Qatar leads the losses of Gulf bourses, Egypt’s EGX 30 in a red sea of Nile



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Qatar leads the losses of Gulf bourses, Egypt’s EGX 30 in a red sea of Nile

On Sunday, the 16th of February 2020, a majority of Mideast and Gulf bourses winded down the day with steep plunges, while Qatari bourse had led the losses on Sunday’s (February 16th) market following a sharp drop in industrial stocks amid Qatar’s failed approach to resolve trade dispute with Saudi, UAE, Bahrain and Egypt, while coronavirus epidemic-related demand concerns had also played a pivotal part on Sunday’s (February 16th) slump of Gulf stocks.

In point of fact, apart from an unsuccessful round of talk to resolve Qatar’s trade dispute with other Mideast major economies, coronavirus-related supply chain disruptions alongside demand worries seemed to have played a fundamental role on Sunday’s (February 16th) shortcomings, while leading the losses on Sunday’s (February 16th) Gulf bourses, Qatari index winded up the day 1 per cent lower, extending its losses for straight six sessions in a row and Egypt shrugged off 0.9 per cent.

Besides, the Saudi key index wrapped up the day 0.5 per cent lower following a 0.9 per cent fall of Saudi Aramco ahead of its annual financial result scheduled to be released on March 16th. Surprisingly, the Abu Dhabi stock index gained 0.5 per cent, boosted up by the gains of United Arab Emirate’s largest bank, the First Abu Dhabi Bank which gained 1 per cent following an announcement that the Emirati lender would issue more than $816.77 million worth of bonds in separate issuances over the next three days.