Qatar stocks resumed their downward slide on Sunday, amid warnings the country’s banks may experience significant funding outflows if its dispute with its neighbours continues.
Shares in the UAE experienced a mixed day, while Saudi stocks fell for a second straight day.
The Qatar Exchange slid 1.9 per cent, all but erasing gains achieved during the index’s brief rebound on Thursday, as foreign and institutional investors continued to sell down their positions.
Masraf Al Rayan was hardest hit, falling 4 per cent, after ratings agency Standard & Poor’s warned that local banks could witness “an outflow of external funding” if the country’s dispute with countries including the UAE, Saudi Arabia, Bahrain and Egypt continues.
Ooredoo and Barwa Real Estate were among other blue chip stocks to suffer, falling 4.9 per cent and 4.1 per cent, respectively.
The Abu Dhabi Securities Exchange General Index closed up 0.5 per cent at 4,498.72, with Dana Gas shares accounting for more than two-thirds of daily trading volumes.
The energy firm’s shares soared by 13.2 per cent to an 11-month high of 60 fils, as investors continued to take heart following recent payment receipts from the Egyptian government. Dana’s stocks have risen about 50 per cent since the start of the month.
The Dubai Financial Market General Index closed 0.4 per cent lower at 3,387.95, with gains by Emaar Properties and Drake and Scull cancelled out by losses at DIB and Damac Properties.
In Saudi Arabia, the Tadawul closed 0.8 per cent lower, dragged lower by Jabal Omar Development and Saudi Electricity.
jeverington@thenational.ae
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