The Qatar Exchange in Doha resumed trading Wednesday after the Islamic holidays of Eid al-Fitr, closing 0.69 percent higher at 7,561.99 points, mostly driven by gains in the banking sector.
The country’s largest bank Qatar National Bank gained 5.7 percent, finishing at 155.5 Qatari riyals (42.71 U.S. dollars), as the share approached a key resistance at 160 Qatari riyals (43.95 dollars).
During the second quarter of 2010, Qatari banks outshined all other Gulf Arab countries in relation to net interest income, rising by 26.4 percent on a year-on-year basis.
In Bahrain, the local stock market BSE was also pushed higher by banks, as the Bahrain All Share Index ended 0.3 percent higher at 1,445.09 points.
In the emirate of Dubai, both the local market DFM and the international exchange Nasdaq Dubai posted small profits. While the DFM General Index gained 0.44 percent to close at 1,627.15 points, the FTSE NASDAQ Dubai UAE 20 Index closed at 1,731.85 points, up 5.29 points, or 0.31 percent, from the previous close. At the DFM, shares of Emirates Integrated Telecommunications Company, dubbed Du, ended flat at 2.47 dirhams (0.67 dollar).
Earlier in the day, Du announced that it has entered into a 207- million-dollar financing agreement with KfW IPEX-Bank GmbH, part of the German KfW Bankengruppe. The financing agreement was facilitated by Nokia Siemens Networks, one of the largest telecommunications hardware, software and services companies in the world.