Most major Middle Eastern stock markets closed lower on Sunday amid fears of economic fallout from coronavirus precautions, with Egypt falling the most and Saudi Aramco slipping after it missed profit forecasts. Gulf Arab states, with nearly 900 virus cases, expanded measures to contain the spread of the infection with Abu Dhabi's bourse closing trading halls and Dubai shuttering cinemas, gyms and arcades. Kuwait and Saudi Arabia have halted international passenger flights.
Egypt, with more than 100 virus cases, announced the closure of schools and universities for two weeks. The Egyptian index, which traded after a session break, plunged 9.3%, its biggest intra-day fall since November 2012. All the constituents closed in the red, with Commercial International Bank plummeting 9.9%.
In Saudi Arabia, the index was down 1.1% in a third straight day of declines. Al Rajhi Bank shed 1.1%. Aramco closed down 1% at 28.7 riyals ($7.65) after posting a 21% decline in 2019 net profit to $88.2 billion. Analysts had expected net profit of $92.6 billion, based on 15 analysts polled by Refinitiv.
Banque Saudi Fransi lost 4.7%. The lender said it began implementing the Saudi Arabian Monetary Agency's private sector financing support program which allows SMEs a six-month deferral on bank payments. Lejaam Sports plunged 10% after it suspended activities temporarily due to the coronavirus.
Dubai's index slid 3.4%, trading at its lowest since 2013. Emirates NBD Bank weighed on the index most, dropping 10%. Emaar Properties ended 5% down. It said last week it would stop taking bookings at three hotels for more than five months, effective from Sunday, due to the virus.
DXB Entertainments lost 5.1% after temporarily suspending theme park operations. Abu Dhabi's index was down 1.9% with First Abu Dhabi Bank declining 3.7% and Abu Dhabi Commercial Bank decreasing 5.8%. Kuwait's index, which traded after a suspension on Thursday, decreased 6.5% with Kuwait Finance House falling 7.8%. The Qatari index, however, bucked the trend, rising 1%. Qatar National Insurance rose 7%.
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