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Qatari stocks plummeted in early trading, and the United Arab Emirates suspended trading for two days as the Gulf region grapples with the economic fallout from escalating regional tensions.
The benchmark index in Qatar, which was closed Sunday for a bank holiday, plunged 3.3%, with all its components declining. Qatar National Bank, the Gulf's largest lender by assets, slumped 3.7%.
Qatar Islamic Bank's stock nosedived 5.2%, on track for its biggest drop since August 2023. HSBC lowered its target price for the sharia-compliant bank's stock to 28.4 riyals ($7.79) from 29.4 riyals.
The Abu Dhabi Securities Exchange and the Dubai Financial Market will remain closed for two days, according to the Emirates Authority for Financial Markets, citing its supervisory and regulatory role over the country's capital markets.
The moves follow heightened unease after a new wave of strikes and retaliatory missile launches further destabilized the Middle East and added to global economic uncertainty.
