Stocks News Mideast-Qatar extends rebound as QNB rises Thursday, 02 February 2012 14:02

Qatar's index ends higher for a seventh straight session since late-January's three-month low as investors position for Doha stocks to catch up with other Gulf market gains in 2012.

Qatar National Bank climbs 0.8 percent, trimming its losses to 4.3 percent since it proposed a 40 percent cash dividend for 2011.

"Qatar has seen a relatively steep drop - QNB lowered expectations for dividend payouts for the rest of the bank sector and that added to the profit taking that foreign investors were already doing," says Haissam Arabi, chief executive and fund manager at Gulfmena Investments.

"Bank numbers were still good, which is why stock prices are now stabilising. The last few days the index has started to creep up and more volumes have come in. Qatar could hopefully make up for lost time compared to other Gulf markets, which have done well this year."

Doha's index climbs 0.8 percent to 8,6366 points to be down 1.6 percent in 2012, the second worst performing Gulf Arab benchmark after Oman.  (Reuters)