Gulf bourses echo New York stocks' plunge; Egypt bounces back from all-time lows

by   |  VIEW 562

Gulf bourses echo New York stocks' plunge; Egypt bounces back from all-time lows

On Sunday, the 22nd of March 2020, a gauge of Gulf bourses had winded down the day sharply lower over frets of financial fallouts of a clattering wave of coronavirus outbreak which had been rattling global money markets, locking down tens of millions of people across the globe and preventing thousands of businesses from operating, while a multi-year low crude oil price stemmed from the crude oil price war triggered by Saudi had added to further wobbles, however, despite a growing number of odds, the Egypt’s main bourse had continued its gaining streak.

Besides, Abu Dhabi’s main bourse had witnessed a sharp fall of 3.6 per cent following a 4.9 per cent decline of UAE’s largest lender, the First Abu Dhabi Bank, while the main index of Dubai dwindled 2 per cent as UAE health ministry had confirmed the Mideast nation’s first two deaths due to coronavirus infection later this week.

Aside from that, the Saudi’s main index had drowned 1.5 per cent, while shares’ prices of the Saudi state-backed oil giant fell by 1.5 per cent as Saudi had declared a $31.93 billion economic support package to insulate its economy from the consequential repercussions of coronavirus outbreak.

Elsewhere in the Gulf, Kuwaiti and Omani bourses were closed due to a public holiday, while the Egyptian index had been the lone gainer on Sunday’s (March 22nd) market with a 5.9 per cent leapfrog following Egyptian Central Bank’s decision to slash interest rate by 300 basis percentage point to 9.95 per cent.