By Sarah Townsend
Saudi stock exchange drops 0.48 percent, Qatar Exchange continues to plummet
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.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.