Most of the stock markets in the Gulf closed today, Monday, with a decline, and the Abu Dhabi index declined further, with renewed fears of the fast-spreading Corona virus, Omicron.
On the other hand, the Saudi index compensated for its early losses to close 0.1% higher, supported by a 4.5% jump in Banque Saudi Fransi’s share.
The share of Al-Munajm Food Company increased by more than 5% in the first trading on it.
The spread of the new strain prompted the Netherlands to close on Sunday and pressured other countries to follow, even though the United States appeared ready to continue with normal life, Reuters reported.
The Abu Dhabi index fell 1.1%, affected by a 5.3% drop in the Emirates Telecommunications Group share and 1.5% in the Aldar Properties share.
And the Central Bank of the Emirates said, today, Monday, that it will use new standards to supervise the exposure of banks to the real estate sector, which is a vital sector in the country’s economy, and has suffered from stagnation for years.
The central bank will give banks a one-year deadline, starting from December 30, to strengthen their practices to comply with the new standards.
The Qatari index fell 0.3%, with most shares on the index trading lower, including Masraf Al Rayan, which fell 0.9%.
On Friday, Reuters quoted the Qatar News Agency as saying that the country recorded its first 4 cases of Omicron.
Meanwhile, crude oil prices, a major catalyst for Gulf financial markets, fell more than $3 as the rapid spread of Omicron dampened expectations for fuel demand.
The Dubai index closed stable a day after recording a loss of more than 3%, after the gains in financial stocks compensated for losses in real estate stocks.
Investors are returning to the market after the sharp decline in the previous session, and the main index may continue to recover as the market remains fundamentally strong although concerns about the Omicron strain are starting to affect the outlook, said Exness chief market analyst, Wael Makarem.
Outside the Gulf region, the Egyptian blue-chip index fell 0.7%, with Commercial International Bank falling 0.7%.
