Gulf markets end lower

Middle East stocks slipped, with Saudi Arabia hardest hit yesterday, mirroring drops in oil prices and global shares on concerns about the impact of the coronavirus outbreak in China.

Saudi Arabia’s energy minister said it is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact on the Chinese and global economy, as well as on the oil market.

Saudi Arabia’s benchmark index tumbled 1.8pc, extending losses for a fifth-day. National Commercial Bank slid 3.1pc, while Al Rajhi Bank fell 1.2pc.

Brent crude fell by $1.95 a barrel, or 3.2pc, to $58.75 by 1128 GMT, its lowest since late October and the biggest intra-day fall since Jan. 8.

In Dubai, the index tumbled 1.2pc, with Dubai Islamic Bank shedding 1.7pc, while Emirates NBD Bank was down 1.1pc following a 15pc plunge in fourth-quarter net profit on higher impairment charges.

The Abu Dhabi index retreated 1.2pc, led by a 1.4pc drop in First Abu Dhabi Bank, ahead of its board meeting to approve financials.

Abu Dhabi Commercial Bank fell 2.8pc after it reported fourth-quarter net profit of 1.05 billion dirhams ($286 million), down from 1.24 billion a year earlier.

Qatar’s index declined 0.9pc as Qatar National Bank and Commercial Bank dropped 1pc and 2pc, respectively.

Outside the Gulf, Egypt’s blue-chip index dipped 0.6pc, with 28 of thirty stocks ending in the red, including Commercial International Bank, which lost 0.6pc.