Sunday, 15 March 2020

MIDEAST STOCKS-Major Gulf stock markets extend losses on coronavirus - Reuters

MIDEAST STOCKS-Major Gulf stock markets extend losses on coronavirus - Reuters:

Gulf stock markets slipped on Sunday, with United Arab Emirates leading the losses as concerns about the impact of coronavirus outweighed its stimulus plan and Saudi Aramco inched lower after profits missed forecasts.

Gulf Cooperation Council (GCC), a group of six Arab states reliant on oil revenues and hit by the drop in crude prices, have reported about 900 virus cases.

The UAE, an international transit hub which has reported 85 coronavirus infections, announced a 100 billion dirham ($27 billion) economic plan to support the economy.

Dubai’s index slid 5%, trading at its lowest since 2013. Emirates NBD bank was among the biggest fallers, dropping 10%.

Emaar Properties fell 5%. It said last week it would stop taking bookings at three hotels for more than five months, effective from Sunday, due to the virus.

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