Qatari stocks slide as Iran retaliates; Abu Dhabi, Dubai markets shut for two days
- In Qatar, the benchmark index - which was closed for a bank holiday on Sunday - dropped 3.3%
Qatar’s stock market slid in early trade on Monday, while the UAE suspended trading for two days, as the Gulf grappled with Iran’s retaliatory missile and drone strikes—an early sign of mounting economic disruption across the region.
Israel launched a fresh wave of strikes on Tehran on Sunday, and Iran responded with new missile barrages, a day after Supreme Leader Ali Khamenei’s killing pushed the Middle East—and the global economy—into deeper uncertainty.
The UAE Capital Markets Authority said the Abu Dhabi Securities Exchange and Dubai Financial Market would remain shut on March 2 and March 3, citing its supervisory and regulatory role over the country’s capital markets.
In Qatar, the benchmark index - which was closed for a bank holiday on Sunday - dropped 3.3%, with all its constituents slipping.
The country’s markets are open from Sunday to Thursday.
The Gulf’s biggest lender by assets, Qatar National Bank, fell 3.7%.
Qatar Islamic Bank plunged 5.2% and was on course to its biggest fall since August 2023.
HSBC cut its target price for the Sharia-compliant lender to 28.4 riyals ($7.79) from 29.4 riyals.
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