Banks gain as Qatar extends rebound

Qatar's index has risen for a seventh session since slumping to a three-month low in late January
Banks gain as Qatar extends rebound
Dubai stock market
By Reuters
Thu 02 Feb 2012 11:29 AM

Qatar's index rose for a seventh session since slumping to a three-month low in late January, with investors picking up stocks at lower levels following a sell-off that sparked was by disappointment over bank dividends.

Islamic lender Masraf Al Rayan climbed 1.0 percent and Qatar Islamic Bank added 0.4 percent.

Qatar National Bank rose 0.4 percent. Shares in Qatar's largest bank by market value were down 4.7 percent since it proposed a 40 percent cash dividend for 2011.

"People were unhappy with dividends, but that doesn't mean investors should get out of Qatar," said Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi. "Qatar's index is consolidating."

The index rose 0.1 percent to 8,582 points.

Kuwait's benchmark slipped 0.2 percent to 5,856 points. Telecoms operator Zain was the main support, after climbing 1.2 percent.

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