Qatar: The QE 20 Index declined 0.90% to close at 8,638.92 points Thursday. General Insurance gained the most (up 3.45%), while most banks performed weakly. Qatar Gas Transport Company or Nakilat plummeted 4.52%. Earlier in the day, Nakilat revealed a net profit of QR176.5m in comparison to QR188.5m for the corresponding period in 2011 due to a loss on derivative instruments. In a statement to the Qatar bourse, Nakilat commented: "The loss on derivative instruments of QR 10.0 million for Q1 2012, compared with a gain on derivative instruments of QR 2.7 million for Q1 2011, was due to a technical disqualification (for accounting purposes) of the applicable derivatives (carried in the books of the company's overseas joint venture) as hedging instruments in accordance with International Accounting Standard 39. [AMEInfo.com]
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