Qatari shares fell after the UAE, Bahrain and Saudi Arabia said they were withdrawing their ambassadors to the country.
The move was triggered by the claim from the three countries that Doha had not implemented an agreement among Gulf Arab states not to interfere in each others’ internal affairs.
The news reversed early gains in markets across the region.
The QE Index had been up as much as 1 per cent during the day to a peak of 11,713 points, before ending more than 2 per cent lower to close at 11,346.58 as investors digested the significance of the announcement.
“The uncertainty towards the news that was published by those three countries on withdrawal of their ambassador is what’s causing markets to react aggressively,” said Tariq Qaqish, the head of asset management at Al Mal Capital, a Dubai-based investment bank.
Dubai's index had risen as much as 1.4 per cent to a peak of 4,181 points during the day before falling as much as 0.9 per cent into negative territory, standing at an intraday low of 4,093 points. The benchmark closed 0.4 per cent lower at 4,100.71 points, with 14 shares down and only two companies making gains.
GCC countries “have exerted massive efforts to contact Qatar on all levels to agree on a unified policy … to ensure non-interference, directly or indirectly, in the internal affairs of any member state”, the UAE, Bahrain and Saudi Arabia said after a late Tuesday meeting of foreign ministers in Riyadh.
Earlier this month the UAE Foreign Ministry said it had summoned Qatar’s envoy to the UAE, citing “extreme resentment” over Qatar’s inaction towards a cleric having publicly insulted the UAE.
“To say [today’s developments] were expected is a bit of a stretch, but it’s clear there have been rising tensions for a while,” said Nicholas Bortman, a partner at the Dubai-based office of the risk consultancy GPW.
“The rhetoric has been certainly picking up and this kind of a step is a tip of the iceberg from what’s going on below the surface.”
Abu Dhabi's index was up 0.3 per cent to 4,938.08 points, with 10 stocks rising and 18 falling.
Bahrain’s index fell 0.2 per cent to 1,364.71 points.
Saudi Arabia’s Tadawul seesawed: up as much as 0.6 per cent at 9,207.24 points before falling as much as 0.5 per cent to 9,099.41 points, then recovering to finish up 0.1 per cent at 9,161.33.
“It’s a surprise to everyone and we are trying to understand where this is coming from. These are usually sensitive issues,” a Dubai-based trader said.
halsayegh@thenational.ae
Follow us on Twitter @Ind_Insights
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
COMPANY%20PROFILE
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
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COMPANY%20PROFILE%20
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FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Killing of Qassem Suleimani
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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