Source: Dubai – Arabic.net
Saudi Aramco shares fell 5.5% to 28.3 riyals, with a total turnover of 938.8 million riyals.
And the Gulf stock market indices recorded sharp declines in Abu Dhabi, 8% to 4039 points, and Dubai 8.3% to 2078 points.
The indexes of each of the main Kuwait Stock Exchange fell 6% to 4245 points, Bahrain 5.8% to 1471 points, Qatar 9.7% to 8160 points, and Muscat 5.6% to 3772 points.
The Gulf markets began trading today on Monday with a sharp drop, amid falling oil prices and the spread of the Corona virus.
After about half an hour of trading, the first Kuwaiti market index fell 10.29% to 5158.69 points.
The UAE stocks started trading in the Gulf markets on a sharp decline, and the Abu Dhabi Securities Exchange index fell by 7.71% to 4054.92 points after 40 minutes of trading, while the Dubai Stock Exchange fell by 9% to 2062.07 points.
In Saudi Arabia, the main market index “Tasi” declined after 5 minutes of trading, by 9.13% to 6221.18 points.
No shares were spared from the declines, and Aramco was among the biggest declines, as the stock lost 10% of its value to reach $ 27. Shares of MEPCO, Saudi Cement, Astra Industrial and Supply also declined in the same percentage.
Stop trading in Kuwait
In a related context, the Kuwait Stock Exchange announced today, Monday, that trading in the first market was halted to the end of today’s trading session with the closing auction being canceled, after the market index fell by the largest rate among the Gulf markets.
She added, in a statement, that this suspension came after the first market index fell to more than 10%.
At the same time, she stressed that stopping trading in the first market does not automatically stop trading in the main market unless the main market index drops to the levels that lead to stopping its trading.
This comes amid falling Asian markets, on Monday, sharply, and the decline was led by Japanese stocks, whose indexes fell by more than 6%.
By 5:30 GMT, Japan’s Nikkei fell 6.01% to 19495 points, while the Middle Topix index fell 5.75% to 1,386.59 points.
Reducing oil production
In China, the Shanghai index fell by 3% to 2943.27 points, as the CSI 300 index fell by 3.12% to 4009.23 points.
On the commodities market, oil prices fell after OPEC Plus failed to reach an agreement to deepen oil production cuts and Russia withdrew from the alliance.
Brent crude traded at $ 32.5 on Monday, after incurring a loss of 28.5%. And US light crude fell more than 30% to the level of $ 28.77.
Gold also was not spared from the declines, but it was slight compared to the rest of the other commodities, as it was unable to stay much at the level of 1700 points, losing 0.51% to reach spot contracts to $ 1662.4 an ounce, while spot prices fell by 0.55% to 1664.61 points.