GCC stock markets fall amid cut in Qatar diplomatic ties
GCC stock markets dropped on Monday amid the announcement of a cut in diplomatic relations with Qatar
GCC stock markets dropped on Monday amid the announcement of a cut in diplomatic relations with Qatar.
The Qatar Exchange was down 7.11% (10.45am) in early morning trading, while Dubai’s stock index dropped 0.7% in the first 10 minutes of trading, according to Arabian Business.
Abu Dhabi Securities Exchange also dropped on opening, by 0.32%, led by Methaq, Agthia and Arkan.
Leading developers and construction firms also felt the impact as markets opened, with Damac Properties down 2.11%, Emaar Properties falling 1.67% and Arabtec dropping 4.20% in the early morning.
Initial travel and customs restrictions are likely to cause logistical challenges for companies whose GCC-wide footprints include Qatar, including those in the regional construction and development sectors.
The diplomatic crisis is expected to hurt markets and business flows around the region.