On Sunday, the 12th of April 2020, a gauge of Gulf bourse had rounded off the day in a rancour, while traders’ sentiment had sapped further following a lower-than-anticipated output cut which would highly unlikely to fill up an en masse decline in demands, while both Dubai and Abu Dhabi stock exchanges gained over an increasing bets on defensives such as real estates and the Qatari bourse had managed to pare earlier losses following a robust upsurge of its insurances stocks, but had wrapped up the day in a negative territory.
As a matter of fact, despite having earlier talks of a crude oil output cut between 15 to 20 million barrels per day, the OPEC members alongside its allies including Russia, Mexico and the United States had agreed to a production cut of 9.7 million barrels per day or 10 per cent of the world’s entire crude output, nonetheless, according to the latest data available from the Wall St.
lenders, crude oil demands had already slipped more than 30 per cent amid a global-scale forced lockdown, which eventually had taken a toll on Saudi investors’ sentiment and the Saudi’s benchmark index had fallen 1 per cent with Al Rajhi Bank down by 1.4 per cent and Saudi Aramco shedding 1.6 per cent.
Meanwhile, the Dubai bourse jumped 3.3 per cent following a 6 per cent climb of the nation’s largest lender Emirates NBD alongside a 4.2 per cent gain of Emaar properties, while Abu Dhabi’s key index mounted 3.1 per cent following a 6.3 per cent giant leapfrog of First Abu Dhabi Bank.
Besides, Qatari index lost 0.3 per cent following a 5.8 per cent plunge of its Mesaieed Petrochemical, while a 6.7 per cent upsurge of Qatar Insurance had kept a lid on the losses.