Saudi leads losses of Gulf bourses; Aramco snaps five-day long losing run

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Saudi leads losses of Gulf bourses; Aramco snaps five-day long losing run

On Sunday, the 9th of February 2020, a basket of Gulf bourses had been hit with heavy whiplashes amid a multi-year low crude oil and natgas futures’ prices following a steep rise in demand concerns stemmed from China’s Wuhan coronavirus epidemic and Russia's reluctance to further crude oil output cut.

In point of fact, Sunday’s (February 9th) losses in the Gulf bourses were almost entirely goaded by a strident spreading of nerve-wracking worries among the investors regarding financial fallouts of the coronavirus epidemic in the petrochemical and financial sector, while the main index of Saudi Arabia, the world’s largest crude oil producer had been the heaviest hit.

Nonetheless, despite all of the odds, Saudi stock exchange-listed oil industry mammoth, Saudi Aramco, the world’s most profitable company by an unaudited basis, had sapped a five-day long losing streak and reported a rise of 2 per cent to 34.05 Saudi Riyals on Sunday’s (February 9th) market wrap up, while the Saudi benchmark index was slumped by 1.3 per cent as coronavirus death toll had reached 811 people on Sunday (February 9th).

Apart from that, Dubai shed 0.6 per cent following 0.9 per cent fall of Dubai Islamic Bank, while Emaar Properties slid 0.8 per cent and Emaar malls curbed out 2.3 per cent. Meanwhile, Abu Dhabi and Bahrain were the two major Gulf bourses to post gains on Sunday’s (February 9th) Mideast market closure.

Citing statistics, on Sunday’s (February 9th) Gulf market round off, Saud index dropped 1.3 per cent, Dubai faltered 0.6 per cent, Qatari bourse ended the day 5 per cent lower and Oman alongside Kuwait reported plunges of 0.1 per cent and 0.4 per cent respectively, while Bahrain ended the day 0.2 per cent higher and Egypt bourse was flatlined on Sunday’s (February 9th) market wrap-up.