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Qatar bourse adds 0.16%

As on Monday, the QE Index gained slightly, closing 0.16% higher at 6,935.42 points. Shares Shares of Doha Bank ended flat at QR44.10. Doha Bank reported a second quarter net income of QR300m, down 5.4% on a year on year basis and 4.9% quarter on quarter. Credit Suisse research analyst Mohamad Hawa commented the result: "We think the operating results for Qatari banks in general are far from ideal as the significant growth in nominal GDP is not yet being filtered into the balance sheets of local banks - we thus highlight marginal (5%) downside risk to our full year estimates for Doha Bank. Nevertheless, we remain constructive on the stock on a/ continuous government support as shown in QIA relinquishing the right to receive dividends and b/ attractive valuations: on our current estimates, the stock is trading at 2010E PE of 7.2x, and yielding 6.6% in dividends." Credit Suisse maintains its outperform rating on Doha Bank and target price of QR64 per share. Volumes remained low as some 2.7m shares changed hands in Doha.