Post Views: 91 A report by Bloomberg on Wednesday estimated the loss by Qatar’s stock market since the June 5, 2017 boycott by the country’s neighbour...
A report by Bloomberg on Wednesday estimated the loss by Qatar’s stock market since the June 5, 2017 boycott by the country’s neighbours: United Arab Emirates, Saudi Arabia and Egypt, who accuse Doha of supporting known terrorist groups, at about $15bn in one month. The quartet restricted access of Qatar to their airspace and ports and sealing Qatar’s only land border, which it shares with Saudi Arabia.
They issued a 13-point list of demands to end the standoff June 22 and gave the natural gas-rich country 10 days to comply.
Although the gas-rich nation has repeatedly denied the allegation, the loss represents 10% of its stock market value since the start of the boycott has seen 17 of 19 members on the main QE index declining led by investors’ group- QSC.
Qatar submitted a response on Monday to the group’s 13 demands, which the Saudis said they will study before responding.
“Hopes are up for a resolution,” said Marwan Shurrab, head of high net-worth and retail equities brokerage at Al Ramz Capital LLC in Dubai. A positive diplomatic outcome “could bring strong momentum,” he said.
Qatar’s QE index fell 0.1% to 8,883.83 as of 9:55am Wednesday in Doha as the crisis enters its second month.
Qatari Investors Group, down 23% through July 4; one of the companies it owns, Al Khalij Cement, could suffer with a slowdown in the construction sector
Aamal Co., fell 17%; has business in retail, medical, construction and real estate, and fell to the lowest level in 30 months this week
Qatar National Bank QPSC, declined 15%; the Middle East’s largest lender by assets, and the biggest weighting in the benchmark; relies heavily on foreign funding, and financial sanctions could cool its credit boom, according to Arqaam Capital
Qatar Islamic Bank, dropped 15%; has the highest percentage of deposits from the Gulf Cooperation Council plus Egypt among the main lenders in Qatar, according to Arqaam Capital
Qatar Navigation, rose 7.5%; offers marine freight transportation and may be benefiting from increased trade with Iran and Turkey since the boycott started; the only other index gainer was Qatar Gas Transport.