Skip to content

Virus Variant Sends Mideast Stocks Into Nosedive After Oil Slump

  • Dubai benchmark posts biggest decline as regional gauges swoon
  • Sell-off may offer opportunity, says Badr at Credit Suisse
Dubai Financial Market PJSC As Oil Price War Escalates
Photographer: Christopher Pike/Bloomberg
Updated on

Middle East stocks took their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberated through markets, sending every major index into retreat.

Dubai’s benchmark gauge dropped the most, tumbling 5.2% as of 3:40 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 4.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.