Qatar stock exchange drops as Arab deadline nears

FILE- In this May 14, 2010 file photo, a Qatari woman walks in front of the city skyline in Doha, Qatar. Qatar likely faces a deadline this weekend to comply with a list of demands issued to it by Arab nations that have cut diplomatic ties to the energy-rich country, though its leaders already have dismissed the ultimatum. (AP Photo/Kamran Jebreili, File) FILE- In this May 14, 2010 file photo, a Qatari woman walks in front of the city skyline in Doha, Qatar. Qatar likely faces a deadline this weekend to comply with a list of demands issued to it by Arab nations that have cut diplomatic ties to the energy-rich country, though its leaders already have dismissed the ultimatum. (AP Photo/Kamran Jebreili, File)

By Associated Press July 2, 2017 1 min read

DUBAI, United Arab Emirates (AP) – 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 percent Sunday before recovering some of its losses later in the trading session to close down 2.3 percent 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 Sunday, though the countries involved have not provided a precise time or detailed what immediate penalties, if any, Qatar will face.