MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters

MIDEAST STOCKS-Most Gulf markets retreat on economic toll from virus - Reuters:

Most Middle Eastern stock markets ended
lower on Sunday, with Dubai leading the losses, on mounting
fears of a deep recession due to the coronavirus pandemic.

The pandemic has brought the global economy to a standstill
and plunged the world into a recession that will be "way worse"
than the global financial crisis a decade ago, the head of the
International Monetary Fund said on Friday.

The index in Dubai, which has imposed a two-week
lockdown, dropped 2.4%, weighed down by a 4.8% fall in Dubai
Islamic Bank (DIN).

On Sunday, the sharia-compliant lender said it had a $541
million exposure to troubled hospital group NMC Health,
directly and through a unit, as UAE banks disclosed their
dealings with the firm after a lender asked for it to be put
into administration.

In Abu Dhabi, the index fell 2.2%, with the country's
largest lender First Abu Dhabi Bank declining 3.3% and
telecoms firm Etisalat down 1.3%.