Qatar shares declined the most in almost six weeks, snapping seven days of gains, as a record plunge in U.S. home sales and slowing export growth in Japan fueled concern the global economic recovery is faltering.
Industries Qatar, the Gulf Emirate’s state-controlled petrochemical and steelmaker, lost 1.3 percent and Qatar Islamic Bank SAQ retreated the most in more than a week. Qatar’s QE Index slipped 0.8 percent to 7,143.2, the most since July 15, at 12:07 p.m. in Doha. The Bloomberg GCC 200 Index fell 0.7 percent.
“Declines in global markets have reflected negatively on investor sentiment,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets. “It’s Ramadan, and that means trading is slower than usual.”
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