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Qatar stocks rebound 2.7 percent in early trade
June 6, 2017 / 7:12 AM / 6 months ago

Qatar stocks rebound 2.7 percent in early trade

DUBAI, June 6 (Reuters) - Qatar’s stock market rebounded in early trade on Tuesday after plunging on the previous day, when Saudi Arabia, the United Arab Emirates and other countries severed air, sea and land transport links with Doha, accusing it of supporting terrorism.

The Qatari stock index was up 2.7 percent after half an hour of trade; it rose as much as 3.2 percent at one stage. On Monday, it had tumbled 7.3 percent.

Fund managers said there were hopes that Qatari state-linked funds could enter the market to buy shares and provide support, although it was not clear whether this had happened so far.

Also, Qatar’s foreign minister said on Tuesday that Doha was ready for mediation efforts, adding that Qatar’s ruler had delayed a speech in order to give Kuwait a chance to ease regional tensions. This may have fanned hopes for a solution to the dispute.

Shares in Islamic Bank Masraf Al Rayan jumped 7.4 percent and Vodafone Qatar, the most heavily traded stock, gained 3.0 percent. (Reporting by Andrew Torchia)

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