Covid-19 variant sends Middle East stocks into nosedive after oil slump – ArabianBusiness.com
- Date: 29-Nov-2021
- Source: Arabian Business
- Sector:Financial Markets
- Country:Middle East
Covid-19 variant sends Middle East stocks into nosedive after oil slump – ArabianBusiness.com
Middle East stocks took their cue from last week’s global sell-off as the emergence of a worrying new coronavirus variant reverberated through markets, sending every major index into retreat.
Dubai’s benchmark gauge dropped the most, tumbling 5.2 percent as of 3:40 p.m. local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 4.2 percent, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi.
Coming in the wake of Friday’s worldwide slump, the declines across the energy-rich markets of the Gulf threatened to undo some of the gains made this year amid a flurry of initial public offerings and a rally in oil prices. Brent, the benchmark grade for more than half the world’s oil, lost almost 12 percent Friday on concern the new Omicron Covid-19 variant will usher in fresh lockdowns and crimp air travel.
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