dubai's index slipped from Sunday's four-month high.
Emaar dropped 0.5 percent and DFM lost 0.6 percent. Dubai Islamic Bank slipped 0.4 percent. The index fell 0.2 percent to 1,679 points. - Reuters