Middle Eastern stocks plunged on Sunday, with Kuwait falling the most, as the spread of coronavirus stoked fears that outbreak could hurt the global economy and oil prices. Leaders in Europe, the Middle East and the Americas rolled out bans on big gatherings and stricter travel restrictions as cases of the virus spread around the world.
In Kuwait, the index, which traded after a three session break, slumped 11%, its biggest ever intraday fall, dragged down by a 14.5% fall in National Bank of Kuwait. Kuwait, which reported 46 people infected with the coronavirus, called on its citizens to avoid travelling over concerns about the spread of the disease.
Egypt tumbled 6%, its biggest intraday fall since November 2012. Commercial International Bank slid 6%, whereas Eastern Company was down 5.9%. Egyptian exchange data showed that foreign investors were net sellers. Saudi Arabia's benchmark index retreated 3.7%, its biggest intraday fall since January 2016, bringing this year's losses to 12.5%.
Al Rajhi Bank fell 3.9%, while Saudi Public Transport plunged 10%, to bbecome top loser on the index Saudi Arabia on Thursday suspended the entry of foreigners for the Umrah pilgrimage and tourism from countries where the coronavirus has spread.
Oil giant Saudi Aramco closed down 2.1% to 32.65 riyals ($8.70). Dubai's index fell 4.5%, touching its lowest since December 2018, with Emirates NBD Bank declining 6.8% and Emaar Properties decreasing 5.1%.
The Abu Dhabi index lost 3.6%, its biggest intraday fall since January 2016. First Abu Dhabi Bank dropped 3.9%, while telco Etisalat ended down 3.2%. The central bank of the United Arab Emirates on Saturday advised banks to reschedule loans and reduce fees and commissions as part of measures to mitigate the economic effects of the coronavirus outbreak. The UAE is a regional business hub and major transit point for passengers travelling to China and other destinations in Asia. The country has reported 21 people infected with the coronavirus, five of whom have recovered. Qatar, which reported its first coronavirus case, was close for a public holiday.
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