Middle Eastern Stocks Plunge as Oil Gets Hammered by Coronavirus
- Kuwait suspends trading of biggest companies after 11% slump
- Indexes from Dubai to Cairo and Riyadh also fall heavily
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Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.
Kuwait halted trading of the biggest listed companies as its markets reopened following a three-day holiday last week. The suspension happened after the nation’s Premier Market index retreated almost 11%. Dubai’s gauge fell as much as 5.2% to the lowest level since 2018, while those in Saudi Arabia, Abu Dhabi and Egypt extended losses from last week.
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Middle Eastern Stocks Plunge as Oil Gets Hammered by Coronavirus