Coronavirus: UAE stock markets plunge, lose billions of dirhams

Coronavirus: UAE stock markets plunge, lose billions of dirhams

All the shares on the UAE bourses were in the red in the early hours of trading.. The UAE and other Gulf stock markets witnessed massive sell-off billion with billions of dirhams wiped out in the first hour of trading on Sunday after Opec+ failed to reach a deal on production cut while new cases of coronavirus were also reported in the region.. Dubai Financial Market General Index plunged 8.37 per cent while Abu Dhabi Securities Market fell by 6.8 per cent in the first hour of trading.. Among other regional bourses, Saudi Arabia's Tadawul plunged 6.1 per cent, Boursa Kuwait fell over 7 per cent, Qatar Stock Exchange lost 3.8 per cent, Oman's Muscat Securities Market dropped 0.46 per cent and Bahrain Bourse was down 0.10 per cent within an hour of opening the trade.. Investors went into panic mode after oil producer group Opec's pact with Russia fell apart, sending oil prices into tailspin on Friday.. Oil prices plunged 10 per cent on Friday after Opec and other oil producers meeting collapsed in Vienna.. Russia reportedly disagreed on deeper oil cuts while Opec responded by removing all limits on its own production.. WTI crude fell 10 per_cent or