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Gulf financial markets are declining despite stimulus

US, WASHINGTON (NEWS OBSERVATORY) —  The financial markets in the Gulf recorded a decline on Sunday despite the incentives announced by the governments in the region to face the repercussions of the preventive measures related to the emerging coronavirus.

In the past two days, Saudi Arabia, the Emirates, Qatar, Kuwait and Oman announced new preventive measures, including suspension of flights, closure of shops, cafes and restaurants, and the postponement of cultural and entertainment activities.

More than 800 cases of HIV were recorded in the Gulf, most of them in Qatar (337).

And on Sunday, the Saudi money market lost 1.1 percent, hours after the kingdom announced $ 13.3 billion in financial incentives to help the economy weather the current conditions.

The market was also affected by Aramco’s announcement that its profits in 2019 decreased by 20.6 percent.

Abu Dhabi and Dubai exchanges did not interact with government financial incentives worth 27.2 billion dollars to support the economy, especially the banking sector, the first losing 1.9 percent, and the second losing 3.4 percent.

The Kuwait Stock Exchange fell by 5.5 percent, after the government announced strict measures, including the suspension of commercial flights and the closure of beauty salons, cafes, restaurants, entertainment centers and others.

The Bahrain Stock Exchange also fell by 1.5 percent, compared to a rise in Qatar by 1 percent, and in the Sultanate of Oman by 0.4 percent.

And last week, Gulf stock exchanges recorded major losses amid an oil price war between Saudi Arabia and Russia that caused a drop in crude prices, and the announcement of the new Corona virus as a global epidemic.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.

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