MIDEAST STOCKS-Most of Gulf markets decline on coronavirus fears
By Ateeq Shariff
March 5 (Reuters) - Most major stock markets in the Gulf ended lower on Thursday, led by financial stocks, on concerns over the economic fallout from the coronavirus that has spread to nearly 80 countries and territories and killed more than 3,000 people.
Saudi Arabia's benchmark index .TASI reversed early gains to close 0.8% down, with all its banking shares trading lower.
Tourism-related firm Jabal Omar Development 4250.SE was the biggest drag on the index, which sank 4.4%, while Al Rajhi Bank 1120.SE was down 0.5%.
Saudi Arabia extended suspension of Umrah pilgrimages by foreigners to also include Saudi citizens and residents due to concerns about the new coronavirus, state news agency SPA reported.
Saudi Arabia, Kuwait, and the United Arab Emirates (UAE) also halted the use of Gulf Cooperation Council cards for transit between the six member states, instead mandating passports, which can reveal more about previous travel.
The Dubai's index .DFMGI fell 0.8%, weighed down by a 3% fall in Emirates NBD Bank ENBD.DU and a 4.6% slide in budget airliner Air Arabia AIRA.DU.
In Abu Dhabi, the index .ADI retreated 0.6% with Abu Dhabi Islamic Bank ADIB.AD losing 0.9%, while Abu Dhabi Aviation ADAVIATION.AD tumbled 7.6%, its biggest fall since January.
The UAE, which has reported atleast 27 coronavirus cases, urged its citizens and other residents to avoid travelling abroad because of concerns over the coronavirus outbreak, state news agency WAM said on Thursday.
Flights from the UAE to Iran, Bahrain and most of mainland China have been suspended because of the outbreak, which has also led to major events being cancelled across the country.
Egypt's blue-chip index .EGX30 gained 1.3%. Commercial International Bank COMI.CA added 1.7% and tobacco monopoly Eastern Company EAST.CA rose 2.8%.
Stock exchange data showed that Egyptian investors were net-buyers of stocks.
The Qatari index .QSI rose 0.7%, buoyed by a 2.1% gain in the Gulf's largest lender Qatar National Bank QNBK.QA and a 1.8% rise in Industries Qatar IQCD.QA.
SAUDI ARABIA
.TASI fell 0.8% to 7,468 points
ABU DHABI
.ADI eased 0.6% to 4,643 points
DUBAI
.DFMGI lost 0.8% to 2,461 points
QATAR
.QSI rose 0.7% to 9,309 points
EGYPT
.EGX30 up 1.3% to 12,348 points
BAHRAIN
.BAX slipped 0.7% to 1,618 points
OMAN
.MSI up 0.2% to 4,108 points
KUWAIT
.BKP dropped 1% to 6,391 points
(Reporting by Ateeq Shariff in Bengaluru; Editing by Ramakrishnan M.)
((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
