Qatar shares fell to the lowest in almost two weeks on concern unrest in Bahrain may spread as clashes between security forces and anti-government protesters killed two people in the capital Manama. Bahrain stocks dropped. Qatar National Bank, the Persian Gulf country’s biggest lender, lost 1.5 percent. Commercial Bank of Qatar, the Persian Gulf country’s second-biggest bank by assets, retreated to the lowest in a week. Qatar’s QE Index declined 0.6 percent to 8,770.48, the lowest intraday level since Feb. 6, at 11:08 a.m. in Doha. Bahrain’s BB All Share Index decreased 0.3 percent as 77,000 shares traded. Markets in the United Arab Emirates, Kuwait and Oman are closed today for an Islamic holiday, while Saudi Arabia’s is shut for the weekend.
Investors are “de-risking due to the events in Bahrain mainly,” said Mahdi Mattar, head of research at Abu Dhabi-based CAPM Investment PJSC, an investment banking company. “Both local and the few international investors might want to reduce their exposure” amid the unrest and as most markets are shut.
Bahrain’s police fired teargas at protesters this morning after hundreds gathered yesterday at the funeral of a demonstrator who died in clashes on Feb. 15. Protesters are demanding democracy and the ouster of Prime Minister Sheikh Khalifa bin Salman al-Khalifa, a member of the Sunni Muslim royal family who has held the post for four decades. The Bahrain Youth Society for Human Rights said in an e-mailed statement today that two people were killed in clashes overnight.
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