Qatari stock market collapses as Tamim visits US.. Are fears worsened among investors?
With the arrival of the Emir of Qatar, Tamim bin Hamad Al-Thani, in an alarming visit to the United States, it appeared that the tension and fears of Doha entering the gas conflict on the European continent reflected on the Qatar Stock Exchange, to receive strong collapses at the beginning of trading today, and at the end of yesterday’s dealings, reflecting the presence of fears among investors and in the stock market sectors as a result of that visit.
Collapses at Qatar Stock Exchange
The Qatar Stock Exchange fell early Monday; with a downward pressure of six sectors, the merchandise sector only rose.
This morning, the stock market saw a decline in six sectors, led by real estate, followed by insurance, banking and financial services, communications, transportation and industry.
At 10 a.m. Qatar time, the general index dropped 0.20% to 12,469.49, losing 25.51 points from Sunday’s level.
The real estate sector fell 0.63%; 3% decline in the sector, led by “the United” with 0.77%.
Yesterday’s losses
Monday’s losses came as a continuation of yesterday’s fall in the Qatari stock exchange, reflecting investors’ concern, according to observers, who confirmed that there are fears that US President Joe Biden summoned the Emir of Qatar, Tamim Bin Hamad, to discuss implicating Doha in the current dispute in Europe with regard to Russian gas, in order to export Doha to the forefront.
Yesterday, the country’s benchmark index fell 0.1%, down 1.8% on al Rayan Bank’s share after its annual profits declined.
At the close of Sunday’s session, the General Index of the Qatar Stock Exchange fell 0.11%, losing 13.64 points to close at 12,495 points. Volume reached 126.2 million shares worth 508 million riyals through the implementation of 7,961 deals, declining 27 shares, rising 21 shares. Two shares remained stable.
The Qatar Stock Exchange’s 3 sectors declined, led by telecommunications at 0.44%, followed by the consumer goods and services sector at 0.32%, followed by the banking and financial services sector at 0.09%.
Tamim visits America
The Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, arrived in the American capital of Washington on a working visit to the United States, accompanied by an official delegation, after he left Doha on Saturday evening.
The Amiri Diwan said: The Emir will hold talks with US President Joe Biden on means to strengthen partnership and cooperation relations between the two countries, in addition to issues of common concern, foremost among which are regional and international developments and ways to strengthen security and stability in the region.
The White House said that during his visit to Washington on January 31, Biden will discuss a range of regional and global issues of mutual concern, including ensuring the stability of global energy supplies, as the United States and European countries search for alternatives to Russian gas supplies amid tensions over Ukraine.
With this controversial visit, sources revealed that Biden summoned Tamim to visit the White House, after America topped the list of liquefied natural gas exporters, to push Qatar into the conflict with Russia, while Europe was searching for alternatives to the Russian gas supply.
The sources added that the US president will also face the Qatari emir with the deteriorating human rights issue in the country and the many demands to put Tamim on trial, especially with Biden’s interest in this issue and with the imminent launching of the World Cup matches, which are the most prominent issues related to the crisis of labor rights violations.
