Middle Eastern Virus News: Stocks Plunge on Coronavirus Fears - Bloomberg:
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.2% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco retreated to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold. They closed 2.1% lower at 32.65 riyals.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Economic growth in Saudi Arabia, which is trying to convince Russia to agree to oil production cuts among OPEC+ members, slowed to just above zero in 2019, the kingdom announced on Sunday.
Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.2% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
In Riyadh, Saudi Aramco retreated to its lowest level since an initial public offering in December, with the oil giant’s shares nearing the level of 32 riyals at which they were sold. They closed 2.1% lower at 32.65 riyals.
Oil’s drop will heap pressure on economies across the Gulf, with the commodity representing a significant portion of public revenue. West Texas Intermediate crude fell 16% last week to $44.76 a barrel, while Brent weakened below $50 a barrel.
Economic growth in Saudi Arabia, which is trying to convince Russia to agree to oil production cuts among OPEC+ members, slowed to just above zero in 2019, the kingdom announced on Sunday.
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