#Dubai leads most Gulf indexes lower as COVID-19 cases spike | Reuters

Dubai leads most Gulf indexes lower as COVID-19 cases spike | Reuters:

Most Gulf markets ended lower on Thursday, with Dubai taking the hardest hit from losses in real estate shares, a day after the United Arab Emirates reported its sharpest daily spike in coronavirus cases.

The Gulf Arab state on Wednesday reported 1,083 new cases, with authorities attributing the recent surge of infections to people not adhering to social distancing measures.

Dubai's main share index .DFMGI declined 1.5%, weighed down by a 2.4% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decrease in Emirates NBD Bank ENBD.DU.

In Abu Dhabi, the index .ADI slipped 0.5%, driven down by a 0.9% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 1.5% fall in Aldar Properties ALDAR.AD.

The UAE has recorded 87,530 infections and 406 deaths from COVID-19 so far. The government does not disclose where in the country of seven emirates infections or deaths occurred.

The benchmark index .TASI in Saudi Arabia, which traded after a day's break, was down 0.1%. Petrochemical maker Saudi Basic Industries 2010.SE dropped 0.9%, while Samba Financial Group 1090.SE retreated 1.5%.

Najran Cement 3002.SE, however, surged 9.9% after it proposed first-half dividend of 0.75 riyal per share.

Kuwait's index .BKP fell 0.3%, as most of the stocks on the index were in negative territory.

Moody’s downgraded Kuwait’s rating citing higher liquidity risks and weaker governance and institutional strength, as the Gulf state, battered by low oil prices, struggles to pass a law allowing it to issue international debt.