Qatar stocks fall as demand deadline nears; UAE mixed

Qatari equities declined on Sunday as the deadline neared for the country to respond to the list of demands laid down by neighboring Arab countries.

The benchmark QE index dropped down 2.3 percent to close at 8,822 points, with an advance-decline ratio of 2-39. Total trades valued at QAR 391.7 million.

Heavyweight banking stocks saw sharp declines: Qatar National Bank was down 1.2 percent at QAR 125.5 and Doha Bank slumped nearly 5 percent to QAR 29.

All listed real estate, telecom and industrial firms edged lower. United Development Co fell 3 percent to QAR 16.59, while Industries Qatar lost 1.7 percent to QAR 93.9.

Saudi Arabia, United Arab Emirates and Bahrain severed diplomatic and trade ties with Qatar last month, accusing it of supporting terrorism.

The three Gulf states have asked Qatar to agree to a series of demands, threatening further sanctions if Doha fails to comply.  The deadline ends later today.

According to reports, Qatar’s foreign minister Sheikh Mohammed bin Abdulrahman al-Thani said on Saturday that the list of demands was “made to be rejected.” He, however, added that Doha is open to dialogue.

Meanwhile in the UAE, Dubai’s main index slipped 0.3 percent to close at 3,383 points. Blue chip lender Dubai Islamic Bank was down 1.2 percent at AED 5.63, and Emaar Properties fell 0.4 percent to AED 7.75.

Abu Dhabi’s general index climbed 0.4 percent to 4,443 points as real estate and energy sectors offered support.

Elsewhere, Saudi Arabia’s Tadawul All Share Index was trading 2 percent higher. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com