QNB owns Finansbank in Turkey. REUTERS/Osman Orsal
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Gulf stocks fell Sunday, pressured by general weakness across emerging markets as investors steered clear of assets perceived as risky due to a diplomatic and economic spat between the United States and Turkey.The Turkish crisis weighed the most on the Qatar market. Down 2.6 percent, the index was pulled down by Commercial Bank and blue-chip Qatar National Bank, which dropped 4.1 percent and 4.7 percent, respectively – the two worst performing stocks in the Qatari exchange Sunday. QNB owns Finansbank in Turkey and Commercial Bank has a majority stake in Turkish lender Alternatifbank.Banks were mostly down, led by National Commercial Bank, which fell 3.2 percent on concerns about its exposure to Turkish assets.
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