London-Sana
Most of the major stock exchanges in the Gulf region declined today, and Saudi losses came in the forefront, due to the decline in financial sector stocks.
According to Reuters, the Saudi benchmark lost 0.9 percent, with Al-Rajhi Bank dropping 1.1 percent and Samba Financial Group down 2.7 percent to halt a series of gains over three sessions thanks to an initial merger agreement with the National Commercial Bank.
Shares of National Commercial Bank, the largest Saudi bank, fell by 0.3 percent.
A senior official at the International Monetary Fund said today that the economies of the Gulf Cooperation Council countries will contract by 7.6 percent this year in light of the drop in oil prices and the emerging Corona virus crisis.
The Dubai index lost 0.7 percent, with most shares declining. The leading shares of Emaar Properties fell 2.2 percent, and Dubai Islamic Bank fell 1 percent.
The credit rating agency Fitch said today that the Islamic banks in the UAE are not in isolation from the drop in oil prices and the Corona virus pandemic. In Qatar, which records the second highest toll of corona virus infections among the Gulf countries, the stock index has a 0.6% share, and Qatar National Bank shares have decreased 1.3%.
