MIDEAST STOCKS-Qatar hits 5-year low as diplomatic rift hits firms

MIDEAST STOCKS-Qatar hits 5-year low as diplomatic rift hits firms:

"Qatar’s stock index hit a five-year low on Monday because of a fresh sign that a diplomatic dispute in the region was starting to inflict long-term damage on some of its companies. Shares of Qatar Insurance dropped 2.3 percent after the company said it was closing its Abu Dhabi branch because it had not been able to obtain a licence. The United Arab Emirates, Saudi Arabia, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5. Its Abu Dhabi business, which had been operating since 2002, used to bring in annual gross premiums of 110 million Qatari riyals ($30 mln), the company said."



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