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Banks led Doha's index to a 17-month high on Wednesday after Qatar National Bank (QNB) reported a 25 percent jump in quarterly profit. Kuwait and Bahrain also claimed milestone highs as dual-listed Ahli United Bank (AUB) surged ahead of a slated stake sale and Saudi Arabia ended a three-day losing streak. Dubai slumped to a two-week low.
QNB climbed 0.4 percent to 138 riyals, with the stock up 21 percent this year. Commercial Bank of Qatar climbed 1.2 percent and Masraf Al Rayan added 4.2 percent. The index rose 0.2 percent to its highest finish since October 22, 2008. Index volumes hit a three-week high. Qatar's GDP is set to grow 16.1 percent in 2010. AUB rose 3.8 percent in Bahrain and 4.4 percent in Kuwait after saying a Gulf investor had agreed to buy a 25 percent stake in a deal estimated at $1.32 billion.
Bahrain's measure climbed 0.7 percent to its highest close since June 25, while Kuwait's benchmark rose 0.2 percent to a 24-week high. Dubai's index fell 2.1 percent to its lowest close since March 24, the day before Dubai World unveiled a debt restructuring offer. Abu Dhabi Commercial Bank, one of two domestic lenders on a Dubai World creditors' committee, fell 3 percent. Retailer Jarir Marketing Corose 1.9 percent after reporting a 10 percent a rise in first-quarter profit, sparking a late rally that lifted Saudi Arabia's index.

Copyright Reuters, 2010

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