Qatar’s Stock Exchange Index plunged 7.3 per cent on Monday, its lowest level since 2013, to lose the equivalent value of nearly 30 billion Qatari riyals (Dh30.26 billion) following its diplomatic rift with neighboring countries.
Shares of Masra Al Rayan, QNB and Industries Qatar were the worst hit as GCC financial institutions dumped Qatari stocks worth 162 million riyals (Dh163 million) and US dollar-denominated bonds tumbled.
The announcement Monday by Bahrain, Saudi Arabia, the UAE and Egypt to cut diplomatic relations with Qatar and close borders with the neighboring state initially dragged other Gulf region bourses but they recovered with minimal losses.
Shares in Dubai fell by as much as 2.3 per cent before steadying to finish just 0.7 per cent loweAbu Dhabi stocks ended the day virtually unchanged, at 0.03 per cent, according to The National.
photo credit: Dohanews.co
