Google+ Followers

Monday, 5 June 2017

MIDEAST STOCKS-Qatar plunges as other GCC states cut ties; Saudi rises on MSCI hopes | Reuters

MIDEAST STOCKS-Qatar plunges as other GCC states cut ties; Saudi rises on MSCI hopes | Reuters:

"Qatar's stock market plunged on Monday after four Middle Eastern states severed ties with Doha, while Saudi Arabian shares rose on hopes that index compiler MSCI will move towards upgrading it to emerging market status.

The Qatari index tumbled 7.3 percent, erasing over $8 billion of value, in the heaviest trade for nearly three months. It was the index's steepest drop since late 2009, during the global financial crisis.

Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed air, sea and land transport links with Doha, accusing it of supporting terrorism. Some Egyptian banks stopped dealing with Qatari institutions, but Saudi and UAE banks said they had not made such a decision so far."



'via Blog this'