Qatar financial markets back in action today

29/09/2015 07:45 AST

Financial markets in Qatar will be back in action today after remaining close for around a week. Qatar Exchange (QE), banks, brokerage houses, insurance companies and financial institution will open today after six days of Eid holidays.

Banks are likely to see heavy rush today as customers will resume financial activities from today. Cash withdrawal and deposit counters are likely to see long queues.

Banks are expecting huge crowd for the next three days. In order to provide smooth services, banks have advised all employees, especially at front office, to be at office today.

Banks in Qatar had pumped around QR3.5bn to ATMs last week to meet any possible shortage of currencies during Eid holidays.

Some banks, however, had opened a few branches offering select services during Eid holidays.

Qatar’s stock market will also see action today as investors and traders would like to re-align their portfolios. In the last six days global financial markets witnessed volatility as crude oil, gold and other commodity prices moved to digest the statement by the US Federal Reserve last week.

Federal Reserve Chairwoman Janet Yellen, on September 24, had argued the case for raising short-term interest rates later this year which has impacted stock markets across the globe.

Stocks of Qatar Exchange listed companies will also be impacted by US Fed’s statement as investors and traders would like to reshuffle their portfolios which will keep brokerage houses busy today.

“I am eagerly waiting for the banks to open because I am waiting for approval of my personal loan from a private bank,” said an expatriate.

Exchange Houses are unlikely to see huge rush as most of them remained opened during holidays, except the first day of Eid.

The Peninsula