MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters

MIDEAST STOCKS-Most Gulf stocks retreat on fears of prolonged shutdowns - Reuters:

Most Gulf stock markets traded lower on Monday, driven down by banks, on heightened fears that the global coronavirus shutdown could last months.

More than 720,000 people have been infected by the coronavirus across the world and nearly 34,000 have died, according to a Reuters tally.

In Abu Dhabi, the index retreated 2%, as top lender First Abu Dhabi Bank slid 3.7%, while Abu Dhabi Commercial Bank declined 3.3%.

Dubai’s main share index dropped 1.1%, with its largest lender Emirates NBD losing 1.4% and Dubai Islamic Bank easing 0.8%.