Qatar stock exchange drops as Arab deadline nears

Qatar's stock exchange has dropped following an extended holiday closure as the tiny Gulf nation faces a deadline to accept demands from four Arab countries.
The benchmark QE Index lost more than 3 per cent today before recovering some of its losses later in the trading session to close down 2.3 per cent at 8,822.15.
The market was last open before the Eid al-Fitr holiday on June 22. That was the day that Saudi Arabia, the United Arab Emirates, Egypt and Bahrain issued Qatar a 13-point list of demands and gave it 10 days to comply.
The ultimatum expires today, though the countries involved have not provided a precise time or detailed what immediate penalties, if any, Qatar will face.