- 25 of 30 Egyptian stocks decline
- Nine of 11 banks rise in Saudi
- Saudi Aramco closes up, at 29.1 riyals
- Qatar extends gains on stimulus plan
Most Middle Eastern stocks slid to new
multi-year lows on Tuesday, as heightened fears of the
coronavirus pandemic weighed on sentiment, while Saudi took a
breather after four sessions of losses.
The cases of coronavirus in the six-nation Gulf Cooperation
Council reached to 1,042, whereas Bahrain on Monday reported its
first death from the virus.
The Abu Dhabi index tumbled 6.3%, with the country's
largest lender First Abu Dhabi Bank losing 9.9% and
telecom firm Etisalat shedding 7.1%.
In Dubai, the index lost 5%, reaching its lowest
since January 2013. Blue-chip developer Emaar Properties
plunged 10%, while Emirates NBD Bank closed
down 5.4%.
United Arab Emirates, which reported 98 cases of
coronavirus, has urged its citizens abroad to return home due to
travel difficulties amid the spread of the virus and suspensions
of flights from some countries, state news agency WAM said on
Monday, citing the ministry of foreign affairs and international
cooperation.
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