Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness

Gulf stock markets hit multi-year lows as virus, oil weigh - Arabianbusiness:

Gulf stock markets have plunged to multi-year lows despite massive stimulus spending as the region has suffered the double blow of plummeting oil prices and sweeping coronavirus shutdowns.

Since early March, all seven bourses in the Gulf region have suffered some of their most tumultuous performances, with UAE markets in Dubai and Abu Dhabi as well as in Kuwait shedding over a third of their value.

The Saudi Tadawul market -- the biggest bourse in the region and among the world's top ten -- has slumped about 18 percent since the start of the month.

Saudi energy giant Aramco, the largest listed company in the world, has dipped 12 percent since March 1 and its market value has dropped to $1.57 trillion.

Saudi Arabia, the United Arab Emirates, Qatar and Oman have announced stimulus measures worth some $85 billion in total to support their economies, with some of the cash targeted to shore up sagging stock markets.