The Qatar Stock Exchange is rising strongly with the advancement of the Gulf reconciliation file

Its index rose 1.5 percent at the beginning of Sunday’s trading.

The Qatari stock market index rose by about 1 percent, on Sunday, at the start of the first trading session, after revealing progress in the Gulf reconciliation, ending a three-year blockade.

By 19:19 (GMT), the index jumped 1.51 percent to 10,623.8 points, supported by the rise in shares of 42 companies listed on the stock exchange, compared to a decline in only two shares.

The gains were led by financial sector stocks.

International Bank of Qatar jumped by about 2.5 percent, and Qatar National Bank, the largest banks in the Middle East and North Africa, and Commercial Bank of Qatar jumped by about two percent each.

Qatar Islamic Bank increased by about 1%, Doha Bank by 1.5% and Al Rayyan by 1%.

On Thursday, the American newspaper “New York Times” said that the Trump administration wants to resolve the Gulf crisis before its departure with the aim of tightening the screws on Iran.

The newspaper added, in a report, that “among the first steps in this direction, the Trump administration is pressing Saudi Arabia to open its airspace for Qatari flights that pay millions of dollars in exchange for using Iran’s airspace.”

The report was followed by an official statement from Kuwait, which led the mediation to resolve the crisis, announcing progress on the reconciliation file in the Gulf.

Doha and Riyadh welcomed the statement, while there was no reaction from the UAE, Bahrain and Egypt.

Since June 5, 2017, Saudi Arabia, the UAE, Bahrain and Egypt have imposed a land, air and sea blockade on Qatar. Claiming its support for terrorism and its relationship with Iran, Doha denies its accusation of terrorism and considers it “an attempt to undermine its sovereignty and its independent decision.”

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