Mideast equity markets collapse after OPEC+ pact dismantled

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Mideast equity markets collapse after OPEC+ pact dismantled

On Sunday, the 8th of March 2020, a basket of Mideast and Gulf stock exchanges had ended the day sharply lower, while Saudi’s main index had hit its lowest level since late-2017 with 191 out of 198 Riyadh-listed stocks reporting heavy battering.

Besides, as the Saudi’s main stock index fell to a more than three-year-low following an unravelling of OPEC+ pact on Friday (March 6th) amid an ongoing price war of Saudi Aramco which has been offering steep discounts to grab a bigger bite in crude oil market share, 28 out of 30 blue-chip Egyptian stocks fell on Sunday’s (March 8th) Gulf market round off.

Apart from that, as Saudi Aramco had posted a plunge of 0.1 per cent, Saudi index had wrapped up the day 8.32 per cent lower, while referring to a calamitous drawback of OPEC+ pact breakdown, a head of institutions at Daman Securities, Marie Salem said on Sunday’s (March 8th) market round off, “Aramco is under pressure because of the failure of the deal”.

Besides, aside from a steep plunge of Saudi Stock index, Kuwaiti bourse fell by 10 per cent, marking up its second-largest intra-session plunge on record, while Dubai index tumbled by 7.9 per cent to mark up its steepest intra-day fall in nearly eleven years and a half and Abu Dhabi’s main index had winded down the day 5.4 per cent lower, its largest intra-session plunge in more than five years.

Elsewhere in the Gulf and Mideast, Qatari bourse shed 2.9 per cent and Egyptian stock exchange was hit with a whiplash of 4 per cent, while Oman and Bahrain slipped by 2.8 per cent and 3.4 per cent respectively.