GCC, Asian, European markets down; US opens higher

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Dubai Financial Market slid 2.3 per cent while Abu Dhabi lost 3.5 per cent on Monday

By Waheed Abbas

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Published: Mon 30 Mar 2020, 7:22 PM

Last updated: Mon 30 Mar 2020, 9:29 PM

Dubai - Equity markets across GCC, Asia and Europe fell on Monday on heightened fears that the global coronavirus shutdown could last months.
Dubai Financial Market slid nearly 2.3 per cent with 24 stocks ending in negative and five closing higher. Four remained unchanged. Abu Dhabi also lost 3.5 per cent, driven down by banking and property scrips. First Abu Dhabi Bank slid five per cent to Dh9.88, Arkan dropped nearly five per cent to Dh0.34, Waha Capital fell 4.9 per cent to Dh0.76 and RAK Properties lost 4.8 per cent to Dh0.39 per share on Monday.
Saudi Arabia's Tadawul, the region's largest bourse, dipped slightly 3.33 points or 0.05 per cent to 6,373. Due to growing coronavirus cases, the kingdom halted entry and exit into Jeddah on Sunday, expanding lockdown rules as it reported four new coronavirus deaths.
Bahrain Bourse slid 0.5 per cent to 1,355 points, Qatar Stock Exchange dropped 1.8 per cent to 8,282 and Oman's Muscat Securities Market fell 0.36 per cent to 3,467 points. Boursa Kuwait bucked the trend, rising 0.3 per cent to 5,116 points.
In Asia, stock markets closed lower on Monday as rising cases of the coronavirus in the region deepened fears of economic damage, with investors looking past moves by governments and central banks to combat the pandemic.
Indian shares fell again on Monday, with BSE Sensex closing over 4.6 per cent lower at 28,440. The National Stock Exchange shed 4.4 per cent to end at 8,281 points. Pakistan Stock Exchange maintained its downward trend, losing 0.3 per cent to 28,023 points. It had lost 2.28 per cent in early trade but recovered later in the day.
Simon Ballard, chief economist at First Abu Dhabi Bank, said global market sentiment opened the week in Asia on the back foot once again as the Covid-19 pandemic continues to decimate the macro outlook.
"Further weakness in the news headlines over the weekend, reporting a concerning increase in virus infection and death rates in the US and the UK will continue to weigh on risk appetite, likely keeping stocks and oil anchored and haven assets firmly bid in the near-term," said Ballard.
Shares in Singapore ended over four per cent lower, despite its central bank easing monetary policy sharply. Vietnamese stocks slumped nearly five per cent, amid the prime minister's call to prepare for possible lockdown in major cities. Indonesian shares recovered from steep losses early in the session and closed down 2.9 per cent. In Malaysia, the benchmark index slipped one per cent.
European shares were also down on Monday. The pan-European Stoxx 600 index was down 0.9 per cent.
UK's FTSE 100 index was down 0.4 per cent to 5,489 while France's CAC 40 Index slipped one per cent to 4,307. But Germany's GAX was up by 0.2 per cent on Monday evening.
In the US, markets opened higher with Dow Jones Industrial Average adding 0.1 per cent while S&P 500 rose 0.8 per cent. Technology-laden Nasdaq index was up 1.2 per cent at the opening of the market.
-waheedabbas@khaleejtimes.com
 
 


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