Gulf markets dive with Dubai down more than 6 pct

Stock markets in the Arabian Gulf fell on Thursday trading, with Dubai’s headline index falling over 6 percent.

Finance stocks, airlines, and real estate led the fall in the emirate, with Emirates NBD trading down 8.76 percent, developer Emaar down 8.04 percent, and airline Air Arabia down 8.13 percent.

Abu Dhabi’s index was down over 5 percent, with Dana Gas trading down 8.32 percent, telecoms firm Etisalat down 5.47 percent, and Abu Dhabi Commercial Bank, down 7.27 percent, leading the tumble.

The Saudi Stock Exchange (Tadawul) was down 4 percent by midday, while the Kuwaiti bourse suspended trading for the day.

Saudi government dollar bonds due in 2046 were down 2.8 cents, Reuters reporting according to Refinitiv data, while Aramco bonds maturing in 2049 lost 1 cent.

Bond losses continued in other Arabian Gulf countries, with Abu Dhabi 2047 dollar bonds down 4 cents, and Oman and Bahrain also posting losses.

Regional economies were already reeling from the impact of the coronavirus, officially known as COVID-19, was having on the economy. On Friday, markets were shocked again by a breakdown in OPEC+ talks to secure a further 1.5 million barrel per day oil output cuts, prompting fears of a price war and sending stocks plummeting in the energy exporting region.