DUBAI, United Arab Emirates (AP) — Qatar's stock exchange has dropped following an extended holiday closure as the tiny Gulf nation faces a deadline to accept demands from four Arab countries.

The benchmark QE Index lost more than 3 percent Sunday before recovering some of its losses later in the trading session to close down 2.3 percent at 8,822.15.

The market was last open before the Eid al-Fitr holiday on June 22. That was the day that Saudi Arabia, the United Arab Emirates, Egypt and Bahrain issued Qatar a 13-point list of demands and gave it 10 days to comply.

The ultimatum expires Sunday, though the countries involved have not provided a precise time or detailed what immediate penalties, if any, Qatar will face.