- Aramco closes down at 27.8 riyals
- Yansab slips on ex-dividend
- Jarir Marketing falls after showrooms shutdown
- Stimulus plan boosts Qatari index
Most major Gulf shares fell sharply on Monday as
stimulus measures, including rate cuts, failed to calm investors worried about
the economic damage from the coronavirus that has infected nearly 1,000 people
in the region.
While Saudi Arabia and United Arab Emirates announced packages worth $13
billion and $27 billion, respectively on Saturday, Gulf central banks on Monday
took cue from the U.S. Federal Reserve's decision to cut interest rates by 100
basis points to 0%-0.25% target range.
Qatar, however, bucked the trend as the government announced measures to
support the economy, including providing 75 billion riyals ($20.60 billion) in
financial incentives, and a plan to inject up to 10 billion riyals in the local
bourse.
Denting sentiment further were lower crude oil prices, with Brent crude
dropping 10.6% to $30.27 a barrel by 1231 GMT.
Saudi Arabia's index slipped 5.2%, with Al Rajhi Bank
falling 4.9%.
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