MIDEAST STOCKS-Gulf stocks end mixed, Saudi edges up ahead of OPEC+ meet - Reuters:
Stock markets in the United Arab
Emirates backtracked from two sessions of gains on Wednesday as
investors fled risk on coronavirus fears, while Saudi equities
edged up ahead of an OPEC+ meeting on output cuts.
Dubai's main share index dropped 1%, with blue chip
developer Emaar Properties declining 2.6% and Dubai
Islamic Bank losing 1.9%.
In Abu Dhabi, the index lost 1.6%. First Abu Dhabi
Bank slid 2.9%, while Abu Dhabi Commercial Bank
was down 1.5%.
Ratings agency Moody's had said on Tuesday a $70 billion UAE
stimulus package will support bank liquidity and limit likely
asset deterioration due to the coronavirus outbreak, but will
increase the potential for problem loans.
As of April 7, the UAE had registered a total of 2,359
cases. The pandemic has forced vital sectors of its economy,
such as tourism and transport, to a near standstill.
Qatar's index added 0.6%, helped by a 0.6% rise in
Qatar Fuel Co and a 1.2% gain in Qatar International
Islamic Bank.
No comments:
Post a Comment