MIDEAST STOCKS-Major Middle East indexes decline on coronavirus impact - Reuters:
Most major Middle Eastern stock markets
closed lower on Sunday amid fears of economic fallout from
coronavirus precautions, with Egypt falling the most and Saudi
Aramco slipping after it missed profit forecasts.
Gulf Arab states, with nearly 900 virus cases, expanded
measures to contain the spread of the infection with Abu Dhabi's
bourse closing trading halls and Dubai shuttering cinemas, gyms
and arcades. Kuwait and Saudi Arabia have halted international
passenger flights.
Egypt, with more than 100 virus cases, announced the closure
of schools and universities for two weeks.
The Egyptian index, which traded after a session
break, plunged 9.3%, its biggest intra-day fall since November
2012. All the constituents closed in the red, with Commercial
International Bank plummeting 9.9%.
In Saudi Arabia, the index was down 1.1% in a third
straight day of declines. Al Rajhi Bank shed 1.1%.
Aramco closed down 1% at 28.7 riyals ($7.65) after posting a
21% decline in 2019 net profit to $88.2 billion. Analysts had
expected net profit of $92.6 billion, based on 15 analysts
polled by Refinitiv.
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