Mideast stock indices sapped as coronavirus concerns grow; Egypt hits all-time low



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Mideast stock indices sapped as coronavirus concerns grow; Egypt hits all-time low

On Sunday, the 15th of March 2020, a raft of Gulf stock exchanges had wrapped up the day sharply lower over worries of a withering backdrop of coronavirus-led financial fallouts, while the preliminary precautions alongside fiscal stimulus announced by a number of Mideast nations to battle against the Covid-19 appeared to be brewing off further panic-driven sell-offs.

Aside from that, as a global-scale coronavirus outbreak alongside a crude oil price war have been tumbling a swathe of high-profit margin businesses across the world ranging from tourism and aviation to retail chains to energy moguls, Egyptian bourse had scored its steepest plunge on record on Sunday (March 15th), while the Saudi Aramco’s shares’ prices ended the day down by 1 per cent after reporting a 21 per cent decline in profit last year.

Besides, the Egyptian stock exchange, which had to halt trading amid a wave of panic-driven sell-offs, wrapped up the day 9.3 per cent lower, its steepest intra-day decline since November 2012, while the Saudi’s main index had lost 1.1 per cent, extending its three-day long losing streak.

Elsewhere in the Mideast, the Dubai index dwindled as much as 3.4 per cent to hit its lowest level since 2013, while Abu Dhabi index shrugged off 1.9 per cent. Besides, Kuwaiti bourse wrapped up the day down by 6.5 per cent, nonetheless, against Sunday’s (March 15th) Gulf market’s trend, Qatari bourse rose by 1 per cent.