Qatari stocks slide as country is sidelined

Qatar’s stock market index fell by about a tenth in the second quarter as the country was shunned by its Gulf neighbours.

A diplomatic dispute has led Qatari citizens to be expelled from nearby countries, trade suspended and transport links cut.

“Average daily value traded in the GCC was down over 25% [compared with the previous quarter] due to Ramadan but there was no shortage of divergence in performance and events of importance,” said Hasnain Malik of Exotix Partners, an investment firm.

“Saudi was the GCC’s top-performer (up over 10%) and Qatar was its worst (down about 10%), both moving in opposite directions (but by a much greater magnitude) compared to the first quarter.”

Mohammad Al Maktoum, the ruler of Dubai, recently called for unity in an Arabic poem posted on social media. The poem includes the line, “staying within the GCC umbrella is the only way to safeguard Qatar from the fangs of wolves”.

©2017 funds global mena

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