Mideast Stocks: Most major Gulf stocks decline, but banks boost #Saudi | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf stocks decline, but banks boost Saudi | ZAWYA MENA Edition:

Most major Gulf shares lost steam on Thursday, ending a two-day rally triggered by the giant $2 trillion stimulus package in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic.

In Abu Dhabi, the index sank 3.8%, with the country's largest lender First Abu Dhabi Bank (FAB) and telecoms firm Etisalat dropping 5% and 4.9%, respectively.

Dubai's main share index slipped 0.8%. The United Arab Emirates' (UAE) largest sharia-compliant lender Dubai Islamic Bank fell 3.1%, while Emaar Malls was down 3.6%.

The UAE will halt all public transport and restrict people's movements in the evening for a weekend nationwide disinfection campaign starting Thursday to curb the spread of the new coronavirus.

The Qatari index lost 0.7%, as Qatar National Bank declined 3.5% and Qatar Islamic Bank eased 1.4%.

The Gulf state temporarily closed all in-person money exchange and transfer services from March 26 to limit the spread of the coronavirus, its state news agency said on Wednesday.