Qatar diplomatic rift with Gulf neighbors lifts oil, drags stock markets down

Updated 2017-06-05 17:02:06 Xinhua

Following the decisions by Saudi Arabia, United Arab Emirates (UAE), Bahrain and Egypt to cut diplomatic ties with Qatar on early Monday, the price of oil gained over 1 percent while stock prices in the region retreated across the board.

Markets reacted to the escalation of the diplomatic row in the Gulf region and sent the price of oil 1.04 percent higher to 50.47 U.S. dollars per barrel.

In Doha, the Qatar Exchange Index plummeted 7.94 percent to hit 9,135, marking an 18-month low.

In the UAE, the Dubai financial market DFM dived 1.36 percent one hour after opening and fell below 3,300. Bank shares in particular posted heavy losses.

Meanwhile, Dubai-based Emirates Airline, the international carrier of the UAE, said its scheduled passenger flight from Dubai to Doha at 4:35 pm local time (1235 GMT) was cancelled, an airline call center agent confirmed.

Media reports indicated that all UAE airlines, including budget flyer FlyDubai and Etihad from Abu Dhabi, will stop flying to Qatar from Tuesday onward.

In Abu Dhabi, the UAE capital, the ADX General Index declined by 0.36 percent, trading around 4,467.

The Bahraini All-Share Index bucked the regional slump and gained 0.58 percent.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 22 2017 05:27:07

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 22 2017 05:27:07

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 22 2017 05:27:07

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords