MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters

MIDEAST STOCKS-Gulf stocks slide as virus-related lockdowns deepen recession fears - Reuters:

Stock markets in the Middle East dropped on Monday as a rising number of lockdowns in the region and elsewhere worsened fears of a deep, coronavirus-driven global recession.

In Abu Dhabi, the index declined 3.1%. Top lender First Abu Dhabi Bank fell 3.3%, while Emirates Telecommunications was down 4.3%.

The United Arab Emirates suspended all passenger and transit flights to and from the country for two weeks over coronavirus fears - state news agency WAM said on Sunday, citing National Emergency and Crisis and the Civil Aviation Authority.

Other countries have also imposed shutdowns to prevent the spread of the coronavirus, with nearly one in four Americans under orders to close up shop and stay at home on Saturday.

The UAE, the region’s tourism and business hub, approved an additional 16 billion dirhams ($4.36 billion) on Sunday for a total stimulus package of 126 billion dirhams, according to a tweet from its vice president, Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai.