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Qatar market rebounds on Citigroup's growth comments
- Qatar: Thursday, November 01 - 2012 at 17:13
The QE Index in Doha gained 0.70% to reach 8,603.62 Thursday. Shares of Qatar's largest lender Qatar National Bank or QNB closed even at QR133.90. But market heavyweight Industries Qatar hit a 22-month high at QR154.60 (up 1.71%). On Wednesday, Citigroup said overall economic growth in Qatar slowed sharply in the second quarter of 2012 to just 4.9% year-on-year, compared with 21% for the same period last year. "However, the overall growth figures are somewhat misleading, in that they are skewed by the expected plateau in Qatari gas production (overall oil and gas growth was just 0.7%). The non-oil economy performed considerably better, growing by 8.5% in Q2 YoY, compared with 5.9% for the same period last year. The construction sector was the main driver of growth, though the transport sector and manufacturing also saw strong gains."
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Gérard Al-Fil, Financial JournalistThursday, November 01 - 2012 at 17:13 UAE local time (GMT+4)
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