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Mon 5 Jun 2017 12:21 PM

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Tadawul follows UAE, Qatar exchanges and drops on rift

Saudi stock exchange drops 0.48 percent, Qatar Exchange continues to plummet

Tadawul follows UAE, Qatar exchanges and drops on rift
(FAYEZ NURELDINE/AFP/Getty Images)

Saudi Arabia’s stock exchange dropped in its first hour of trading, following other markets that had opened earlier on Monday morning.

The Tadawul dropped 0.48 percent by midday, led by SPPC, Sipchem, MESC and Almarai.

Dubai Financial Market (DFM) was down 1.91 percent by the same time, while Abu Dhabi Securities Exchange was down 0.72 percent.

Qatar Exchange plummeted to a low of 8.2 percent following the UAE, Saudi Arabia, Bahrain and Egypt’s decision to cut ties with Qatar over its relationship with Iran and support of the Muslim Brotherhood. It continued to waver throughout Monday morning and was at 7.38 percent at the time of publication.

It is the biggest diplomatic row to hit the GCC in decades, and has seen many Gulf airlines suspend flights to Doha until further notice.

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