(Bloomberg) -- 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. Energy giant Aramco traded at its lowest level on a closing basis since its listing in Riyadh during the session but pared some of the losses at close. The world's most profitable company dropped 0.4% to 34.30 riyals.
“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.
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MIDDLE EASTERN MARKETS:
- Saudi Arabia's Tadawul All Share Index slipped 0.7%
- Saudi Basic Industries -1.2%; Al Rajhi Bank -0.6%
- Dubai's main index dropped 0.6% while Abu Dhabi's ADX General Index declined 0.3%
- Emirates NBD was the biggest contributor to the loss in the DFM General Index as it slipped 0.7%, the most in six days
- READ: Emirates NBD Sells NMC Stake Weeks After Muddy Waters
- Kuwait's stock market fell 0.5% while the QE Index in Doha dropped 0.4%
- Israel's main index is down 1% as of 2:20 p.m. local time, the most in the region, ahead of U.S. President Donald Trump's planned release of a Middle East peace proposal
- Earnings ahead: Emirates NBD, First Abu Dhabi Bank and Dubai Islamic Bank are expected to report earnings in the U.A.E. this week, while Sabic and Maaden should disclose in Saudi Arabia
To contact the reporter on this story: Abeer Abu Omar in Dubai at aabuomar@bloomberg.net
To contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Paul Wallace, Sara Marley
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