date of publication:05.04.2020 | 17:10 GMT |
Last updated:05.04.2020 | 17:10 GMT | money and business
Most of the Middle East exchanges, led by the UAE, closed down on Sunday, with fears of a severe recession that may be caused by the outbreak of the emerging Corona virus “Covid-19” in the world.
On the Dubai and Abu Dhabi stock exchanges, the index fell today by 2.4% and 2.2%, respectively, due to the decline in shares of both Dubai Islamic Bank and First Abu Dhabi Bank by 4.8%.
On Saturday, the International Bureau of Exhibitions confirmed that the UAE had proposed postponing Expo 2020 in Dubai until October 2021.
At the same time, the Qatar stock market index rose by 0.3%, on the back of the rise in the share of Qatar Fuel 1.3%.
The main index of the Saudi Stock Exchange stabilized, with the performance of the banking and petrochemical sectors varied, and Al-Rajhi Bank fell by 1.5%, while the share of the Saudi Basic Industries Corporation (“SABIC”) rose 2.4%.
Outside the Gulf, the leading Egyptian index closed down 1%, while Commercial International Bank lost 1.9%.
The following are the closing levels of Arab stock market indices today:
Saudi Arabia: The index stabilized at 6752 points.
Abu Dhabi: The index fell 2.2% to 3676 points.
Dubai: the index lost 2.4% to record 1682 points.
Qatar: The index rose 0.3% to 8,485 points.
Egypt: The index fell 1% to 9273 points.
Bahrain: the index lost 0.6% to 1322 points.
Sultanate of Oman: The index rose 0.1% to 3386 points.
Kuwait: The index rose 0.3%, recording 5061 points.