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. - Reuters
