Most Gulf stocks slide on virus scare

Most bourses in the Gulf fell further on Thursday as a rise in new coronavirus cases outside of China heightened fears of a pandemic.

Governments ramped up measures to battle a global pandemic of the coronavirus as the number of infections outside China, the source of the outbreak, for the first time surpassed those appearing inside the country.

The Dubai’s index lost 1.1 per cent, extending losses for a fifth consecutive day. Emaar Properties fell 1.7 per cent and Dubai Islamic Bank opened 1.3 per cent down.

Air Arabia, the UAE’s only listed airline, dropped a further 2.1 per cent. On Tuesday, the UAE suspended all flights to and from Iran for at least a week due to the spread of the coronavirus in the Islamic republic.

The Abu Dhabi index rose 0.9 per cent with First Abu Dhabi Bank gaining 2.1 per cent. On Monday, the lender saw its biggest decline in over nine months following the rapid spread of coronavirus cases outside China.

Saudi Arabia’s benchmark index retreated 0.9 per cent. Al Rajhi Bank decreased 0.9 per cent and hotel operator and developer Jabal Omar Development declined 3.6 per cent.

Saudi Arabia on Thursday suspended foreigners’ entry for the Umrah pilgrimage and tourism from countries where the new coronavirus has spread.

Elsewhere, travel operator Seera Group plunged 5.4 per cent, to become the top loser, while tourism firm Al Hokair Group was down 2.1 per cent.

In Qatar, the index slipped 0.3 per cent as Qatar Islamic Bank eased 1.4 per cent, while Commercial Bank was down 1.3 per cent.

The index, however, found some support from Qatar Navigation (Milaha), which advanced 3.2 per cent. On Wednesday, the shipping and logistics group posted an increase in annual profit to 547 million Qatari riyals (Dh551.8m) up from 516 million riyals year ago.

Kuwait now has 43 confirmed cases of coronavirus.

The Kuwaiti index was closed for a public holiday.

In the US, Wall Street’s main indexes slipped into correction territory minutes after the open on Thursday as the rapid spread of the coronavirus outside China deepened worries about growth and corporate earnings.