Covid-19: Global markets plunge as lockdowns spook investors

 

Covid-19, Global markets plunge, investors, Dubai,  Abu Dhabi bourses

Dubai - Dubai and Abu Dhabi bourses were down 3.2% and 2.4%, respectively, in the mid-day trading.

By 
 Waheed Abbas


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Published: Mon 23 Mar 2020, 12:40 PM

Last updated: Mon 23 Mar 2020, 2:46 PM

Panic selling in global equity markets continued on Monday with all the major bourses across Asia, Middle East, and Europe trading in the red as lockdowns spooked investors.
Dubai and Abu Dhabi bourses were down 3.2 per cent and 2.4 per cent, respectively, in the mid-day trading. Saudi Arabia's Tadawul, the largest bourse in the GCC, was also down by 1.7 per cent by 12.30pm UAE time on Monday.

Oil prices were also trading lower in the morning but had started to recover. WTI was up 0.9 per cent to $22.83 a barrel while Brent was still down by 2.3 per cent to $28.34.
Asian shares slid on Monday as more countries all but shut down in the fight against the coronavirus, threatening to overwhelm policymakers' frantic efforts to cushion what is clear to be a deep global recession.
China stocks fell on Monday amid a wider selloff on coronavirus worries, though losses were limited as Beijing signalled further support for its markets and as new cases dropped in the country.

In India, Bombay Stock Exchange plunged 10 per cent and halted trading for 45 minutes as lockdowns spooked investors. The Indian rupee tanked 95 paise, falling below 76 level against US dollar amid coronavirus scare.
Pakistan stock exchange bucked the trend, rising 1.8 per cent to 30,667 points by mid-day trading.
The Hang Seng index dropped 3.8 per cent, to 21,949.30 points, while the Hong Kong China Enterprises Index lost 3.2 per cent, to 8,830.69.

Stocks across Europe also fell at the opening of the trade on Monday.

London's FTSE 100 dropped as economists slashed their expectations for the global economy this year and a raft of UK-based companies laid out expected hits to profit, cuts in spending and the potential for trouble with rising debt.

The blue-chip index FTS fell 4.8 per cent, sinking back into the red after a two-day bounce due to the extraordinary stimulus unveiled by governments and central banks in the UK and beyond last week.
German DAX futures also sank another 4.1 per cent after two straight days of gains, while French futures were down 5.0 per cent.

-waheedabbas@khaleejtimes.com



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