Gulf stock markets decline: fears of the economic consequences of the Corona virus

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Most of the major Gulf stock exchanges closed Thursday, led by financial sector shares, due to concerns about the economic repercussions of the Koruna virus, which has spread to almost eighty countries and regions, and killed more than three thousand people.

The main Saudi bourse index gave up early gains, closing 0.8% lower, with all banking sector shares falling.

And the share of Jabal Omar Development linked to tourism topped the list of losers on the index, as it fell by 4.4 percent, while Al-Rajhi Bank fell 0.5 percent.

The Saudi News Agency stated that the Kingdom extended the scope of the Umrah suspension to also include Saudi citizens and other residents of the Kingdom due to concerns about the new Corona virus.

Saudi Arabia, Kuwait and the UAE have also suspended the use of Gulf Cooperation Council cards to travel between the six member states.

The Dubai index fell 0.8 percent, affected by a 3 percent fall in Emirates NBD share and a 4.6 percent drop in the shares of low-cost airline Arab Air.

In Abu Dhabi, the index fell 0.6 percent with the shares of Abu Dhabi Islamic Bank falling 0.9 percent, while Abu Dhabi Aviation shares tumbled 7.6 percent, the largest decline since January.

The UAE, which has recorded at least 27 cases of the Corona virus, has called on its citizens and residents to avoid traveling abroad due to concerns about the outbreak of the Corona virus, Emirates News Agency said today.

And flights were suspended from the Emirates to Iran, Bahrain and most of the mainland because of the outbreak, which also led to the cancellation of large occasions across the country.

A quarter of the main Egyptian index is 1.3 percent. Commercial International Bank added 1.7 percent, and the Eastern Company (Eastern Tobacco), which has a monopoly on the country’s tobacco industry, increased 2.8 percent.

The stock market data showed that the net purchases of Egyptian investors from stocks outnumbered their sales.

The Qatar index rose 0.7 percent, supported by an increase of 2.1 percent in the shares of the largest Gulf bank, Qatar National Bank, and a rise of 1.8 percent for the share of Industries Qatar.

The following are the closing levels of Arab stock market indices today:

Saudi Arabia: The index fell 0.8 percent to 7,468 points.

Abu Dhabi: The index fell 0.6 percent to 4,653 points.

Dubai: the index fell 0.8 percent to 2461 points.

Qatar: The index rose 0.7 percent to 9,309 points.

Egypt: The index increased 1.3 percent to 12,348 points.

Bahrain: The index lost 0.7 percent to 1618 points.

Sultanate of Oman: The index rose 0.2 percent to 4,108 points.

Kuwait: The index fell 1 percent to 6,391 points.

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