Middle East Stock News: Latest for Sunday March 8, 2020 - Bloomberg:
Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.
Kuwait led the selloff, tumbling 10%, as every gauge in the region retreated. Oil giant Saudi Aramco fell below its IPO price for the first time.
Oil prices plunged the most since 2008 on Friday on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014. The failure of the Vienna talks added to increasing investor nervousness over the coronavirus epidemic and the efficacy of official response measures such as last week’s emergency Federal Reserve rate cut.
Mideast markets “are finding it difficult to cope with all these variables that have been happening over the past 10 days,” said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “That’s why we see this panic-selling across the board taking certain markets to lows not seen even during the financial crisis.”
Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.
Kuwait led the selloff, tumbling 10%, as every gauge in the region retreated. Oil giant Saudi Aramco fell below its IPO price for the first time.
Oil prices plunged the most since 2008 on Friday on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014. The failure of the Vienna talks added to increasing investor nervousness over the coronavirus epidemic and the efficacy of official response measures such as last week’s emergency Federal Reserve rate cut.
Mideast markets “are finding it difficult to cope with all these variables that have been happening over the past 10 days,” said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “That’s why we see this panic-selling across the board taking certain markets to lows not seen even during the financial crisis.”
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