DOHA, March 7, 2026, 11:18 (UTC+03:00)
Qatar’s benchmark Qatar Stock Exchange (QSE) index fell 3.22% in the week ended March 5 to close at 10,699.28, even after a 1.04% rise in Thursday’s final session. QR21.73 billion was wiped from market value over the week, 48 of 54 stocks declined, and traded value fell 9% to QR2.5 billion. Transport and industrial shares took heavy selling pressure. 1
That matters because the market is pricing a shock to Qatar’s energy complex. Reuters reported Qatar declared force majeure on gas exports on Wednesday — a clause that lets suppliers suspend obligations when events beyond their control disrupt deliveries — and said the country, which supplies about 20% of global LNG, may need at least a month to return to normal production volumes. 2
The damage came early. The QSE dropped 4.29% on Monday and 0.67% on Tuesday, then recovered 0.75% on Wednesday and 1.04% on Thursday, trimming the week’s loss but not erasing it. 3
Youssef Buhulaiqa, a financial market analyst, told Qatar News Agency the first-session decline after the bank holiday reflected investor caution. He said the market “quickly recovered” and showed “remarkable resilience” by closing higher on Wednesday and Thursday, a sign investors were still leaning on Qatar’s economic fundamentals. 4
The rebound was uneven. Reuters said Qatar National Bank, the Gulf’s biggest lender by assets, rose 3.2% on Thursday, but the benchmark’s gains were limited by a 2.5% fall in Industries Qatar and a 7% slide in Qatar Aluminum Manufacturing. 5
George Pavel, general manager at Naga.com Middle East, said “risk-off sentiment still dominates the Qatari exchange,” even though losses had eased from the sharper selloff seen earlier in the week. He said any rebound would depend on how regional tensions evolve and whether disruption inside Qatar persists. 6
Elsewhere in the Gulf, stress stayed high. Dubai’s main share index lost about 9% for the week, its worst performance in nearly six years, while Abu Dhabi fell more than 5%, with both UAE exchanges keeping temporary 5% lower price limits in place to curb volatility. 7
But the late-week bounce could still unravel. Energy Minister Saad al-Kaabi said Gulf exporters may have to halt shipments within weeks if the conflict drags on, warned oil could hit $150 a barrel, and said Qatar would need “weeks to months” to return to normal delivery cycles even if the war stopped immediately. 8
That pressure is already spilling into listed names. Mesaieed Petrochemical Holding, Qatar Aluminum Manufacturing, Gulf International Services and Industries Qatar said they would suspend or reduce some operations after QatarEnergy halted some chemical, petrochemical and downstream output, according to statements carried by QNA. 9
