Business

Most Gulf exchanges are slipping on fear of the COVID-19 variant




Traders wait for Bahrain Stock Exchange in Manama, Bahrain, November 8, 2020. REUTERS / Hamad In Mohammed / File image

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November 28 (Reuters) – Most Gulf stock markets fell sharply in early trading on Sunday, with the Saudi index suffering its biggest single-day fall in almost two years as fears of a potentially vaccine-resistant coronavirus variant plummeted investors.

The World Health Organization (WHO) on Friday identified a new COVID-19 variant that was discovered in South Africa as “worrying” – the fifth variant to be named. read more

Saudi Arabia’s benchmark index (.TASI) retreated 4.4%, down 3.4% for Al Rajhi Bank (1120.SE) and 5.3% for Saudi National Bank (1180). .SEE).

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The kingdom has halted flights to and from Malawi, Zambia, Madagascar, Angola, the Seychelles, Mauritius and the Comoros, Reuters reported on Sunday, citing the state news agency. read more

Dubai’s main stock index (.DFMGI) fell 4.8% for its biggest intraday fall since March 2020, with blue-chip developer Emaar Properties (EMAR.DU) losing 7.9%.

Among other losers, the low-cost airline Air Arabia (AIRA.DU) plunged 7.1%.

In Abu Dhabi, the index (.ADI) fell 2.3%, hit by a fall of 3.1% for First Abu Dhabi Bank (FAB.AD), the country’s largest lender, and a fall of 3% for the telecom company Etisalat (ETISALAT). AD).

The United Arab Emirates has suspended entry for travelers from South Africa, Namibia, Lesotho, Eswatini, Zimbabwe, Botswana and Mozambique from November 29 due to concerns about the new variant of the COVID-19 virus, the state news agency reported on Friday. read more

The latest panedmi development also sent the oil price, a key catalyst for the Gulf’s financial markets, down by 10 dollars a barrel on Friday for their biggest fall in one day since April 2020. The new variant increased concerns that an oil supply surplus could swell. first quarter.

Qatar’s benchmark index (.QSI) fell more than 2% as equities fell across the board.

On Saturday, Qatar Airways said it had banned travelers from South Africa, Zimbabwe and Mozambique due to the spread of a new variant of the coronavirus.

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Report by Ateeq Shariff in Bengaluru Edited by David Goodman

Our standards: Thomson Reuters Trust Principles.



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