Qatari shares in high demand

Rising expectations from the first quarter results pushed Qatari shares to their highest point in more than a month. Qatar National Bank, the country's biggest lender by market value, has shown robust performance by rising 0.9 per cent to hit 139.2 rials.

Masraf Al Rayan, the state's second-largest Islamic bank was also on rise with its stocks hitting to 24.2 rials reporting an increase of 6.4 per cent. Similarly, stocks of Qatar Islamic Bank ended at 83 rials.

This rise in shares of all banking stocks proved well for the Qatari index making it to register an increase of 1.1 per cent to close at the highest level since February 20. The index also took a positive note of central bank’s decision to slash interest rates by half percentage points.

The Abu Dhabi Securities Exchange General Index was, meanwhile, ended flat at 2,591.58.

Julian Bruce, the director of institutional sales at EFG-Hermes in Dubai said, "We are obviously focused on banking stocks, but shares in Air Arabia and Dana Gas are also going to be interesting to watch out for."