Mideast Stocks: Middle East shares decline as coronavirus fears overshadow stimulus – ZAWYA

Mideast Stocks: Middle East shares decline as coronavirus fears overshadow stimulus – ZAWYA

Stock markets in the Middle East retreated on Wednesday, as an emergency rate cut from the U.S.. Saudi Arabia and the United Arab Emirates (UAE), whose currencies are pegged to the dollar, cut their key rates by 50 basis points on Tuesday, tracking the U.S.. In Qatar, the index slipped 0.1%, hit by a 5.2% slide in Qatar Fuel Company and a 6.9% plunge in United Development UDCD.QA , as the stock traded ex-dividend.. The index's fall was cushioned by gains at Qatar National Bank, which rose 2.8%.. Qatar's central bank said on Wednesday it was cutting deposit rates by 50 basis points (bps) to 1.5%..