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UAE, Asian equity markets drop amid Covid-19 concerns
Dubai - Out of 18 traded stocks, 15 were trading in the negative territory on the UAE bourse.
Saudi Arabia's Tadwul Index, Bahrain Bourse and Boursa Kuwait were nearly unchanged in the morning trade on Monday.
Earlier on Monday, President Donald Trump said modeling estimates suggest that the US death rate from the new coronavirus is likely to hit its peak in two weeks. That spooked investors, sending oil prices to 17-year low and pushing Asian markets lower.
US benchmark West Texas Intermediate fell below $20 a barrel but recovered some of the losses later in the day.
Most Asian markets were down but trimmed earlier losses. Japan's Nikkei dropped 1.57%, Shanghai blue chips were down 0.94%, and there were sharper drops in Southeast Asia, with Singapore' benchmark index down 2.95%.
Simon Ballard, chief economist at First Abu Dhabi Bank, said global market sentiment opened the week in Asia on the back foot once again this morning as the Covid-19 pandemic continues to decimate the macro outlook. That said Asian bourses have pared some of their losses and US and European equity futures are now trading in positive territory indicating perhaps a slightly better bias. But the overarching tone is undoubtedly fragile.
Australia's benchmark saw a late surge, closing up 7% after Prime Minister Scott Morrison unveiled a A$130 billion ($79.86 billion) package to help save jobs.
-waheedabbas@khaleejtimes.com
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