Equity indexes in the United Arab Emirates (UAE) hit
record lows as Gulf stocks tracked a sell-off in global shares on Thursday after
the United States restricted travel and the World Health Organization (WHO)
called coronavirus outbreak as a pandemic.
U.S. President Donald Trump banned all travel from Europe, except from
Britain, to the United States for 30 days starting on Friday, after the WHO
described the new coronavirus as a pandemic for the first time.
"All markets in the GCC (Gulf Cooperation Council) are at risk after the WHO
declared the coronavirus a pandemic, which triggered a sell-off across the board
in the U.S. market," said Marie Salem, head of institutions at Daman Securities.
"More losses are expected following President Trump's announcement to
suspend travel from Europe for 30 days."
Dubai's index fell 8% to its lowest since April 2013 with Emirates
NBD dropping 10%.
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