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Qatari Shares Lead Gulf Gains on Government Real-Estate Offer

Haris Anwar bloomberg.com
Qatari Shares Lead Gulf Gains on Government Real-Estate Offer - Qatar - Real Estate - Financial

May 31 (Bloomberg) -- Qatari shares surged the most since March, leading gains among Gulf markets, after the country’s government offered to buy local banks’ real-estate investments and as oil traded near a seven-month high.

Qatar’s banking index added as much as 7.9 percent, led by Qatar Islamic Bank, the nation’s biggest lender complying with Muslim banking rules. Emaar Properties PJSC climbed to the highest in more than six months on speculation the worst in the region’s real-estate market is over. Agilityadvanced to a nine- month high after it said the U.S. Army renewed a contract.

“The risk-appetite is returning to the market,” said Faisal Hasan, head of research at Kuwait’s Global Investment House KSCC. “Oil is having a psychological impact. Investors started to take positions in companies which are most likely to see improvement in earnings.”

The DSM 20 Index soared 5.9 percent to 6,980.76, the highest since Nov. 9, in Doha. The measure surged 25 percent this month, its best month since February 2005. The Dubai Financial Market General Index advanced 4.8 today, the most in more than three months, and Kuwait’s gauge added 1.6 percent.


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