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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 fall amid severed ties with Qatar.
GCC stock markets fall amid severed ties 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.

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