The Qatar Investment Authority (QIA) has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.
The QIA previously held 5.01 percent in voting rights and is reporting a sale of shares for the first time since 2008. Qatar’s overall holding – including bonds which convert into equity if capital levels fall below a certain threshold – declined to 15.91 percent from 17.98 percent after a rise in the number of outstanding Credit Suisse shares because of its capital increase.
Qatar’s stock market plunged on Monday after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed ties with Doha, accusing it of supporting terrorism.
Every stock listed on Doha’s headline index was trading sharply lower in early trade. QNB fell by 7.6 per cent, with Masraf Al Rayan and Industries Qatar down by over 9 per cent.
Oil prices rose in response to the shock decision to isolate Qatar, announced early this morning by state news agencies in the UAE and Saudi Arabia.
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