MIDEAST STOCKS-Financial stocks weigh on Gulf amid low oil prices - Reuters:
Major stock markets in the Gulf traded lower on Monday, pressured by banking shares, in response to a fresh drop in oil prices as demand shrinks due to the coronavirus pandemic.
Brent was down 90 cents, or 3.2%, to $27.18 a barrel.
In Dubai, the index declined 2.1%, with its largest lender Emirates NBD losing 2.4%. The bank posted a net profit of 2.08 billion dirhams ($566.29 million) in first quarter, down from 2.74 billion dirhams in the same period a year earlier. On a quarterly basis, however, net profit improved by 3%.
The drop in net profit was due to higher provisions the bank took in anticipation of the impact of the new coronavirus outbreak on credit conditions.
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