Impact includes energy giant Saudi Aramco, which dropped to its lowest level since listing. FMTNews Virus
DUBAI: Stock markets in the oil-rich Gulf states plunged on Sunday over fears of the impact of the coronavirus, which also battered global bourses last week.
Energy giant Saudi Aramco dropped to its lowest level since listing on the Saudi stock market three months ago, shedding 2.9% to just marginally above its IPO price, before recovering slightly. The Dubai Financial Market dipped 4.5%, while its sister market in Abu Dhabi was down 3.3% an hour after opening.“GCC equities witnessed a downfall as panic over coronavirus spread across the region,” M.R. Raghu, head of research at Kuwait Financial Centre , told AFP.
Crude oil prices tumbled as well and analysts said central banks, especially the US Federal Reserve, might have to shift into crisis-resolution mode with urgent interest rate cuts. The move is likely to deprive the kingdom of billions of dollars in spending by millions of pilgrims and also creates uncertainty over the annual hajj pilgrimage scheduled for July.
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