Banks pushed Qatar’s stock market higher yesterday. The Qatari index added 0.8 percent to 9,579 points, outperforming the rest of the region and closing at its highest level since June 5, when a diplomatic crisis with neighbouring Arab states erupted. It is now just 3.5 percent from its pre-crisis level, after dropping more than 10 percent at one stage, Reuters reported.
Corporate earnings and macroeconomic data have shown the economy is suffering only minor damage from sanctions imposed by the other Arab states, and a Reuters poll of economists last week found them predicting Qatar will remain one of the Gulf’s fastest-growing economies.
Doha Bank surged 2.3 percent, Islamic bank Masraf Al Rayan rose 1.0 percent and QIIB gained 0.5 percent after reporting a modest year-on-year rise in first-half net profit. Islamic insurer AlKhaleej Group surged 2.8 percent in unusually heavy trade.
