UAE, Asian equity markets drop amid Covid-19 concerns

UAE, Asian equity markets drop amid Covid-19 concerns

Out of 18 traded stocks, 15 were trading in the negative territory on the UAE bourse.. The UAE equity markets plunged on Monday due to drop in oil prices and Asian markets, hit by growing coronavirus cases in the world.. Dubai Financial Market slid nearly 1.8 per cent with 24 out of 26 stocks trading in the red by mid-day trading.. Abu Dhabi had lost 2.9 per cent by 12noon UAE time.. The UAE markets started the week on a positive note with indices ending higher on Sunday.. Saudi Arabia's Tadwul Index, Bahrain Bourse and Boursa Kuwait were nearly unchanged in the morning trade on Monday.. Earlier on Monday, President Donald Trump said modeling estimates suggest that the US death rate from the new coronavirus is likely to hit its peak in two weeks.. Most Asian markets were down but trimmed earlier losses.. Japan's Nikkei dropped 1.57%, Shanghai blue chips were down 0.94%, and there were sharper drops in Southeast Asia, with Singapore' benchmark index down 2.95%.. Simon Ballard, chief economist� at First Abu Dhabi Bank, said global market sentiment opened the week in Asia on the back foot once again this morning as the Covid-19 pandemic continues to decimate