Mideast Stocks: Most Gulf stocks drop as stimulus measures fade; #Saudi up | ZAWYA MENA Edition

Mideast Stocks: Most Gulf stocks drop as stimulus measures fade; Saudi up | ZAWYA MENA Edition:

Most stock markets in the Gulf traded lower on Thursday as emergency central bank measures in the region failed to halt panic selling, though Saudi Arabia bucked the trend.

Gulf banks are losing out on a critical earnings quarter with the coronavirus outbreak, as deals and lending activity come to a near standstill ahead of a lull that starts with the fasting month of Ramadan in April and extends into summer.

So far, the region has reported over 1,200 cases of the virus with Bahrain recording the Gulf Cooperation Council's (GCC) first death from the disease.

Dubai's main share index dropped 1.6%, driven by a 4.9% fall in Emirates NBD Bank and a 1% decrease in Dubai Islamic Bank.

Elsewhere, the United Arab Emirates' (UAE) only listed airline Air Arabia slid 4.7%, as the stock traded ex-dividend, bringing year-to-date losses to over 37%.