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Thu 3 Dec 2009 10:35 AM

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Qatar shares rally as Dubai debt fears fade

UPDATE 2: Index closes higher, buoyed by property stock, Bahrain also ends up.

Qatar's index closed higher, buoyed by Qatar National Bank and property stocks, as investors extended buying interest in the wake of Tuesday's sell-off.

The index closed up 1.21 percent at 7,033 points. Qatar National Bank gained 2.1 percent while Qatar Gas Transport (Nakilat) gained 3.9 percent.

"There is more to the Middle East than Dubai and this is what the investors are realising," said Shakeel Sarwar Butt, head of asset management at SICO in Manama. "The Qatar market is following now its own fundamentals.

"The real estate and financial sectors in (other) countries not exposed to Dubai will follow its own dynamics, not the negative impact of Dubai."

Qatar's index surged 5.3 percent on Wednesday.

In Bahrain, the index ended 0.19 percent higher, led by Al Baraka Banking Group, which closed up 7.34 percent. (Reuters)