Middle East shares fell, with Qatar’s index headed for the lowest close in a month, after U.S. lawmakers failed to agree on raising the debt ceiling and data showed the world’s largest economy almost came to a halt.
Qatar National Bank SAQ, the Persian Gulf country’s biggest lender by assets, lost as much as 1.1 percent and Barwa Real Estate Co., the Qatari property developer, fell for a fourth day. The QE Index decreased 0.3 percent to 8,348.42 at 11:09 a.m. in Doha, poised for the lowest close since June 29. The measure fell 0.2 percent this month. The Bloomberg GCC 200 Index lost 0.2 percent today and Israel’s TA-25 index slipped 0.7 percent.
“Earnings are failing to act as a catalyst; all focus is on the U.S. debt ceiling,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “The panic is twofold: not raising the debt ceiling, which is unlikely to occur, and the fear of downgrading the U.S. credit rating.”
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