Stocks News Mideast: Qatar banks slip; Oman, Kuwait flat Wednesday, 23 November 2011 11:20

Investors take profits after Tuesday's gains by Qatari banks and large-caps, pushing the index down for a fourth day in six.

Qatar National Bank slips 0.5 percent, Industries Qatar sheds 1 percent and Masraf Al Rayan  declines 0.2 percent.

The benchmark slips 0.2 percent to 8,587 points, taking its 2011 losses to 1.1 percent.

Liquidity and year-to-date performance in Qatar remains the strongest among its regional peers, with the market resilient on the back of strong economic and corporate fundamentals.

"New liquidity is coming to market now because of expectations of higher dividends for 2011," says Samer al-Jaouni, General Manager of Middle East Financial Brokerage Co.

"Foreign investors are still in the market and it will help support the index for the next month or so," he adds.

Elsewhere, bourses in Oman and Kuwait are little changed, with the Kuwait index easing 0.08 percent to 5,792 points. Oman is down 0.04 percent.   (Reuters/Matt Smith and Nadia Saleem)