Qatar bucks trend as most markets fall

MARKET DECLINES: Most Gulf exchanges fell in trading on Tuesday. (Getty Images)

Qatar bucked the trend as most Gulf stock markets declined in trading on Tuesday.

Qatar's main index ended higher for a seventh straight trading day, jumping 3.5 percent, as institutional investors pile into Industries Qatar and banking shares.

The Doha benchmark, which has advanced in all but one of the last 13 trading days, finished at 6,724 points, the highest close since Nov. 10.

"New and old local institutional funds have been entering the markets over the last 10 days," said Amro Motasim, chief trader at Ahli Bank. "Some of it is government and some is non-government."

The Qatar Investment Authority has been buying stakes in banking stocks - one of the key beneficiaries of the recent rally.

Industries Qatar jumped 5.28 percent and Commercial Bank of Qatar 6.46 percent.

Markets in the UAE closed lower as uncertainty over the economic outlook and government measures to tackle the impact of the global financial crisis made investors cautious.

Dubai's Emaar Properties lost 3.01 percent, weighing on the index, which closed 1.21 percent lower at 1,925 points.

The benchmark has lost nearly 68 percent since the beginning of the year.

In Abu Dhabi, Aldar Properties lost 3.82 percent, taking the most points of the benchmark, which closed 0.14 percent lower at 2,710 points.

Kuwait's benchmark finished 0.74 percent down at 8,899 points.

Mobile Telecommunications Co (Zain) declined 3.45 percent. Shares in National Bank of Kuwait, the country's biggest lender by assets, closed unchanged after its CEO said it will not be able to meet its 2008 profit target.

Saudi Arabia's benchmark ended flat after the kingdom's central bank cut interest rates ahead of a US Federal Reserve interest rate decision, in a bid to boost domestic credit.

The index edged down just 0.02 percent to 4,841 points. Saudi Telecom Co added 0.42 percent and Al-Rajhi Bank shed 0.43 percent.

"The rate cut should give investors encouragement but there is no sign of that in the market right now," said Abdullah al-Aqeel, equity trader at Samba Financial Group.

Saudi shares are down more than 56 percent this year.

Oman's benchmark ended down 0.31 percent at 5,974 points, closing lower for the fifth session in a row.

Heavyweights National Bank of Oman and Raysut Cement Co both declined around 3 percent.

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