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DUBAI: Qatar’s stock index fell for a tenth straight session on Sunday as talk of dispute negotiations failed to sway investors, while strong oil prices boosted the ��������Ƶ market.
“There is too much uncertainty around Qatar right now, and the full extent of how hard those companies have been hurt by this crisis is yet to be known,” one Paris-based fund manager said.
Qatar’s index fell 0.4 percent to 8,375 points, but closed 62 points above the session low. The index has lost 6.3 percent over 10 sessions.
Doha Bank dropped 2.6 percent. Last week sources told Reuters the bank had cut about 10 jobs in the UAE and planned to put some staff on unpaid leave because of the hit to its business from the diplomatic dispute. The bank said the information was incorrect but declined to elaborate.
Foreign investors remained net sellers of Qatari stocks by a ratio of almost three to two, bourse data showed.
In Abu Dhabi, Dana Gas plunged by 6 percent and accounted for more than 70 percent of total market volume, dragging down the index by 0.8 percent.
Dana rose last week after its Islamic bond holders proposed a deal to end a dispute over its refusal to redeem $700 million of maturing sukuk. But Dana rejected the proposal and a London High Court hearing on the dispute is due to start this week.
The Dubai index fell 0.7 percent in thin trade. Union Properties, the most heavily traded stock, lost 1.1 percent.
In ��������Ƶ, the index rose 0.4 percent as all but three of the 14 listed petrochemical shares rose after Brent oil closed near a five-month peak above $55 a barrel on Friday.
Banking shares were also generally strong.
— Reuters