Qatar stock index sinks 3.1% ahead of deadline in GCC diplomatic crisis

Qatar’s stock market fell sharply on Sunday as a deadline for Doha to accept a series of political demands by four Arab states was expected to expire later in the day with no sign of a resolution.

The Qatari stock index sank as much as 3.1 per cent in thin trade, bringing its losses to 11.9 per cent since June 5, when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties, accusing Doha of backing militants.

Stocks tumbled across the board on Sunday, with 41 lower and only one higher. Qatar National Bank, the largest listed lender in the Gulf, lost 3.1 per cent.

Also read: Qatar says GCC demands ‘made to be rejected’ as deadline looms