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Qatar’s Al Rayan Rises on Upbeat 4Q News

Masraf Al RayanNews of a slight increase in quarterly profit caused Qatar’s Masraf Al Rayan to rally yesterday.

The Islamic lender’s Shares of the Masraf Al Rayan climbed 1.5 percent. The company’s profit of QR289m ($79.4m) in the fourth-quarter, rose from from its earlier profit of QR280m.

Qatar’s index QSI rose 0.3 percent to 9,041 points.  The index rose for a third day, a rebound after Sunday’s three-week low.

“The risk-reward profile does not warrant an entry at this stage and more pull back is required to trigger buying,” Shuaa Capital wrote in a research note.

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