Mideast Stocks Drop Despite $47 Billion of Central Bank Aid
- United Arab Emirates to offer interest-free loans to lenders
- Egypt’s main equities gauge drops the most in the region
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Most equity markets in the Middle East fell on Sunday, despite efforts by central banks across the region to protect economies from shocks related to the coronavirus and plunging oil prices.
Dubai’s main index fell 3.4% by the close and Abu Dhabi’s dropped 1.9%, even after the United Arab Emirates announced 100 billion dirhams ($27.2 billion) of monetary stimulus over the weekend. Egyptian stocks had their worst day since 2012, weakening more than 9%. The gauge in Saudi Arabia also traded lower.