Qatar continues bull run, paces Gulf markets

Qatar again outpaced neighbouring Gulf markets on Tuesday as the Doha index climbed on strong earnings expectations from flagship company, Industries Qatar, while banks hampered the UAE’s benchmarks.

Kuwait, Bahrain and Saudi also finished the day stronger while markets in Dubai, Abu Dhabi and Oman struggled.

Industries Qatar drove Doha's index to yet another higher close with a 5.34% gain as investors piled into the country's largest firm on hopes of strong second-quarter results.

The charging index was also helped by gains in Qatar National Bank and Qatar Islamic Bank. The two rocketed by 5.03% and 2.08% to boost the benchmark to close on 12,289.40 points, stronger by 1.65%.

“People are expecting the second-quarter results of Industries Qatar to exceed expectations, compared with the same period last year,” Ahli Bank's Mohamed Abu Ghoushtold newswire Reuters.

“I'm expecting a 20-25% increase in profits compared to the same period last year," he said.

Qatar is currently showcasing nine companies listed on the Doha Securities Exchange to investors in New York with the hope of luring additional capital allocations.

RELATED: Qatra looks to lure New York investors.

Kuwait's main index also pushed higher, up 0.5% to close on 14,909.60 points. The measure was led by telecom provider, Zain, which rose 1.15% and Agility which firmed by 1.03%.

Bahrain's benchmark too gained in today’s session. The index was supported by United Gulf Bank and National Bank of Bahrain which rallied 0.24% and 0.97% respectively. Overall, the market finished up 0.21% on 2,876.04 points.

Saudi’s market rounded out the day’s gainers, up 0.4% to close on 9,673.25 points. Saudi Basic Industries (Sabic) and Saudi Chemical helped the Gulf’s largest measure. The two finished higher by 1.07% and 5.98% respectively.

Once again the UAE benchmarks were dragged lower by the banks. In the capital, it was Abu Dhabi Commercial Bank and telecom provider, Etisalat, which saw the index finish lower for the fourth consecutive trading session. The two fell 3.31% and 0.47% while the index fell 0.59% to end on 4,936.36 points.

Dubai Islamic Bank eased by 2.5% while Du dipped 1.5% lower to push Dubai's main index down to 5,650.38 points, 0.12 percent under for the day.

In Oman, the Gulf’s best-performing index for the year, Oman Cables Industry and Renaissance Services led the fall, down 2.34% and 1.23% for the day. Despite the dip, however, the benchmark is still up 25.66% for the year and finished the day on 11,345.87 points

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