The Corona epidemic hits the 3 most powerful Gulf bourses

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Dubai, Abu Dhabi and Saudi Arabia exchanges fell by more than 3 percent, at the start of trading on Monday, amid growing fears of the spread of the “Corona virus” and the decline in crude oil prices.

And the Dubai Financial Market Index decreased by 3.17 percent to 1901 points, with the shares of Emaar Development, Emaar Malls, Emirates NBD, Dubai Islamic, Emaar Properties and Air Arabia falling by rates ranging from 1 to 6 percent.

The Dubai Financial Market said in a statement that it closed the trading floor as a precaution against the spread of “Corona”.

Abu Dhabi Securities Market fell 3.22 percent to the level of 3725.42 points, with Abu Dhabi’s first share down 6.2 percent, Abu Dhabi Commercial 4.2 percent, while Etisalat fell 0.6 percent.

The UAE market declines come despite the Abu Dhabi government announced today the launch of 16 new initiatives worth 3 billion dirhams (817.5 million dollars) to stimulate the business sector and the economy against the negative effects of the spread of the virus.

In Saudi Arabia, the main index of the local stock market (Taisi) decreased by 3.26 percent, or 205.09 points, to stabilize the index’s reading at 6082.8 points.

Futures oil prices fell more than 5 percent in the beginning of weekly trading, Monday, with a sharp weakness in global markets, and the emergence of weak Chinese data.

Brent crude futures fell 5.94 percent, or two dollars, to $ 31.85 a barrel, and US West Texas Intermediate crude futures fell 4.42 percent, or $ 1.41, to $ 30.69 a barrel.





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