MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters

MIDEAST STOCKS-Most Gulf stocks decline as region self-isolates against virus - Reuters:

Most bourses in the Gulf extended
losses on Monday, as a rising number of lockdowns in the region
and elsewhere to contain the spread of the coronavirus
intensified fears of a deep global recession.

In Dubai, the index declined 3.8%, pressured by a
5% plunge in Emirates NBD Bank. Dubai Islamic Bank
dropped 3.2%.

The UAE, the region's tourism and business hub, said it
would suspend all passenger flights and airport transit for two
weeks to help rein in the virus. 

The decision takes effect in 48 hours, with cargo and
emergency evacuation flights exempted. Airline Emirates
responded by saying it would temporarily suspend all passenger
services for two weeks from March 25.

The country's only listed airline Air Arabia
closed 5% lower, bringing year-to-date losses to over 43%.

The Abu Dhabi index retreated 3.1%, with the
country's largest lender First Abu Dhabi Bank shedding
3.1%.