Middle East Stock Markets Fall as Coronavirus Spreads: Inside EM

Most Middle Eastern equity gauges dropped at the start of the trading week, following losses in global markets on Friday as the coronavirus emanating from China spread.

Saudi Arabian stocks fell the most among Gulf peers, with energy giant Aramco trading at its lowest level on a closing basis since it listed last month. The world’s most profitable company dropped 1% to 34.10 riyals as of 11:47 a.m. in Riyadh.

“There might be more to this downward trend” globally, Ali Malik, an investment adviser at Bank of Singapore Ltd., said in a Bloomberg TV interview on Sunday. But past viral outbreaks have shown that “as soon as the new instances stop getting reported, we see a bounce back,” he said.

HIGHLIGHTS:
  • Emerging-market stocks dropped 0.3% on Friday, while MSCI’s benchmark index for EM currencies suffered its biggest loss last week since August
  • EM Review: Spread of Deadly Virus Brings Run of Gains to an End
  • READ: Trump Says Mideast Peace Plan to Be Unveiled Before Tuesday
  • READ: Saudi-Led Group Said to Be in Talks to Buy Newcastle United

MIDDLE EASTERN MARKETS:

  • Saudi Arabia’s Tadawul All Share Index slips 0.7%
    • Saudi Basic Industries -1.1%; Al Rajhi Bank -0.6%
    • READ: Emirates NBD Sells NMC Stake Weeks After Muddy Waters

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