Qatar stocks rise to 2-year high on Ireland’s debt bailout, oil

DUBAI - Qatar’s shares rose to the highest level in two years, leading gains in the Gulf, and global markets rallied as Ireland applied for a bailout, easing concern the nation’s financial crisis will spread. Oil advanced.

By Zahra Hankir (Bloomberg)

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Published: Tue 23 Nov 2010, 10:56 PM

Last updated: Mon 6 Apr 2015, 11:33 AM

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, jumped 2.3 per cent and Qatar Navigation, a freight transportation company, increased to the highest since September 2008. The QE Index jumped 1 per cent to 8,273.07, the highest since October 2008, at the 12:30 pm close in Doha. The Bloomberg GCC 200 Index gained 0.5 percent at 1:55 pm in Riyadh.

Ireland sought international aid to help fund itself and save its banks, becoming the second euro member to need a rescue from the International Monetary Fund and the European Union. Irish Prime Minister Brian Cowen said on November 21 that he expects talks on the details of financial assistance to be completed in the “next few weeks.” Finance Minister Brian Lenihan said the loan will be less than 100 billion euros ($137 billion), declining to provide further details.

Asian stocks rose, sending the MSCI Asia Pacific Index up as much as 0.9 per cent, while the Stoxx Europe 600 Index climbed 0.8 per cent.

Oil advanced, rebounding from its biggest weekly loss in three months, on optimism an agreement to rescue Ireland’s banks will prevent Europe’s debt woes from sapping economic growth. Crude for January delivery gained as much as 1.7 per cent to $82.87 a barrel on the New York Mercantile Exchange.

The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.

About 9.8 million shares traded in Doha on Tuesday, compared with a 12-month daily average of 7.6 million. Industries Qatar increased to 131 riyals, the highest since October 2008. Qatar Navigation jumped 2.2 per centto 89.6 riyals.

Qatar Telecom QSC, and Princesse Holding of Tunisia will buy 50 per cent of Telecom Tunisie for $1.2 billion from Egypt’s Orascom Telecom Holding SAE. Qatar Telecom shares rose less than 0.1 per cent.

Oman’s MSM30 Index fell 0.1 per cent, while Kuwait’s gauge dropped less than 0.1 per cent. Saudi Arabia’s Tadawul All Share Index gained 0.3 per cent and Abu Dhabi’s ADX General Index rose 0.4 per cent. Bahrain’s measure lost 0.4 per cent and Dubai’s measure gained 0.5 per cent.

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